STANDARD  MANUAL 
OF  THE  INCOME  TAX 

1915 

INCLUDING  THE  SECOND  AND 
NLARGED  EDITION  OF  THE  BGDK 

STATUS  OF  BONDS  UNDER  THE 
TDERAL  INCOME  TAX 


ubiished    by 
tanciard    Statistics  Company  ,  Inc 

New  York  'U.S.A. 


Standard  Manual 

of  the 

Income  Tax 


Published  by 

STANDARD  STATISTICS  COMPANY,  INC. 
47  West  Street,   New  York 


ft 


Copyright  1915 
by  STANDARD  STATISTICS  CO.,  Inc. 

47  West  Street,   New  York, 


Acknowledgment 

If  space  permitted,  we  would  here  make  specific 
acknowledgment  to  the  hundreds  of  corporation 
officials  and  fiscal  institutions,  as  well  as  to  numer- 
ous banking  firms  and  individuals,  who  have  so 
generously  placed  their  time  and  their  records  at 
our  disposal.  To  this  co-operation  the  users  of  this 
book  are  chiefly  indebted.  We  trust  that  the  con- 
sciousness of  a  valuable  public  service,  well  per- 
formed, will  in  some  measure  compensate  for  the 
sacrifice  of  time  and  convenience  entailed  in  com- 
plying with  our  exacting  requests  for  information. 

THE   PUBLISHERS. 


314635 


Table  of  Contents, 


Page 
Facts  to  be  carefully  observed  in  the  use  of  the  List  of  Bonds      2 


List  of  over  9,000  Bonds,  indicating  whether  the  Issuing  Cor- 
poration or  the  Bondholder  pays  the  Tax 3 

Text  of  Federal  Income  Tax  Law,  with  side  notes 173 

Treasury  Regulations  and  Decisions 195 

Forms  of  Return  and  Certificates 285 

Individual  Return — Facsimile  reproduction 335-345 

Specimen  Individual  Return 335-345 

Helpful  Points  on  the  Application  of  Income  Tax  Act  to  the 
Income   of  Individuals 347 

Digest  of  Treasury  Regulations  and  Decisions 356 

Index  to  Digest  of  Treasury  Regulations  and  Decisions 569 


RETURNS  ON  FEDERAL  INCOME  TAX  FOR  FISCAL  YEAR 

OF  1914. 

The  following  table  shows  the  total  number  of  income  tax  re- 
turns filed  during  the  fiscal  year  of  1914,  classified  according  to 
the  amount  of  net  income  shown  on  the  returns: 


Classification 

No.  Returns 

$2,500.00  to    $3,333.33 

79,426 

3,333.33  ' 

5,000.00 

114,484 

5,000.00  ' 

10,000.00 

101,718 

10,000.00  ' 

15,000.00 

26,818 

15,000.00  ' 

20,000.00 

11,977 

20,000.00  ' 

25,000.00 

6,817 

25,000.00  ' 

30,000.00 

4,164 

30,000.00  ' 

40,000.00 

4,553 

40,000.00  ' 

50,000.00 

2,427 

50,000.00  ' 

75,000.00 

2,618 

75,000.00  ' 

100,000.00 

998 

100,000.00  ' 

150,000.00 

785 

150,000.00  ' 

200,000.00 

311 

200,000.00  * 

250,000.00 

145 

250,000.00  * 

300,000.00 

94 

300,000.00  ' 

400,000.00 

84 

400,000.00  ' 

500,000.00 

44 

500,000.00  ' 

1,000,000.00 

91 

,000,000.00  a 

nd  over 

44 

Total 357,598 

*Married    278,835 

Single — 

Men    55,212 

Women    23,551     357,598 

•Married    women    rendering    separate    re- 
turns included  above 6,682 

These  returns  for  the  first  year  of  the  operation  of  the  new 
income  tax  law  cover  income  for  the  ten  months  from  March  1 


FACTS  TO  BE  CAREFULLY  OBSERVED  IN  THE  USE  OF 
THE  LIST  OF  BONDS. 


The  Federal  Income  Tax  has  now  been  in  effect  for  a  period  suffi- 
cient to  permit  the  collection  of  definite  and  official  information  re- 
garding the  policy  of  the  great  majority  of  important  bond  using 
corporations  in  the  matter  of  paying  the  normal  tax,  where  exemption 
is  not  claimed. 

Such  information  was  not  available  one  year  ago,  when  the  first 
issue  of  the  book,  "Status  of  Bonds  under  the  Federal  Income  Tax," 
was  published.  At  that  time  many  issuing  corporations  had  not  de- 
termined upon  a  definite  policy,  even  where  the  tax  clause  of  the 
indenture  seemed  to  indicate  unequivocally  that  the  corporation  must 
pay  the  tax. 

The  comprehensive  information  which  follows  was  derived,  almost 
entirely,  either  from  lists  checked  and  signed  by  an  official  of  the 
issuing  corporation  or  from  information  furnished  by  the  fiscal  agent 
of  such  corporation.  In  a  substantial  number  of  instances  we  have 
been  able  to  counter-check  lists  of  bonds  received  from  the  two  sources 
mentioned.  In  certain  instances  the  issuing  corporation  has  qualified 
its  information  by  the  statement  that  the  policy  indicated  on  the  lists 
submitted  was  subject  to  change  without  notice.  While  this  attitude 
should  be  borne  in  mind,  it  is  probable  that  such  statements  were 
dictated  by  conservatism,  i.e.,  a  hesitancy  to  commit  the  corporation 
to  a  permanent  policy. 

In  view  of  this  probability  the  editors  of  this  work  have  decided 
that  notes  of  exception  on  such  lists  of  bonds  would  be  more  mislead 
ing  than  if  such  exceptions  were  omitted. 

In  certain  instances  no  replies  to  inquiries  have  been  received  from 
corporations  whose  bonds  were  covered  by  the  first  issue  of  this  book. 
In  such  cases  the  best  unofficial  information  available  has  been  util- 
ized, but  only  where  the  tax-clauses  of  the  mortgage  appears  to  cor 
roborate  such  information. 

The  ability  to  obtain  direct  and  definite  data  as  to  the  status  ot 
bonds  under  the  Income  Tax  Law,  and  the  fact  that  in  a  large  num- 
ber of  instances  the  issuing  corporation  is  paying  the  tax  regardless 
of  a  tax  clause— or  in  the  absence  of  the  same — m  the  indenture,  has 
led  the  publishers  to  omit  the  typical  clauses  and  the  numeral  Key 
to  the  same  which  were  given  in  the  first  edition. 

2 


The  present  work  is  offered  with  tM  assiranue  tn?vt  the  data  has 
been  carefully  compiled,  and  in  so  far  as  definite  information  was 
ascertainable,  SHOULD  be  absolutely  correct.  For  obvious  reasons, 
however,  we  do  not  guarantee  the  information  in  any  particular. 
THE  STANDARD  STATISTICS  CO.,  Inc. 


LIST  OF   BONDS 

The  words  "Yes"   or  "No"   opposite 
each  bond  issue  answer  the  question: 

"DOES  THE    BOND   ISSUING  CORPORATION 
PAY  THE  NORMAL  TAX?" 


ABB-ABI 

[This    space   for   your    personal    memoranda] 


A 

Abbey  Land  &  Improvement  Co.  1st  6s,  1933 No 

Abell   (A.  S.)  Co.  1st  5s,  1965 Yes 

Aberdeen  &  Asheboro  R.  R.  1st  5s,  1940 Yes 

Aberdeen  Light  &  Power  Co.  2nd  6s,  1915 Yes 

Aberdeen  Light  &  Power  Co.  1st  6s,  1931 Yes 

Aberdeen  &  Rockfish  R.  R.  20-yr.  6s,  1932 Yes 

Abilene  Independent  Tel.  &  Tel.  Co.  1st  6s,  1930 Yes 

Abilene  &  Northern  Ry.  1st  6s,  1936 Yes 

3 


ABI-ALA 

Abitibi  Power  &  Paper  Co.,  Ltd.,  1st  6s,  1934 No 

Abresch   (Charles)    Co.  Bonds Yes 

Acker,  Merrill  &  Condit  Co.  Deb.  6s,  1923 Yes 

Acme  Cement  Plaster  Co.  Bonds Yes 

Acme  Coal  Co.  1st  6s Yes 

Acme  Gas  Coal  Co.  1st  &  Ref.  6s,  1932 Yes 

Acme  Road  Machinery  Co.  Bonds Yes 

Acme  White  Lead  &  Color  Works  1st  6s Yes 

Acquackanonk  Water  Co.  1st  5s Yes 

Acquackanonk  Water  Co.  2nd  5s,  1939 Yes 

Acquackanonk  Water  Co.  P.  M.  5s,  1958 Yes 

Adams  Bag  Co.  1st  6s Yes 

Adams  Express  Co.  Col.  Tr.  4s,  1947 No 

Adams  Express  Co.  50-yr.  4s,  1948 No 

Adams  Investment  Co.  Col.  6s,  1922  A-ll Yes 

Adams  Investment  Co.  Col.  6s,  1922  A-12 Yes 

Adams  &  Raymond  Veneer  Co.   (The)  Bonds No 

Adamstown  &  Mohnsville  Electric  Ry.  1st  5s,  1935 Yes 

Addison  Apartment  Co.  2nd  6s Yes 

Addison  Water  Works  1st  5s Yes 

Adirondack  Electric  Power  Corp.  1st  5s,  1962 Yes 

Adirondack  Home  Telephone  Co.  Gen.  5s,  1938 Yes 

Adirondack  League  Club  Bonds Yes 

Adirondack  Ry.  4^s,  1942 No 

Adrian  Realty  Co.  Bonds Yes 

Adrian  Street  Ry.  Co.  1st  5s No 

Advance  Improvement  Co.  1st  6s Yes 

Advertising  Association  of  Chicago  6s Yes 

Agamenticus  Electric  Light  Co.  1st  5s,  1930 Yes 

Agricultural  Credit  Co.  Col.  Tr.  5%  Notes,  1913-15 Yes 

Agricultural  Ditch  &  Reservoir  Co.  Bonds,  1928 Yes 

Ahnapee  &  Western  Ry.  1st  5s,  1936 Yes 

Aiken  Manufacturing  Co.  6%  Notes No 

Akron  &  Barberton  Belt  R.  R.  Co.   (The)   1st  4s,  1942 Yes 

Akron,  Bedford  &  Cleveland  R.  R.  1st  5s,  1915 Yes 

Akron,  Canton  &  Youngstown  Ry.  Co.  1st  6s,  1930 Yes 

Akron,  Canton  &  Youngstown  Ry.  Co.  Mtge.  5s,  1941 Yes 

Akron  Gas  Co.  1st  5s No 

Akron  People's  Telephone  Co.  1st  5s,  1916 Yea 

Akron  Union  Passenger  Depot  Co.  1st  6s No 

Alabama  Central  R.  R.  Co.  1st  6s,  1918 Yes 

Alabama  City,  Gadsden  &  Attalla  Ry.  1st  5s,  1936 Yes 

Alabama  Company  (The)   Gen.  6s,  1933 Yes 

Alabama  Consolidated  Coal  &  Iron  Co.  1st  &  Ext.  6s,  1918 No 

Alabama  Consolidated  Coal  &  Iron  Co.  1st  5s,  1933 No 

Alabama  Great  Southern  R.  R.  Co.  Equip.  414s,  Ser.  "C,"  1916 Yes 

Alabama  Great  South.  R.  R.  Co.  Equip.  4%s,  Ser.  B,  C  &  D,  1915-19.  Yes 

Alabama  Great  Southern  R.  R.  Co.  1st  6s,  1927 No 

Alabama  Great  Southern  R.  R.  Co.  Gen.  5s,  1927 No 

Alabama  Great  Southern  R.  R.  Co.  1st  Cons.  "A"  5s,  1943 No 

Alabama  Midland  Ry.  Co.  1st  5s,  1928 Yea 

Alabama  &  New  Orleans  Transportation  2nd  6s,  1927 No 

Alabama  &  New  Orleans  Transportation  Co.  1st  6s,  1932 No 

Alabama  Power  Co.  6s Yes 

Alabama  Steel  &  Shipbuilding  Co.  1st  6s,  1930 Yes 

Alabama,  Tennessee  &  Northern  R.  R.  Car  Tr.  5s Yea 

Alabama,  Tennessee  &  Northern  R.  R.  Co.  6%  Notes. Yes 

Alabama,  Tennessee  &  Northern  Ry.  6%  Notes,  1916 Yes 

Alabama,  Tennessee  &  Northern  R.  R.  1st  5s,  1956 Yes 

Alabama,  Tennessee  &  Northern  Ry.  1st  &  Ref.  5s Yes 

4 


ALA-ALL 

Alabama  Terminal  R.  R.  Co.  1st  5s,  1927 Yes 

Alabama  &  Vicksburg  Railway  Co.  Cons.  5s,  1921 No 

Alabama  &  Vicksburg  Railway  Co.  2nd  5s,  1921 Yes 

Alameda  Artesian  Water  Co.  1st  5s,  1915 Yes 

Alameda  Farms  Co.  1st  6s,  1933 No 

Alameda,  Oakland  &  Piedmont  Electric  Ry.  Co.  1st  6s,  1913-23 No 

Alamogordo  Lumber  Co.  1st  5s,  1919 Yes 

Alamogordo  &  Sacramento  Mountain  Ry.  1st  5s,  1928 Yes 

Alaska  Gastineau  Mining  Co.  Con  v.  6s Yes 

Alaska  Pacific  Steamship  Co.  1st  6s,  1924 No 

Alaska  Packers  Association  6s,  1910-20 Yes 

Alaska  Tel.  &  Tel.  Co.  1st  6s,  1927 Yes 

Alaska  Mining  &  Power  Co.  1st  8s,  1921 Yes 

Albany  Home  Telephone  Co,  1st  6s,  1927 Ye3 

Albany  &  Hudson  R.  R.  Co.  1st  5s,  1943 Yes 

Albany  &  Northern  Equip.  6%  Notes,  1917 Yes 

Albany  &  Northern  1st  5s,  1946 Yes 

Albany  Power  &  Manufacturing  Co.  1st  6s,  1933 No 

Albany  Railway  Cons.  5s,  1930 No 

Albany  Railway  Co.  Gen.  5s,  1947 Yes 

Albany  Southern  R.  R.  1st  5s,  1939 Yes 

Albany  &  Susquehanna  R.  R.  Co.  1st  3^s,  1946 Yes 

Albany  &  Troy  Steamboat  Co.  Bonds Yes 

Albany  Warehouse  Trust  5s,  1924 Yes 

Albany  Water  &  Light  Co.  (Albany,  Ind.)  1st  6s,  1921 No 

Albaugh-Dover  Co.   Bonds Yes 

Albia  Gas  Co.  6%  Bonds Yes 

Albia  Inter-Urban  Ry.  Co.  1st  6s,  1913-29 Yes 

Albion  Gas  Light  Co.  1st  6s,  1915 No 

Albion  Gas  Light  Co.  1st  5s,  1919 Yes 

Albion  Land  Company  Bonds No 

Albion  Power  Co.  1st  5s,  1919 No 

Albion  Water  Works  Company  1st  5s No 

Alcaulsey  Lumber  Company  1st  6s,  1921 Yes 

Alden  Mills  6s Yes 

Alexander  Water  Works  Bonds No 

Alexandria  County  Lighting  Co.  1st  5s,  1931 Yes 

Alfalfa  Valley  Land  Co.  1st  6s Yes 

Alfred  Light  &  Power  Co.  1st  5s,  1935 Yes 

Alger  Smith  Co.  Bonds Yes 

Alger-Sullivan  Lumber  Co.  1st  5s No 

Algoma  Eastern  Ry.  1st  5s,  1961 No 

Alkire   (John  D.)   Investment  Company  Bonds Yes 

Allegan  County  Gas  Company  6s,  1935 No 

Allegheny,  Bellevue  &  Perrysville  St.  Ry.  1st  5s,  1935 Yes 

Allegheny  &  Bellevue  St.  Ry.  Co.  5s,  1920 Yes 

Allegheny  Coal  Company  1st  6s,  1931 Yes 

Allegheny  Ore  &  Iron  Company  1st  5s,  1925 No 

Allegheny  Steel  Company  1st  6s,  1925 Yes 

Allegheny  Steel  Company  2nd  6s,  1928 Yes 

Allegheny  Street  Ry.  Co.  1st  5s,  1920 Yes 

Allegheny  Valley  Railway  Co.  Gen.  4s,  1942 Yes 

Allegheny  Valley  Street  Railway  1st  5s,  1936 Yes 

Allegheny  &  Western  Ry.  Co.  1st  4s,  1998 Yes 

Allen  Bros.  1st  6s Yes 

Allen  Bros.  2nd  6s Yes 

Allentown-Bethlehem  Gas  Company  Gen.  5s,  1943 No 

Allentown  Brick  Co.  Bonds Yes 

Allentown  Bridge  Co.  1st  5s,  1942 Yes 

Allentown  Gas  Company  1st  5s,  1924 Yes 

5 


ALL-AME 

Allentown  &  Kutztown  Traction  Co.  1st  5s,  1930 Yes 

Allentown  &  Kutztown  Traction  Co.  1st  Cons.  5s,  1932 Yes 

Allentown  &  Reading  Traction  Co.  1st  5s,  1932 Yea 

Allentown  &  Reading  Traction  Co.  2nd  5s,  1937 Yes 

Allentown  Terminal  R.  R.  1st  4s,  1919 Yes 

Alliance  Gas  &  Electric  Co.  1st  5s,  1929 Yes 

Alliance  Gas  &  Power  Co.  1st  &  Ref.  5s,  1932 Yes 

Almada  Sugar  Corporation  Col.  Tr.  6s Yes 

Alpha  Realty  Company  2nd  6s Yes 

Alton,  Granite  &  St.  Louis  Traction  Co.  1st  5s,  1944 Yes 

Alton  Railway,  Gas  &  Electric  Co.  1st  5s,  1939 No 

Alton  Railway  &  Illuminating  Co.  1st  5s,  1915 No 

Altoona  Gas  Co.  1st  5s Yes 

Altoona  Gas  Light  &  Fuel  Co.  1st  5s,  1932 Yes 

Altoona  &  Logan  Valley  Electric  Ry.  Co.  Cons.  4%b,  1933 Yes 

Altoona  Portland  Cement  Co.  Bonds Yes 

Alvarado  Mining  &  Milling  Co.  6%  Notes No 

Alvarado  Mining  &  Milling  Co.  1st  6s No 

Alva  Steamship  Co.  1st  5s Yes 

Amador  Central  R.  R.  1st  5s,  1938 Yes 

Amador  Electric  Light  &  Power  Co.  1st  6s,  1930 Yes 

Amalgamated  Copper  Co.  5%   Notes,  1915 No 

Amalgamated  Phosphate  Co.  1st  5s,  1926 Yes 

Amarillo  Gas  Company  1st  6s,  1915 Yes 

Amarillo  Street  Railway  Co.  1st  6s Yes 

Amboy  Lighting  &  Power  Co.   5s Yes 

Amendt   Milling   Co.    Bonds Yes 

American  Agricultural  Chemical  Company  Ccnv.  5s,  1924 Yes 

American  Agricultural  Chemical  Company  1st  5s,  1928 Yes 

American  Bakery  Co.   1st  6s,  1927 Yes 

American  Bangor  Slate  Co.  1st  5s,  1925 Yes 

American  Bank  Note  Company  5%  Notes,  1916 Yes 

American  Biscuit  Company  20-yr.  6s Yes 

American   Book  Company  6s,   1928 No 

American  Brewing  Co.  1st  6s,   1923 Yes 

American  Br.  Shoe  &  Fdy.  Co.  1st  5s,  1952 Yes 

American  &  British  Manufacturing  Co.  1st  6s,  1919 No 

American  Can  Company  15-yr.  5s,  1928 Yes 

American  Caramel  Co.  1st  6s,  1920 Yes 

American  Caramel  Co.  Deb.  6s,  1923 Yes 

American  Car  &  Foundry  Co.  Erie  Equip.  5s,  1913-23 No 

American  Choc.  Machinery  Co.  1st  5s No 

American  Cigar  Box  Lumber  Co.  1st  6s,  1923 Yes 

American  Cities  Co.  Col.  Tr.  5s  &  6s,  1919 Yes 

American  Cities  Realty  Corporation  Bonds,  1921 No 

American  Clay  Manufacturing  Co.  1st  6s,  1920 Yes 

American  Cotton  Oil  Co.  Deb.  4%s,  1915 Ye3 

American  Cotton  Oil  Co.  Deb.  5s,  1931 Yes 

American  District  Telegraph  Co.  of  N.  J.  1st  5s,  1926 No 

American  Dock  Co.  1st  5s,  1930 Yes 

American  Dock  &  Improvement  Co,  1st  5s,  1921 Yes 

American  Finance  &  Securities  Co.  1st  6s Yes 

American  Gas  Co.  1st  6s,  1916 Yes 

American  Gas  Co.  Col.  5s,  1920 Yes 

American  Gas  &  Electric  Co.  Col.  Tr.  5s,  2007 Yes 

American  Graphaphone  Co.  20-yr.  6s,  1930 Yes 

American-Hawaiian  Steamship  Co.  1st  6s,  1913-16. : No 

American  Hide  &  Leather  Co.  1st  6s,  1919 Yes 

American  Home  Magazine  Co.  Bonds Yes 

American  Hominy  Co.  1st  5s,  1927 No 


AME-AME 

American  Ice  Company  Col.  Tr.   5s,  1922 Yes 

American  Ice  Company  1st  &  Gen.  6s,  1942 Yes 

American  Ice  Securities  Company  Deb.  6s,  192'5 No 

American-La  Prance  Fire  Engine  Co.  Gen.  6s,  1924 Yes 

American  Land  &  Live  Stock  Co.  Gen.  7s No 

American  Lime  &  Stone  Co.  1st  5s No 

American  Lithographic  Company  1st  5s  No 

American  Locomotive  Co.  5%  Notes,  1914 Yes 

American  Locomotive  Co.  5%  Notes,  1917 Yes 

American  Lumber  Co.  1st  &  Ref.  6s,  1922 Yes 

American  Magnesia  &  Covering  Co.  1st  6s Yes 

American  Malting  Co.  1st  6s,  1914 Yes 

American  Milling  Co.  1st  6s,  1922 Yes 

American  Motor  Company  6s No 

American  Natural  Gas  Co.  1st  6s,  1916 Yes 

American  Oilfields  Company  20-yr.  6s,  1930 Yes 

American  Optical  Co.  Reg.  5s No 

American  Paper  Goods  Company  5s Yes 

American  Petroleum  Co.  12-yr.  6s,  1920 Yes 

American  Pipe  &  Construction  Securities  Co.  Col.  Tr.  6s,  1922 Yes 

American  Pipe  &  Foundry  Co.  1st  6s,  1928 No 

American  Pipe  Manufacturing  Co.  Col.  Tr.  5s,  1927 Yes 

American  Pipe  Manufacturing  Co.  Col.  Tr.  5s,  1929 Yes 

American  Pneumatic  Service  Co.  1st  5s,  1928 No 

American  Power  &  Light  Co.  5s  &  6s,  1914 Yes 

American  Power  &  Light  Co.  10-yr.  6s,  1921 Yes 

American  Public  Service  Co.  1st  6s,  1942 Yes 

American  Public  Utilities  Co.  Col.  Tr.  5s,  1942 Yes 

American  Publishers  Co.  1st  5s Yes 

American  Radiator  Co.  5%   Notes No 

American  Railway  Co.  5%  Ctfs.,  1935 — Scranton Yes 

American  Railways  Co.  Col.  5s,  1917 Yes 

American  Railways  Co.  Col.  5s,  1930 — Johnstown Yes 

American  Railways  Co.  Col.  5s,  1930 — L.  &  R Yes 

American  Railways  Co.  Col.  5s,  1931 Yes 

American  Railways  Co.  Col.  5s,  1961 — O.  Vy No 

American  Railways  Co.  Car  Tr.  6s Yes 

American  Real  Estate  Co.  10-yr.  6s No 

American  Realty  Co.  1st  5s,  1941 Yes 

American  Realty  Co.  Bowmantown  Bonds  Yes 

American  Realty  Co.  Sheet  Harb.  Bonds Yes 

American  Refrigerator  Transit  Co.  5%   Equip.  Notes,   1921 Yes 

American  Refrigerator  Transit  Co.  Equip.   Ser,  Notes,  1914-23 Yes 

American  Rice  &  Cereal  Co.  1st  6s,  1926 Yes 

American  River  Electric  Co.  1st  5s,  1933 No 

American  Road  Machinery  Co.  1st  6s,  1938 Yes 

American  Rolling  Mill  Co.  5%  Notes,  1915 Yes 

American  Sales  Book  Co.,  Ltd.,  1st  6s,  1927 Yes 

American  Sash  &  Door  Realty  Co.  1st  Ser.  5%s Yes 

American  Slate  Co.  Gen.  5s,  1910-25 Yes 

American  Smelters  Securities  Co.  6s,  1926 Yes 

American  Society  of  Mech.  Engineering  4s No 

American  Spirits  Manufacturing  Co.  Gold  6s,  1915 No 

American  Steamship  Co.  1st  5s,  1920 No 

American  Steel  Foundries  Deb.  4s,   1923 Yes 

American  Steel  Foundries  1st  6s,  1935 Yes 

American  Still  Alarm  Co.  1st  5s,  1923 No 

American  Stove  Co.  1st  5s,  1917 Yes 

American  Strawboard  Co.  1st  6s Yes 

American  Tel.  &  Tel.  Co.  Col.  Tr.  4s,  1929 No 

7 


AME-ARI 

American  Tel.  &  Tel.  Co.  Conv.  4^s,  1933 No 

American  Tel.  &  Tel.  Co.  Conv.  4s,  1936 Yes 

American  Thread  Co.  1st  4s,  1919 Yes 

American  Transportation  Co.  6s Yes 

American  Tube  &  Stamping  Co.  1st  5s,  1932 Yes 

American  Type  Founders  Co.  6s,   1926 No 

American  Type  Founders  Co.  6s,   1939 No 

American  Vulcanized  Fibre  Co.  1st  6s,  1921 Yes 

American  Water  Supply  Co.  (Kankakee)  1st  5s,  1923 Yes 

American  Window  Glass  Co.  1st  &  Col.  6s,  1922 Yes 

American  Wood  Working  Machine  Co.  1st  6s,  1932 Yes 

American  Writing  Paper  Co.  20-yr.  5s,  1919 No 

American  Zinc  Extraction  Co.  Deb.  6s,  1923 Yes 

American  Zinc,  Lead  &  Smelting  Co.  Deb.  6s,  1914 No 

American  Zinc,  Lead  &  Smelting  Co.  Deb.  6s,  1915,  Ser.  A No 

American  Zinc,  Lead  &  Smelting  Co.  Deb.  6s,  1915,  Ser.  B No 

Americana  Company  Col.  Tr.   6s No 

Amesburg  &  Hampton  Street  Ry.  Co.  1st  5s,  1919 No 

Amesbury  Electric  Light  Co.  1st  5s,  1927 No 

Amesbury  &  Salisbury  Gas  Co.  5s,  1933 Yes 

Ames  Cement  Plaster  Co.  Bonds Yes 

Ames  Plow  Co.  1st  5s,   1932 Yes 

Amherst  Estates  6s   No 

Amherst  Power  Co.  1st  5s,  1918 Yes 

Anacostia  &  Potomac  River  R.  R.  1st  5s,  1949 Yes 

Andersen  Coal  Mining  Co.  1st  &  Col.  5s,  1933 Yes 

Anderson  Forge  &  Machine  Co.  1st  Vfyk Yes 

Andrews  Steel  Co.  1st  6s,  1922 No 

Annapolis  Gas  &  Electric  Light  Co.  1st  5s,  1921 No 

Annapolis  Gas  &  Electric  Light  Co.  Cons  6s,  1953 Yes 

Ann  Arbor  R.  R.,  Amer.  Loco.  5%  Notes,  1915 Yes 

Ann  Arbor  Railroad  Co.  Equip.   5s,  1919   "A" Yes 

Ann  Arbor  Railroad  Co.  Equip.  5s,  1921  "B" Yes 

Ann  Arbor  Railroad  Co.  6%  Notes,  1916 No 

Ann  Arbor  Railroad  Co.  Imp.  &  Ext.   5s,  1941 Yes 

Ann  Arbor  Railroad  Co.  1st  4s,  1995 Yes 

Anniston  Electric  &  Gas  Co.  1st  5s,  1929 No 

Annuity  Realty  Co.  5%  Ctfs.,  1952 Yes 

Ansco  Co.  1st  6s,  1927 Yes 

Antelope  Valley  Land  &  Cattle  Co.  1st  6s Yes 

Appalachian  Apple  Orchards   5s No 

Appalachian  Power  Co.  Col.  7%  Notes,  1918 Yes 

Appalachian  Power  Co.  2nd  6s,  1933 Yes 

Appalachian  Power  Co.  1st  5s,  1941 Yes 

Apple  River  Power  Co.  1st  &  Ref.  5s,  1941 Yes 

Aqua  Pura  Co.  of  Las  Vegas  1st  6s,  1916 No 

Aqua  Pura  Co.  of  Las  Vegas  1st  5s,  1928 .'  No 

Aqua  Pura  Co.  of  Las  Vegas  Gen.  5s,  1930 No 

Aragon  Mills  1st  5s,  1918 Yes 

Arcade  Building  &  Realty  Co.  1st  6s,  1926 No 

Arcade  Co.  2nd  6s No 

Ardmore  Street  Railway  Co.  1st  5s,  1958 Yes 

Ardsley  Hall  Co.  2nd  6s Yes 

Argosy  Associates  of  Boston  6s No 

Aripeka  Saw  Mills  1st  6s,  1923 No 

Aripeka  Saw  Mills  2nd  6s,  1923 ! No 

Ariston  Ice  &  Electric  Co.  Bonds Y*M 

Arizona  Copper  Co.,  Ltd.,  Deb.  5s,  1922 No 

Arizona  Eastern  R.  R.  Co.  1st  &  Ref.  5s,  1950 Yes 

Arizona  Power  Co.  1st  6s,  1933 Yes 

8 


ARK-AST 

Arkansas  Anthracite  Mining  Co.  6s Yes 

Arkansas  City  Water  Works  Co.  1st  Ser.  1919 •  No 

Arkansas,  Louisiana  &  Gulf  Railway  Co.  1st  5s,  1957 Yes 

Arkansas  Natural  Gas  Co.  Ser.  6s,  1913-22 Yes 

Arkansas  Natural  Gas  Co.  1st  Bonds  Yes 

Arkansas,  Oklahoma  &  Western  R.  R.  Co.  1st  6s,  1947 Yea 

Arkansas  &  Territorial  Oil  &  Gas  Co.  6s,  1919 Yes 

Arkansas  Valley  Fuel  Co.  Bonds Yes 

Arkansas  Valley  Ry.,  Light  &  Power  Co.  1st  &  Ref .  5s,  1931 No 

Arkansas-Vancouver  Timber  &  Lumber  Co.,  Ltd.,  1st  6s Yes 

Arkansaw  Water  Co.  Ext.  6s,  1917 No 

Arkansaw  Water  Co.  5s  &  6s,  1950 No 

Arkansas  Western  Railway  1st  5s,  1934 No 

Arkwright  Realty  Co.  1st  5s No 

Arlington  Gas  Light  Co.   1st  5s,  1920 Yes 

Armour  &  Co.  30-yr.  5s,  1939 Yes 

Armour  &  Co.  1st  4%s,  1939 Yes 

Army  &  Navy  Club  of  Manila  Notes  &  Bonds No 

Arnold  Print  Works  Gold  5s Yes 

Arnot  Water  Co.  Bonds No 

Aroline   Steamship  Co.   Bonds Yes 

Aroostook  Construction  Co.  Col.  Tr.  5s,  1917 Yea 

Aroostook  Northern  R.  R.  1st  5s,  1947 Yes 

Aroostook  Valley  R.  R.  Deb.  6s,  1929 No 

Aroostook  Valley  R.  R.  1st  4y2s,  1929 Yes 

Aroostook  Valley  R.  R.  1st  4yas,  1961 Yes 

Aroostook  Valley  R.  R.  1st  6s,  1962 Yes 

Arpin  Hardwood  Lumber  Co.  1st  6s . , Yes 

Arundel  Sand  &  Gravel  Co.  1st  6s,  1923 Yes 

Asbestos  Corp.  of  Canada,  Ltd.,  1st  5s,  1942 No 

Ashaway  &  Westerly  Railway  1st  5s,  1939 No 

Ashdown  Hardware  Co.,  Ltd.   (J.  H.) ,  1st  5s,  1928 No 

Asheville  Power  &  Light  Co.  1st  5s,  1942 Yes 

Ashland  &  Catlettsburg  Street  Ry.  Co.  1st  6s,  1919 No 

Ashland  Coal  &  Iron  Railway  Co.  1st  4s No 

Ashland  Gas  &  Electric  Co.  1st  5s Yea 

Ashland  Gas  &  Electric  Light  Co.  Bonds Ye3 

Ashland  Light,  Power  &  Street  Ry.  1st  5s,  1939 Yes 

Ashland  Manufacturing  Co.  5-yr.  6s Yes 

Ashland  Power  Co.  5s,  1928 Yea 

Ashland  Water  Co.  1st  6s,  1929 Yes 

Ashland  Waterworks  Co.  1st  5s,  1931 Yes 

Ashland  Waterworks  Co.  1st  Ref.  5s Yes 

Ashley,  Drew  &  Northern  Railway  Co.  1st  6s,  1922 Yes 

Ashley  &  Dustin  Steamship  Line  Bonds Yes 

Ashley  River  R.  R.  Co.  1st  8s,  1915 No 

Ashtabula  Gas  Co.  1st  5s,  1915 Ye3 

Ashtabula  Rapid  Transit  Co.  1st  6s,  1921 No 

Ashtabula  Rapid  Transit  Co.  2nd  5s,  1927 Yea 

Ashtabula  Steamship  Co.  Bonds Ye* 

Ashtabula  Water  Supply  Co.  1st  5s,  1917 Yes 

Ashtabula  Water  Supply  Co.  Gen.  5s,  1917 Yes 

Ashuelot  Gas  &  Electric  Co.  5s,  1939 Yes 

Associated  Gas  &  Electric  Co.  6s,  1918  Yes 

Associated  Gas  &  Electric  Co.  1st  &  Col.  5s,  1939 Yes 

Associated  Gas  &  Electric  Co.  Deb.  6s,  1949 Yes 

Associated  Oil  Co.  1st  5s,  1922 No 

Associated  Oil  Co.  1st  5s,  1930 Yes 

Associated  Simmons  Hardware  Companies  5%  Sec.  Notes,  1917...  Yes 
Astoria  Veneer  Mills  &  Dock  Co.  1st  6s,  1951 Yes 


ATA-ATL 

Atares  Wharf  &  Warehouse  Co.  1st  6s,  1930 No 

Atchison  &  Eastern  Bridge  Co.  1st  4s Yes 

Atchison  Ry.,  Light  &  Power  Co.  1st  5s,  1935 Yes 

Atchison  Telephone  Co.  1st  5s,  1925 Yes 

Atchison,  Topeka  &  Santa  Fe  Conv.  5s,  1917 Yes 

Atchison,  Topeka  &  Santa  Fe  Ry.  Co.  1st   4s,   1928— East.   Okla. 

Div.  Yes 

Atchison,  Topeka  &  Santa  Fe  Conv.  4s,  1955 Yes 

Atchison,  Topeka  &  Santa  Fe  Ry  Co.  Conv.  4s,   1955 Yes 

Atchison,  Topeka  &  Santa  Fe  Ry.  Co.  1st  4s,  1958— Transcont Yes 

Atchison,  Topeka  &  Santa  Fe  Ry.  Co.  Conv.  4s,  1960 Yes 

Atchison,  Topeka  &  Santa  Fe  Ry.  Co.  1st  &  Ref.  4%s,  1962— 

Cal.-Ariz.  Lines  Yes 

Atchison,  Topeka  &  Santa  Fe  Ry.  Co.  Adj.  4s,  1995 Yes 

Atchison,  Topeka  &  Santa  Fe  Ry.  Co.  Gen.  4s,  1995 Yes 

Atchison  Water  Co.  2nd  7s,  1929 Yes 

Athens  Electric  Railway  Co.  1st  6s,  1916 Yes 

Athens  Electric  Railway  Co.  1st  6s,  1931 Yes 

Athens  Gas,  Light  &  Fuel  Co.  1st  5s,  1942 Yes 

Athens  Railway  &  Electric  Co.  1st  &  Ref.  5s,  1950 Yes 

Athens  Terminal  Co.  1st  5s Yes 

Athol  Gas  &  Electric  Co.  1st  5s,  1921 No 

Athol  &  Orange  Street  Railway  Co.  1st  5s,  1915 No 

Atlanta,  Birm.  &  Atlanta  R.  R.,  Georgia  Term.  Co.  and  Alabama  Term. 

R.  R.  5%  Rec.  Ctfs.,  1913 No 

Atlanta,  Birmingham  &  Atlantic  R.  R.  Co.  Equip.  Tr.  5s,  1916  "A"  Ye3 

Atlanta,  Birmingham  &  Atlantic  R.  R.  Co.  Equip.   5s,   1917   "B"..  Yes 

Atlanta,  Birmingham  &  Atlantic  R.  R.  Co.  1st  5s,  1936 Yes 

Atlanta  &  Birmingham  Ry.  Equip.  5s,  1914 Yes 

Atlanta  &  Charlotte  Air  Line  Ry.  1st  4V»s,  1920 Yes 

Atlanta  &  Charlotte  Air  Line  Ry.  1st  Ref.  4V2s,  1920 Yes 

Atlanta  &  Charlotte  Air  Line  Ry.  Inc.  4%s,  1920 Yes 

Atlanta  Consoldiated  St.  Ry.  1st  Cons  .5s,  1939 Yes 

Atlanta  Gas  Light  Co.  1st  5s,  1947 Yes 

Atlanta,  Knoxville  &  Northern  1st  5s,  1946 Yes 

Atlanta,  Knoxville  &  Northern  Ry.  Co.  1st  4s,  2002 Yes 

Atlanta  Northern  Ry.  Co.  1st  5s,  1954 Yes 

Atlanta  Steel  Co.  1st  6s,  1930 Yes 

Atlanta  Street  R.  R.  Co.  1st  6s,  1930 Yes 

Atlanta  Terminal  Co.  1st  4s,  1953 Yes 

Atlanta  Water  &  Electric  Power  Co.  1st  5s,  1943 Yes 

Atlantic  Ave.  R.  R.  Co.  Gen.  5s,  1931 No 

Atlantic  Ave.  R.  R.  1st  5s,  1934 Yes 

Atlantic  &  Birmingham  Construction  Co.  &  Atlanta,  Birmingham 

&  Atlantic  R.  R.  Co.  Jt.  5%  Notes,  1915 .  Yes 

Atlantic  &  Birmingham  Railway  Co.  1st  5s,  1934 i Yes 

Atlantic  City  Electric  Co.  1st  &  Ref.  5s,  1938 Yes 

Atlantic  City  Gas  Co.  1st  5s,  1960 Yes 

Atlantic  City  &  Ocean  City  Co.  Col.  Tr.  5s,  1947 Yes 

Atlantic  City  R.  R.  Co.  1st  5s,  1919 Yes 

Atlantic  City  R.  R.  Co.  P.  M.  4s,  1930 Yes 

Atlantic  City  R.  R.  Co.  1st  4s,  1951 Yes 

Atlantic  City  &  Shore  Co.  Col.  4s,  1940 Yes 

Atlantic  City  &  Shore  R.  R.  Co.  1st  &  Col.  5s,  1945 Yes 

Atlantic  Coast  Electric  Railway  1st  5s,  1945 , No 

Atlantic  Coast  Electric  Railway  Gen.  5s,  1945 ! No 

Atlantic  Coast  Line  Co.  Deb.  4s  Ctfs.,  1926 No 

Atlantic  Coast  Line  Co.  Ctfs.  of  Indebt.  4s  (old) No 

Atlantic  Coast  Line  Co.  Ctfs.  of  Indebt.  4s  (new) No 

Atlantic  Coast  Line  R.  R.  Co.  Equip.  4s,  1917  "A" Yes 

10 


ATL-AUS 

Atlantic  Coast  Line  R.  R.  Co.  Equip.  4^s,  1921  "B". Yes 

Atlantic  Coast  Line  R.  R.  Co.  Conv.  4s,  1939 Yes 

Atlantic  Coast  Line  R.  R.  Co.  of  S.  C.  Gen.  1st  4s,  1948 No 

Atlantic  Coast  Line  R.  R.  Co.  L.  &  N.  Col.  Tr.  4s,  1952 Yes 

Atlantic  Coast  Line  R.  R.  Co.  1st  4s,  1952 Yes 

Atlantic  Coast  Line  R.  R.  Gen.  4^s No 

Atlantic  Coast  Line  R.  R.  Co.  Unit  4s,  1959 Yes 

Atlantic  Coast  Lumber  Corp.  1st  5s,  A-B  1915-18 Yes 

Atlantic  Crushed  Coke  Co.  1st  &  Ref.  6s Yes 

Atlantic  &  Danville  Ry.  Co.  1st  4s,  1948 Yes 

Atlantic  &  Danville  2nd  4s,  1948 Yes 

Atlantic  Dispatch  Co.  Equip.  5%  Notes,  1915 Yes 

Atlantic  Electric  Light  &  Power  Co.  1st  5s,  1934 Yes 

Atlantic  Fruit  Co.  Deb.  7s,  1933 Yes 

Atlantic  Fruit  Co.  Deb.  6s,  1944 No 

Atlantic  Gas  &  Electric  Co.  1st  5s,  1922  "A" Yes 

Atlantic  Gas  &  Electric  Co.  1st  5s,  1922  "B" No 

Atlantic,  Gulf  &  West  Indies  Steamship  Lines  Col.  Tr.  5s,  1959 Yes 

Atlantic  Ice  &  Coal  Corp.  1st  6s,  1930 Yes 

Atlantic  Insulated  Wire  &  Cable  Co.  Bonds Yes 

Atlantic  Land  &  Improvement  Co.  Bonds Yes 

Atlantic  &  North  Carolina  R.R.  1st  6s,  1917 i\o 

Atlantic  Park  Co.  1st  6s,  1917 No 

Atlantic  Radiator  Co.  1st  6s,  1930 No 

Atlantic  Seaboard  Despatch  Equip.  6s Yes 

Atlantic  Shore  Line  Railway  1st  5s,  1934 Yes 

Atlantic  Shore  Line  Railway  Ref.  4s,  1941 Yes 

Atlantic  State  Warehouse  Co.  5s Yes 

Atlantic  Sugar  Refineries,  Ltd.,  1st  6s No 

Atlantic  &  Western  R.  R.  Co.  1st  5s,  1952 Yes 

Atlantic  Yacht  Club  2nd  5s No 

Atlantic  &  Yadkin  Railway  Co.  1st  4s,  1949 Yes 

Atlas  Lumber  Co.  1st  5s,  1913-22 Yes 

Atlas  Mining  &  Milling  Co.  Bonds Yes 

Atlas  Portland  Cement  Co.  1st  6s,  1925 Yes 

Atlas  Powder  Co.  Inc.,  1923 Yes 

Attleboro  Steam  &  Electric  Co.  1st  5s No 

Auburn  Gas  Co.  1st  5s,   1927 Yes 

Auburn  Gas  Co.  1st  5s,   1930 Yes 

Auburn  &  Northern  Electric  R.  R.  Co.  1st  5s,  1945 Yes 

Auburn  &  Syracuse  Electric  R.  R.,  1st  &  Ref.  5s,  1942 Yes 

Auchentoroly    Co.,    6%    Notes Yes 

Audubon  Golf  Club,  Col.  Tr.  Notes Yes 

Auglazier  Power  Co.  1st  6s,  1941 Yes 

Augusta-Aiken  Railway  &  Electrical  Corp.,  1st  5s,  1935 Yes 

Augusta,  Hallowell  &  Gardiner  R.  R.  Co.  Gen.  4s,  1951 No 

Augusta  Railway  &  Electric  Co.,  1st  5s,  1940 Yes 

Augusta  Southern  R.  R.  Co.,  1st  5s,  1924 Yes 

Augusta  Terminal  Railway  Co.,  1st  6s,  1947 Yes 

Augusta  Union  Station  Co.,  1st  4s,  1953 Yes 

Augusta,  Winthrop  &  Gardiner  Ry.,  Gen.  5s,  1935 No 

Augusta,  Winthrop  &  Gardiner  Ry  Co.,  1st  4s,  1952 No 

Aurania  Club  Bonds Yea 

Aurora  Electric  &  Cold  Storage  Co.  Bonds Yes> 

Aurora,  Elgin  &  Chicago  Railway,  1st  5s,  1941 Yes 

Aurora,  Elgin  &  Chicago  R.  R.,  1st  &  Ref.  5s,  1946 Yes 

Aurora  Rys  Co.  1st  5s Yes 

Austen  Coal  &  Coke  Co.,  1st  5s Yes 

Austen  Coal  &  Coke  Co.,  1st  Cons.  5s Yes 

Austin  Gas  Light  Co.,  Ref.  6s,  1931 Yes 

11 


AUS-BAL 

Austin  &  Northwestern  R.  R.  Co.,  1st  5s,  1941 No 

Austin  Street  Ry  Co.,  1st  5s,  1936 Yet 

Auto  Club  of  America,  Bonds Yes 

Automatic  Electric  Co.,  1st  6s,  1908-28 Yes 

Automatic  Press  Co.,  of  Lehighton,  Pa.,  Bonds Yes 

Automobile  Club  of  America,  2nd  4s Yes 

Autosales  Gum  &  Chocolate  Co.,  20-yr.  6s,  1931 No 

Avalon  Orchard  Tract,  1st  7s No 

Avery  Co.  1st  6s Yes 

Avery  (B.  F.)  &  Sons,  Inc.,  1st  5s,  1922 •. Yes 

Ayer  Electric  Light  Co.,  1st  5s,  1922 Yes 


B 
[This    space   for   your   personal    memoranda] 


B 

Babbitt  (B.  T.),  Inc.,  1st  6s,  1927 Yea 

Babcock  (H.  H.)   Co.  1st  6s,  1935 Yes 

Back  Bay  Baths  6s No 

Back  Creek  Valley  Orchard  Co.  1st  5s No 

Badger  Railway  &  Light  Co.  6s Yes 

Bagdad  Land  &  Lumber  Co.  1st  6s,  1925 Yes 

Bail  &  River  Coal  Co.  1st  5s,  1938 Yes 

Bailey  Co.   (The)   1st  6s,  1921 Yes 

Baker-Vawter  Co.   Bonds ., No 

Bakersfield  Gas  &  Electric  Corp.  1st  6s,  1926 No 

Bakersfleld  &  Kern  Electric  Ry.  1st  5s,  1931 No 

Bakersfield  Water  Co.  1st  6s,  1914-22 Yes 

Baldwin  County  Water  Co.  1st  4%s,  1936 Yes 

Baldwin  Locomotive  Works  1st  5s,  1940 Yes 

12 


BAL-BAR 

Ballwood  Co.  1st  6s Yea 

Baltimore  &  Annapolis  Short  Line  R.  R.  1st  5s,  1946 Yes 

Baltimore  Athletic  Club  1st  5s,  1923 No 

Baltimore  Brick  Co.  1st  5s,  1943 Yes 

Baltimore,  Catonville  &  Ellicott's  Mills  1st  5s,  1916 Yes 

Baltimore,  Chesapeake  &  Atlantic  Ry.  Equip.  5s Yes 

Baltimore,  Chesapeake  &  Atlantic  Ry.  Co.  1st  5s,  1934 No 

Baltimore  County  Water  &  Electric  Co.  1st  5s,  1946 Yes 

Baltimore  &  Cumberland  Valley  Ry.  Co.  1st  6s,  1929 No 

Baltimore  &  Cumberland  Valley  R.  R.  Co.  1st  6s,  1929 No 

Baltimore,  Cumberland  Valley  R.  R.  Ext.  Co.  1st  6s,  1931 No 

Baltimore  Electric  Co.  1st  5s,  1947 Yes 

Baltimore  Fidelity  Warehouse  Co.  1st  5s,  1915 Yes 

Baltimore  &  Harrisburgh  Ry.  Co. — Western  Ext.  1st  5s,  1938 No 

Baltimore  &  Harrisburgh  Ry.  Co.  1st  5s,  1936 No 

Baltimore  Medical  College  2nd  6s,  1929 No 

Baltimore  &  Ohio  R.  R.  Co.  Equip.  4%s,  1913-22 Yes 

Baltimore  &  Ohio  R.  R.  Co.  Equip.  4%s,  1914-23 Ye3 

Baltimore  &  Ohio  R.  R.  Co.  4%%'  Notes,  1915 No 

Baltimore  &  Ohio  R.  R.  Co.  P.  L.  3 V2s,  1925 Yes 

Baltimore  &  Ohio  R.   R.   Co.— Pittsburgh   Jet.  &  Mid.    Div  —  1st 

3y2s,  1925..  Yes 
Baltimore  &  Ohio  R.  R.  Co.— Southwestern  Div.  1st  3%s,  1925.... Yes 

Baltimore  &  Ohio  R.  R.  Co.  Conv.  4%s,  1933 Yes 

Baltimore  &  Ohio  R.  R.  Co.  Ext.  4s,  1935 No 

B.  &  O.  R.  R— Pitts.,  L.  E.  &  W.  Va.  Sys.  Ref.  4s,  1941 Yes 

Baltimore  &  Ohio  R.  R.  Co.  1st  4s,  1948 Yes 

Baltimore  &  Ohio— Chicago  Terminal  R.  R.  1st  4s,  1960 Yes 

Baltimore,  Sparrows  Point  &  Chesapeake  Ry.  1st  4%s,  1953 Yes 

Baltimore  Traction  Co.  1st   5s,   1929 Yes 

Baltimore  Traction  Co.— No.  Bait.  Div.  1st  5s,  1942 Yes 

Baltimore  Tube  Co.  1st  6s,   1922 Ye3 

Bamlet  Realty  Co.  Bonds Yes 

Bancroft  Realty  Co.  5s,  1923    No 

Bancroft  Realty  Co.  2nd  6s,  1923 No 

Bane  Estate  Co.  Bonds No 

Bangor  &  Aroostook  R.  R.  Co.  Car   Tr.    5s,    1916   "C" Yes 

Bangor  &  Aroostook  R.  R.  Co.  Car   Tr.    5s,   1921   "D" Yes 

Bangor  &  Aroostook  R.  R.  Co.  Car   Tr.   5s,   1921   "D" Yes 

Bangor  &  Aroostook  Railway  Co.  5%  Notes,  1915 Yes 

Bangor  &  Aroostook  R.  R.  Co.— Med.  Ext.  1st  5s,  1937 Yes 

Bangor  &  Aroostook  R.  R.  Co.— St.  John  Riv.  Ext.  1st  5s,  1939... Yes 

Bangor  &  Aroostook  R.  R.  Co.— Wash.  Ext.  1st  5s,  1939 Yes 

Bangor  &  Aroostook  R.  R.  Co.— Van  Bur.  Ext.  5s,  1943 Yes 

Bangor  &  Aroostook  R.  R.  Co. — Piscat.  Div.  1st  5s,  1943 Yes 

Bangor  &  Aroostook  R.  R.  Co.  1st  5s,  1943 Yes 

Bangor  &  Aroostook  R.  R.  Co.  2nd  5s,  1945 .  .  Yes 

Bangor  &  Aroostook  R.  R.  Co.  Cons.  4s,  1951 Yes 

Bangor  Gas  Light  Co.  1st  5s,  1941 Yes 

Bangor  &  Portland  Ry.  1st  6s,   1930 No 

Bangor  &  Portland  Ry.  2nd  6s,  1932 No 

Bangor  &  Portland  Ry.  6s,  1936   No 

Bangor  Power  Co.  Ser.   "A"  4s  &  5s,   1911-31 Yes 

Bangor  Power  Co.  Ser.  "B"   5s Yes 

Bangor  Power  Co.  1st  4s,  4%s,  5s,  1931 Yea 

Banger  Railway  &  Electric  Co.  1st  5s,  1935 Yes 

Banner  Grocers  Baking  Co.  Bonds Yes 

Baraboo  Gas  &  Electric  Co.  5s,  1932 Yes 

Barber  Asphalt  Paving  Co.  Deb.  6s,  1916 No 

Bar  Harbor  Electric  Light  Co.   1st  4%s,  1921 No 

13 


BAR-BEE 

Bar  Harbor  &  Union  River  Power  Co.  1st  &  Ref.  5s,  1935 Yes 

Barney  &  Smith  Car  Co.  1st  5s,  1936 No 

Barnstable  Water  Co.   1st  5s,  1931 No 

Barnum-Richardson  Co.  1st  5s Yeg 

Barre  &  Montpelier  Traction  &  Power  Co.  1st  5s,  1917 Yes 

Barron   (Edward)    Est.  Co.  1st  5s,  1939 No 

Barry  (B.  F.)  Coal  Co.  Bonds Yes 

Bartlesville  Interurban  Railway  Co.  1st  6s,  1934 Yes 

Bartholomay  Brewing  Co.  1st  6s No 

Bass  Foundry  &  Machine  1st  6s Yes 

Bath  &  Brunswick  Light  &  Power  Co.  1st  &  Ref.  5s,  1930 No 

Bath  Electric  &  Gas  Light  Co.  1st  5s,  1940 Yes 

Bath  &  Hammondsport  R.  R.  Co.  2nd  5s,  1923 No 

Bath  Water  Works  Co.   5s No 

Baton  Rouge  Electric  Co.  1st  5s,  1939 Yes 

Baton  Rouge  Water  Works  Co.  Ser.  6s,  1930 Yes 

Battle  Creek  Breakfast  Food  Co.,  Ltd.,  1st  6s Yes 

Battle  Creek  Coal  &  Coke  Co.  1st  6s,  1935 No 

Battle  Creek  Gas   Co.   1st  5s Yes 

Battle  Creek  Power  Co.  1st  5s,  1936 Yes 

Battle  Creek  &  Sturgis  Railway  Co.  1st  3s,  1989 No 

Bayano  River  Lumber  Co.  1st  6s,  1918 Yes 

Bay  Cities  Water  Co.  1st  5s,  1948 No 

Bay  City  &  Battle  Creek  1st  3s,  1989 No 

Bay  City  Gas  Co.  1st  5s,  1920 Ye3 

Bay  Counties  Power  Co.  1st  5s,  1929 Yea 

Bay  Counties  Power  Co.  2nd  6s,  1931   Yes 

Bay  State  Cranberry  Co.  1st  7s No 

Bay  State  Street  Railway  Co.  5%  Notes,  1913-32 No 

Bayer  Co.,  Inc.,  Bonds No 

Bayless  Pulp  &  Paper  Co.  of  N.  Y.  1st  6s,  1929 Yes 

Bayonne   Casting  Co.   1st   5s Yes 

Bear  Gap  Water  Co.  5s,  1921 Yes 

Bear  Lithia  Springs  Co.  Gen.  5s Yes 

Bear  Valley  Mutual  Water  Co.  1st  5s,  1905-51 No 

Beardstown  Electric  Light  &  Power  Co.    5s Yes 

Beatson  Copper  Co.    (The)   1st  6s Yes 

Beaumont  Gas  Light  Co.   1st  6s,  1914 Yes 

Beaumont  Traction  Co.  1st  5s,  1943 Yes 

Beaumont  Water  Works  Co.  1st  5s,  1948 Yes 

Beaver  Coal  Co.  Bonds Yes 

Beaver  County  Telephone  Co.   1st  6s,   1947 Yes 

Beaver  Dam   Illuminating  Co.   1st   5s,   1920 Yes 

Beaver  Dam  Light  &  Power  Co.  2nd  &  Ref.  5s,  1920 Yes 

Beaver  Oil  &  Gas,  Ltd.,  6s,  1917 No 

Beaver  Pond   Coal   Co.   6s Yes 

Beaver  River  Power  Co.  1st  6s,  1914-28 No 

Beaver  Valley  &  Northern  Railway  Co.  Bonds Yes 

Beaver  Valley  Traction  Co.  2nd  6s,  1915 Yes 

Beaver  Valley  Traction  Co.  1st  5s,   1950 Yes 

Beaver  Valley  Traction  Co.  Gen.  5s,  1953 Yes 

Bedford  Belt  Railway    (The)    1st  5s,  1938 No 

Bedford  &  Bridgeport  Railway  Deb.  5s,  1916 No 

Bedford  Golf  &  Tennis  Club  1st  4s Yes 

Bedford  Quarries  Co.  of  Indiana  1st  6s,  1936 Yes 

Beech  Creek  Coal  &  Coke  Co.  1st  5s,  1944 Yes 

Beech  Creek  Ext.  R.  R.  1st  3%s,  1951 Yes 

Beech  Creek  Extension  R.  R.  Co.  Cons.  4s,  1955 Yes 

Beech  Creek  R.  R.  Co.  1st  4s,   1936 Yes 

Beech  Creek  R.  R.  Co.  2nd  5s,   1936 Yes 

14 


BEE-BER 

Beech  Grove  Traction  Co.  1st  5s,  1940 No 

Beechwood-Massillon  Coal  Co.  1st  6s Yes 

Bel  Air  Electric  Co.  1st  6s,  1940 No 

Belcher  Land  Mortgage  Co.  Bonds Yes 

Belfast  Gas  &  Electric  Co.  1st  5s,   1923 No 

Belfast  &  Moosehead  Lake  R.  R.  Co.  1st  4s,  1920 No 

Belfast  (Me.)    Water  Co.  1st  5s,   1927 Yes 

Bellaire  Southwestern  Traction  Co.  1st  5s,  1926 No 

Belle  Valley  Coal  Mining  Co.  1st  6s No 

Belleville  &  Carondelet  R.  R.  1st  6s,  1923 No 

Belleville  Gas  &  Electric  Co.  1st  5s,  1922 Yes 

Belleville  Water  Supply  Co.  1st  5s,  1950 No 

Bellevue  Gas  Co.  6s,  1929 No 

Bellingham  Bay  &  British  Columbia  R.  R.  Co.  1st  5s,  1932 No 

Bellows  Falls  Canal  Co.  1st   5s,   1922 No 

Bellows  Falls  Power  Co.  Col.   5s,   1922 Yes 

Bellows  Falls  &  Saxtons  River  St.  Ry.  Co.  Ref.  5s,  1958 Yes 

Bell  Telephone  Co.  of  Canada,  Ltd.,  5s,  1925 No 

Belmont  Building  Co.  1st  6s Yes 

Beloit  Traction  Co.  1st  5s,  1932 Yes 

Beloit  Water,  Gas  &  Electric  Co.  1st  5s,  1937 Yes 

Belt  Line  Railway  Co.  1st  5s,  1941 Yes 

Belt  R.  R.  &  Stock  Yards  Co.  1st  4s,  1939 Yes 

Belt  Railway  of  Chattanooga  1st  5s,  1945 Yes 

Belt  Railway  of  Chattanooga  2nd  4s,  1945 Yes 

Belton  Power  Co.  1st  6s,  1924 Yes 

Belvedere  Hotel  Co.  of  Baltimore  1st  5s,  1932 Yes 

Belvidere  Delaware  R.  R.  Co.  Cons.  4s  &  3MjS,  1925-1943 Yes 

Bemidji  Box  Co.  1st  6s Yes 

Ben  Avon  &  Emsworth  Street  Railway  Co.  1st  5s,  1936 Yes 

Ben  Avon  &  Emsworth  Street  Railway  2nd   5s,   1943 Yes 

Benicia  Water  Co.  Bonds Ye3 

Bennettsville  &  Cheraw  R.  R.  1st  5s,  1941 Yes 

Bennington  Electric  Co.  Ref.  &  Imp.  4%s,  1935 Yes 

Bennington  &  Rutland  Railway  Co.  2nd  5s,  1920 Yes 

Bennington  &  Rutland  Railway  Co.  1st  4y2s,    1927 Yes 

Bennington  Water  Power  &  Light  Co.  2nd   5s,   1919 Yes 

Bennington  Water  Power  &  Light  Co.  Gen.   5s,   1923 Yes 

Benton  Building  &  Investing  Co.  1st  6s Yes 

Benton  Harbor  Co. — St.  Joseph  Gas  Co.  Bonds No 

Benton  Harbor,  St.  Joe  Gas  &  Fuel  Co.  Gen.  5s,  1926 Yes 

Benton  Harbor,  St.  Joe  Ry.  &  Light  Co.  1st  5s,  1935 Yes 

Benton  Harbor,  St.  Joe  Ry.  &  Light  Co.  Ref.    5s,    1939 Yes 

Benton  Harbor  &  St.  Joseph  Electric  Ry.  &  Light  Co.  1st  5s,  1920.  Yes 

Benwood  &  McMechen  Consolidated  Water  Co.  5s Yes 

Benwood  &  McMechen  Electric  Light,  Heat  &  Power  Co.  Bonds ...  No 

Benwood  Water  Co.  Bonds No 

Beresford  Country  Club  1st  5s,  1938 Yes 

Bergen  Turnpike  Co.  1st  5s,  1951 No 

Bergner  &  Engel  Brewing  Co.  1st  6s,  1921 No 

Bergstrom  Paper  Co.  Bonds No 

Berkeley  Highlands  1st  6s,  1915-19 Yes 

Berkeley  Lime-Stone  Co.  1st  6s No 

Berkshire  Ice  Co.  1st  6s,  1931 : Yes 

Berkshire  Power  Co.  1st   5s,    1931 Yes 

Berkshire  Street  Railway  Deb.    5s,    1925 Yes 

Berkshire  Street  Railway  Co.  1st  5s,  1922 No 

Berlin  Mills  Co.  1st  5s,  1919 No 

Berlin  Mills  Co.  1st  5s,  1931 No 

Bernards  Electric  Co.  1st  5s,  1941 ...   No 

15 


BER-BIR 

Berrendo  Irrigated  Farms  Co.  1st  6s   Yes 

Berrendo  Irrigated  Farms  Co.  Col.   Tr.   6s Yes 

Berwick  Gas  Co.  1st  5s,  1941 Yes 

Berwick  Water  Co.  Gen.  5s   Yes 

Berwind  Fuel  Co.  5%  Notes Yes 

Berwyn  Water  Co.  1st  6s,  1920 Yes 

Bessemer  Coal  &  Coke  Co.  5s Yes 

Bessemer  Coal,  Iron  &  Land  Co.  1st  6s,  1931 Yes 

Bessemer  Coke  Co.  1st  5s,  1921 Yes 

Bessemer  Coke  Co.  1st  6s,  1929 No 

Bessemer  Coke  Co.  1st  6s,  1934 No 

Bessemer  &  Lake  Erie  R.  R. — Albion  Eqt.  Tr.  5s,  1923 Yes 

Bessemer  &  Lake  Erie  R.  R. — Bessemer  Equip.  Tr.  5s,  1918 Yes 

Bessemer  &  Lake  Erie  R.  R.— Conneaut  Eqt.  Tr.  5s,  1919 Yes 

Bessemer  &  Lake  Erie  R.  R. — Erie  Eqt.  Tr.   5s,  1921 Yes 

Bessemer  &  Lake  Erie  R.  R—  Loco.  Eqt.  Tr.  5s,  1913 Yes 

Bessemer  &  Lake  Erie  R.  R .— Meadville  Eqt.  Tr.  5s,  1922 Yea 

Bessemer  &  Lake  Erie  R.  R—  National  Eqt.  Tr.   5s Yes 

Bessemer  &  Lake  Erie  R.  R—  Standard  Eqt.  Tr.  5s,  1925 Yes 

Best-Clymer  Manufacturing  Co.   1st   5Y2s Yes 

Beta  Corp.   (The)   5s,  1916 Yes 

Bethlehem  Consolidated  Gas  Co.  1st,  1924 Yes 

Bethlehem  &  Nazareth  Passenger  Ry.  1st  5s,  1929 No 

Bethlehem  Steel  Co.  Sec.  Notes    No 

Bethlehem  Steel  Corp.  1st  5s,  1926 Yes 

Bethlehem  Steel  Co.  1st  &  Ref.  5s,  1942 Yes 

Bethlehem  Steel  Corp.  P.  M.  6s,  1998 Yes 

Betts   (J.  S.)   Co.  1st  6s,  1913-23 Yes 

Biddeford  &  Saco  R.  R.  1st  4s,  1940 Yes 

Big  Creek  Light  &  Power  Co.  1st  4s,  1947 Yes 

Big  Horn  Colleries  Co.  1st  7s,  1925 Yes 

Big  Lost  River  Irrigation  Co.  1st  6s,  1915-23 Yes 

Big  Run  Water  Co.  5s Ye3 

Big  Sandy  Coal  &  Coke  Co.  1st  5s Yes 

Big  Sandy  Railway  Co.  1st  4s,   1944 Yes 

Big  Vein  Coal  Co.  1st  5s  Yes 

Big  Vein  Coal  Co.  2nd  6s   Yes 

Bijou  Theatre  Co.  1st  6s Yes 

Billings  Farm  Land  Co.  1st  6s,  1920 Yes 

Billings  Gas   Co.   Bonds Yes 

Billings  Investment  Co.   1st  6s,  1921 Yes 

Billings  Land  &  Irrigation  Co.  1st  6s,  1922 Yes 

Biloxi  Electric  Ry.  &  Power  Co.  1st  6s,  1924 Yes 

Bingham  Central  Ry.  1st  6s,  1948 Yes 

Bingham  &  Garfield  Railway  Co.  1st  6s,  1920 Yes 

Bingham  Mines  Co.   6s,  1919 Yes 

Binghamton  Gas  Works  1st  5s,  1938 Yes 

Binghamton  Lounge  Co.  Bonds ¥es 

Binghamton  Ry.  Co.  1st  5s,  1931 No 

Binghamton  Telephone  Co.   5s,  1926 Yes 

Birchwood  Country  Club  1st  5s,  1915 No 

Birdsboro  Street  Ry.  1st  5s,  1934 Yes 

Birmingham  Belt  R.  R.  Co.  1st  4s,  1922 Yes 

Birmingham,  Ensley  &  Bessemer  R.  R.  Co.  1st  5s,  1941 Yes 

Birmingham  &  Gulf  Ry.  &  Navigation  Co.  1st  5s,  1957 Yes 

Birmingham  Iron  Co.  Gen.  5s No 

Birmingham,  Knox.  &  Allentown     Tract.  Co.  5s,  1931 Yes 

Birmingham  &  Northwestern  Co.  6%  Notes,  1916 Yes 

Birmingham  Railway  &  Electric  Co.  1st  5s No 

Birmingham  Railway,  Light  &  Power  Co.  Deb.   6s,  1915 Yes 

16 


BIR-BOO 

Birmingham  Railway,  Light  &  Power  Co.  Gen.  4%s,  1954 Yea 

Birmingham  Railway,  Light  &  Power  Co.  Ret  &  Ext.  6s,  1957 Yes 

Birmingham  &  Southeastern  Ry.  1st  6s,  1961 Yes 

Birmingham  Terminal  Co.  1st  4s,  1957 Yes 

Birmingham-Tuscaloosa  Ry.  &  Utilities  Co.  1st  5s,  1938 Yes 

Birmingham  (Ala.)  Water  Works  Co.  40-yr.  5s,  1939 No 

Bishop-Babcock-Becker  Co.  Col.  6%  Notes,  1915 Yes 

Bismarck  Water  Supply  Co.  1st  5s No 

Bitter  Root  Valley  Irrigation  Co.  1st  6s,  1919 Yes 

Blackbird  Copper-Gold  Mining  Co.,  Ltd.,  6s No 

Blackfoot  Water  Works  Co.,  Ltd.,  Bonds Yes 

Black  Hawk  Coal  Co.  1st  Mtge.  Bonds Yes 

Black  Hills  Traction  Co.  1st  6s,  1917 Ye3 

Black"  Mountain  Coal  Land  Co.  1st  5s,  1935 Yes 

Black  River  Telephone  Co.  1st  5s,  1916 No 

Black  Warrior  Mills  Co.  1st  5s No 

Blackstone  Valley  Gas  &  Electric  Co.  1st  &  Gen.  5s,  1939 Yes 

Blackwell  Lumber  Co.  1st  6s,  1912-21 Yes 

Blackwood  Coal  &  Coke  Co.  1st  5s,  1931 Yes 

Blair  Silica  Brick  Co.  1st  5s Yes 

Blanchard  Lumber  &  Mill  Co.,  Inc.,  1st  6s,  1916 Yes 

Bleeker  St.  &  Fulton  Ferry  Ry.  1st  4s,  1950 No 

Bliss   (E.  W.)   Co.  1st  6s,  1932 Yes 

Bloomfleld  Street  Railway  Co.  1st  5s,  1923 Yes 

Blooming  Grove  Hunting  &  Fishing  Club  Bonds  Yes 

Blooming  Grove  Hunting  &  Fishing  Club  6%  Notes No 

Bloomington  Co.  Col.  4s Yes 

Bloomington,  Decatur  &  Champaign  R.  R.  1st  &  Ref.  5s,  1940 Les 

Bloomington  &  Normal  Ry.  Electric  &  Heating  Co.  1st  5s,  1927...  Yes 

Bloomington  &  Normal  Ry.  &  Light  Co.  1st  &  Gen.  5s,  1928 Yes 

Bloomsburg  &  Sullivan  Railroad  Co.  1st  5s,  1928 Yes 

Blue  Creek  Coal  &  Land  Co.  1st  5s,  1938 Yes 

Blue  Fog  Gold  Mining  Co.  Bonds,  1915 Yes 

Blue  Grass  Traction  Co.  1st  5s,  1934 No 

Blue  Hill  Street  Ry.  1st  5s,   1923 Yes 

Blue  Lakes  Water  Co.  1st  6s,  1938 No 

Blue  Mountain  Mining  Co.  6s Yes 

Blue  Ridge  Electric  Co.  1st  5s,  1940 Yes 

Bluff  Point  Land  &  Improvement  Co.  (The)  1st  4s,  1940 No 

Blunt  Realty  Co.  1st  6s,  1922 Yes 

Board  of  Trade  Building  Co.   Bonds No 

Board  of  Trade  of  the  City  of  Chicago  1st  &  Ref.  4s,  1927 Yes 

Boardman  Realty  Co.  1st  6s No 

Boca  &  Loyalton  R.  R.  Co.  1st  6s,  1923 Yes 

Boise  (Idaho)   Gas  Light  &  Coke  Co.  1st  5s,  1941 Yes 

Boise  &  Interurban  Ry.  Co.  1st  5s,  1936. Yes 

Boise-Payette  River  Electric  Co.  6s,  1921 No 

Boise  Railroad  Co.,  Ltd.,  1st,  1936 Yes 

Bolivia  Railway  Co.   (The)  1st  5s,  1927 Yes 

Bolivia  Ry.  Co.  2nd  Inc Yes 

Bon  Air  Coal,  Land  &  Lumber  Co.  1st  6s,  1928 No 

Bon  Air  Coal  &  Iron  Co.  Gen.  5s,  1934 No 

Bon  Air  Coal  &  Iron  Co.  30-yr.  5s,  1936 No 

Bond  County  Coal  Co.   1st  6s,   1924 Yes 

Bond  Lumber  Co.  Bonds   Yes 

Bonner  (C.  E.)  Manufacturing  Co.  1st  7s No 

Bonner  Portland  Cement  Co.  1st  7s,  Ser No 

Boomer  Coal  &  Coke  Co.  Equip.  Ob.  5s,  1913-17 Yes 

Boone  Gas  Co.  1st  5s,  1923 No 

Boonville  Railroad  Bridge  Co.  (The)  1st  4s,  1951 No 

17 


BOO-BRA 

Boonville,  St.  Louis  &  Southern  Ry.  Co.  1st  5s,  1951 Yes 

Booth  Fisheries  Co.  15-yr.  6s,  192G Yes 

Booth  Kelly  Lumber  Co.  Bonds Yes 

Booth  Manufacturing  Co.  1st  Conv.  4^s,  1931 No 

Border  City  Manufacturing  Co.  1st  5s,  1930 Yes 

Boston  &  Albany  R.  R.  Co.  Deb.  4s,  1933 No 

Boston  &  Albany  R.  R.  Co.  Deb.  4s,  1934 No 

Boston  &  Albany  R.  R.  Co.  Deb.  4s,  1935 No 

Boston  &  Albany  R.  R.  Co.  Deb.  4%s,  1937 No 

Boston  &  Albany  R.  R.  Co.  Imp.  5s,~  1938 No 

Boston  &  Albany  R.  R.  Co.  Deb.  3y2s,  1951 No 

Boston  &  Albany  R.  R.  Co.  Deb.  3y»s,  1952 No 

Boston  &  Albany  R.  R.  Co.  Ref.  5s,  1963 No 

Boston  Automatic  Fire  Alarm  Co.  6s,  1915 Yes 

Boston,  Cape  Cod  &  N.  Y.  Canal  Co.  1st  5s,  1960 Yes 

Boston  Club  of  New  Orleans  2nd  Mtge.  Bonds Yes 

Boston  Dwelling  House  Co.  1st  4s,  1933 Ye3 

Boston  Electric  Light  Co.  1st  5s,  1924 No 

Boston  Electric  Light  Co.  1st  Cons.  5s,  1924 No 

Boston  Elevated  Ry.  Co.  Deb.  4s,  1935 No 

Boston  Elevated  Ry.  Co.  Deb.  4y2s,  1937 No 

Boston  Elevated  Ry.  Co.  Deb.  4%s,  1941 No 

Boston  Elevated  Ry.  Co.  Deb.  5s,  1942 No 

Boston  Herald,  Inc.,  Ref.  5s,  1932 Yes 

Boston  Ice  Co.  5s,  1918 No 

Boston  Idaho  Mining  Co.  1st  6s Yes 

Boston  Lodge  of  Elks  Bonds Ye3 

Boston  &  Lowell  R.  R.  Corp.  Deb.  3^8,  4s  &  4V»s,  1913-33 No 

Boston  &  Maine  R.  R.  1-yr.  6%  Notes,  1915 No 

Boston  &  Maine  R.  R.  1-yr.  6%  Notes,  1916 No 

Boston  &  Maine  R.  R.  Plain  3s,  3y>s,  4s,  4%s,  1921-50 No 

Boston,  Milton  &  Brockton  St.  Ry.  Co.  1st  5s,  1919 No 

Boston  &  Northern  St.  Ry.  Co.  Ref.  4s,  1954 No 

Boston  &  N.  Y.  Air  Line  R.  R.  Co.  1st  4s,  1955 Ye* 

Boston  &  Providence  R.  R.  Corp.  30-yr.  4s,  1918 No 

Boston,  Revere  Beach  &  Lynn  R.  R.  1st  4%s,  1927 Yes 

Boston  &  Revere  Elect.  St.  Ry.  1st  5s,  1928 No 

Boston  Sand  &  Gravel  Co.  1st  6s,  1924 Yes 

Boston  Suburban  Electric  Co.  10-yr.  Notes,  1919 Yes 

Boston  Terminal  Co.  1st  3V2s,  1947 No 

Boston-Virginia  Transportation  Co.  1st  6s,  1922 Yes 

Boston  Wharf  Co.  1st  4s,  1941 Yes 

Boston  &  Worcester  St.  Ry.  1st  4y2s,  1923 Yes 

Boulder  Elect.  Lt.  &  Power  Co.  20-yr.  6s,  1922 Yes 

Boulevard  Apartments  1st  6s Yes 

Bower   (Henry)   Chem.  Mfg.  Co.  6s,  1936 Yes 

Bowie  Lumber  Co.,  Ltd.,  1st  6s,  1922 Yes 

Bowling  Green  Gas  Light  Co.   1st  6s,   1925 Yes 

Bowling  Green  Home  Telephone  Co.  1st  5s,  1923 No 

Boyer  Valley  Ry.  Co.  1st  3y2s,  1923 No 

Boyertown  &  Pottstown  St.  Ry.  1st  5s,  1936 Yes 

Bozeman  Realty  Co.  1st  6s No 

Braden  Copper  Mines  Co.  Conv.   Deb.  7s,  1915 Yes 

Braden  Copper  Mines  Co.  Conv.  7s,  1916 Yes 

Braden  Copper  Mines  Co.  1st  L.  6s,  1919 Yes 

Braintree  St.  Ry.  Co.  1st  6s,  1914 No 

Braintree  &  Weymouth  St.  Ry.  1st  5s,  1917 No 

Brandon  Gas  &  Power  Co.  1st  6s,  1929 Ye3 

Brandram-Henderson,  Ltd.,  1st  6s,  1936 No 

Branford  Electric  Co.  1st  5s,  1937 No 

18 


BRA-BRO 

Branford  Water  Co.  1st  4%s,  1943 No 

Brantford  Gas  Co.,  Ltd.,  1st  5s,  1929 Yes 

Brattleboro  Gas  Light  Co.  1st  5s,  1923 Yes 

Brazil  Land,  Cattle  &  Packing  Co.  1st  5s,  1949 No 

Brazil  Ry.  Co.  Conv.  Deb.  5s,  1922 No 

Brazil  Railway  Co.  Deb.  5s,  1957 No 

Brazil  Railway  Co.  1st  4%s,  1969 No 

Brazil  Ry.  Co.  4y2s,  1973   (Francs) No 

Breitmeyer  Building  Co.  Bends Yes 

Bremerton  &  Charleston  Lt.  &  Fuel  Co.  1st  6s,  1928 Yes 

Brenham  Gas  Co.   1st  5s Yes 

Brentwood-Pines  Hotel  &  Villa  Co.  1st  6s,  1922 Yes 

Brewers'  Malting  Co.  Cons.  6s,  1931 Yes 

Brewster  Telephone  Co.  1st  6s Yes 

Bridgeport  Brass  Co.  1st  4s,  1915 Yes 

Bridgeport  (The)    Gas  Light  Co.  1st  4s,  1952 Yes 

Bridgeport  Hydraulic  Co.  1st  5s,  1925 Yes 

Bridgeport  Traction  R.  R.  1st  5s,  1923 No 

Bridgeton  Electric  Co.  1st  5s,  1930 Yes 

Bridgeton  &  Millville  Tract.  Co.  1st  5s,  1930 Yes 

Bridgewater  Electric  Co.   1st  5s,   1920 No 

Bridgewater,  Whitman  &  Rockland  St.  Ry.  1st  5s,  1917 No 

Brinson  Railway  Equip.  6s,  Ser.  "A" Yes 

Brinson  Railway  Co.  Col.  Tr.  6%  Notes,  1915 No 

Brinson  Railway  Co.  1st  5s,   1935 i Yes 

Brinson  Railway  1st  &  Ref.  5s  &  6s,  1943 No 

Bristol  Gas  &  Elect.  Co.  1st  5s,  1939 Yes 

Bristol  &  Plainville  Tramway  Co.  1st  4%s,  1945 No 

Bristol  Telephone  Co.  1st  5s,  1930 No 

Briston,  Warren  Water  Works  Co.  1st  5s,  1926 Yes 

British  Columbia  Sulphite  Fibre  Co.  1st  6s No 

Britton  Pressed  Brick  Co.  1st  6s Yes 

Broad  Ripple  Natatorium  Co.  5s,  1931 Yes 

Broad  Ripple  Traction  Co.  1st  5s,  1933 No 

Broadway  Market  1st  6s,  1922 Yes 

Broadway  Market  Gen.   6s,   1929 Yes 

Broadway  &  Newport  Bridge  Co.  1st  5s,  1934 Ye? 

Broadway  Realty  Co.   1st  P.   M.   5s,  1926 Yes 

Broadway  &  Seventh  Ave.  R.  R.  1st  Cons.  5s,  1943 No 

Broadway  Storage  Co.  1st  5s No 

Broadway  Surface  R.  R.  Co.  1st  5s,  1924 No 

Brockport  Gas   Light  Co.   5s No 

Brockton,  Bridgewater  &  Taunton  St.  Ry.  1st  5s,  1917 No 

Brockton  &  E.  Bridgewater  St.  Ry.  1st  5s,  1918 No 

Brockton  Gas  Light  Co.  1st  5s,  1928 Yes 

Brockton  Ice  &  Coal  Co.  1st  6s Yes 

Brockton  &  Plymouth  St.  Ry.  Co.  1st  4%s,  1920 No 

Brockton  St.  Ry.  Co.  1st  5s,  1924 No 

Bronx  Gas  &  Electric  Co.  1st  &  Ref.  5s,  1960 Yes 

Bronx  Realty  Co.   6s No 

Brooklyn,  Bath  &  West  End  R.  R.  1st,   1917,   Ser.   "B" Yes 

Brooklyn,  Bath  &  West  End  R.  R.  Co.  Gen.  5s,  1933 Yes 

Brooklyn  Borough  Gas  Co.  1st  5s,  1938 No 

Brooklyn  Borough  Gas  Co.  Gen.  5s,  1945 Yes 

Brooklyn  City  &  Newtown  R.  R.  Co.  1st  Cons.  5s,  1939 No 

Brooklyn  City  R.  R.  Co.  1st  Cons.  5s,  1941 No 

Brooklyn  City  R.  R.  Co.  Ref.  4s,   1956 Yes 

Brooklyn  Daily   Times  1st   6s No 

Brooklyn  Heights  R.  R.  Co.  1st  5s,  1941 Yes 

Brooklyn  &  Manhattan  Ferry  Co.  1st  5s,  1932 Yes 

19 


BRO-BUF 

Brooklyn  Masonic  Guild  5s,  1933 Yes 

Brooklyn  &  Montauk  R.  R.  1st  5s,  1938 No 

B'klyn,  Queens  Co.  &  Suburban  R.  R.  1st  5s,  1941 No 

B'klyn,  Queens  Co.  &  Suburban  R.  R.  1st  Cons.  5s,  1941 No 

B'klyn  Rapid  Transit  Co.  5%    Notes,    1918 Yes 

B'klyn  Rapid  Transit  Co.  5s,  1945   No 

B'klyn  Rapid  Transit  Co.  1st  Ref.  4s,  2002 Ye3 

B'klyn  Union  Elevated  R.  R.  1st  5s,  1950 Yes 

Brooklyn  Union  Gas  Co.  1st  Cons.  5s,  1945 No 

Brooklyn  Woman's  Club  Bonds No 

Brooks-Scanlon  Co.  1st  &  Col.  6s,  1912-16 Yes 

Brown  Bros.  Land  &  Lumber  Co.  1st  6s,  1919 Yes 

Brown  Electric  Co.  7%  Bonds No 

Brown  (M.  B.)   Prtg.  &  Binding  Co.  Deb.  6s,  1921 Yes 

Browning  Manufacturing  Co.  1st  Cons.  6s Yes 

Brownsville  Ave.  St.  Ry.  Co.  1st  5s,  1926 Yes 

Brownsville  &  Matamoras  Bridge  Co.  1st  5s,  1930 Yes 

Brownsville  &  Matamoras  Bridge  Co.  Guar.   4s,   1931 Yes 

Brownsville  St.  &  Inter.  Ry.  Co.  1st  6s Yes 

Brunet  Falls  Manufacturing  Co.  1st  6s Yes 

Brunswick  Steamship  Co.  1st  5s,  1929 Yes 

Brunswick  Steamship  Co.  1st  5s,  1930 Yes 

Brunswick  Traction  Co.  1st  5s,  1926 No 

Brunswick  &  Western  R.  R.  Inc.  5s  . No 

Brunswick  &  Western  R.  R.  Co.  1st  4s,  1938  No 

Brush  Electric  Co.   1st  5s Yes 

Brush  Electric  Light  Co.  1st  5s,  1915 No 

Brush  Light  &  Power  Co.  Bonds Yes 

Bryn  Mawr  Water  Co.  1st  6s,  1919 Yes 

Buck  Ridge  Coal  Mining  Co.  1st  6s Yes 

Buck  Run  Coal  Co.  1st  6s Yes 

Bncyrus  Co.  3-Yr.  5%  Notes,  1916 Yes 

Buda  Foundry  &  Mfg.  Co.  1st  6s Yes 

Buell    (H.   S.)    Land  Co.   Bonds Yes 

Buffalo,  Bellevue  &  Lancaster  Ry.  Co.  5s,  1927 Yes 

Buffalo  Board  of  Trade  3rd  5s,  1918 Yes 

Buffalo  Board  of  Trade  2nd  5s,  1926 Yes 

Buffalo  Bolt  Co.  1st  6s,  1919 Yes 

Buffalo  Brewing   Co.   6s Yes 

Buffalo  Builders'  Supply  Co.  1st  6s,  1923 Yes 

Buffalo  City  Gas  Co.  1st  5s,  1947 Yes 

Buffalo  Copper  &  Brass  Rolling  Mill  Deb.  6s,  1924 Yes 

Buffalo  Creek  &  Gauley  R.  R.  Co.  Car  Tr.  Equip.  5s,  1912-21, 

Ser.  "A"..  Yes 

Buffalo  Creek  &  Gauley  R.  R.  Car  Tr.  6s,  1922,  Ser.  "B" Yes 

Buffalo  Creek  &  Gauley  R.  R.  Co.  Ser.  "C"    Yes 

Buffalo  Creek  R.  R.  Co.  1st  5s,  1941 Yes 

Buffalo  Creek  R.  R.  Cons.  5s,  1941 Yes 

Buffalo  Creek  R.  R.  Co.  1st  Ref.  5s,  1961 Yes 

Buffalo  Crushed  Stone  Co.  6s Yes 

Buffalo  Dry  Dock  Co.  5s,  1919 Yes 

Buffalo  Gas  Co.  1st  5s,  1947 Yes 

Buffalo  Gen.  Electric  Co.  1st  5s,  1939 No 

Buffalo  Gen.  Electric  Co.  1st  Ref.  5s,  1939 No 

Buffalo  Iron  Co.  1st  Bs,  1925 No 

Buffalo  &  Lackawanna  Tract  Co.  1st  5s,  1928 Yes 

Buffalo  &  L.  E.  Traction  Co.  1st  &  Ref.  5s,  1936 \ Yes 

Buffalo,  Lockport  &  Rochester  Ry.  Co.  1st  5s,  1954 Yes 

Buffalo  &  Lockport  Ry.  1st  5s,  1938 Yes 

Buffalo,  N.  Y.  &  Erie  R.  R.  Co.  1st  7s,  1916 No 

20 


BUF-BY-P 

Buffalo  &  Niagara  Falls  Elect.  Lt.  &  Pr.  Co.  1st  5s,  1942 Yea 

Buffalo  &  Niagara  Falls  Elect.  Ry.  2nd  5s,  1921 Yea 

Buffalo  &  Niagara  Falls  Elect.  Ry.  1st  5s,  1935 Yes 

Buffalo  Placer  Min.  &  Mill.  Co.   (The)  1st  7s No 

Buffalo  Ry.  Co.  1st  5s,  1931 Yes 

Buffalo,  Rochester  &  Pitts!  Ry.  Co.  Equip.  4%s  &  4s,  "C-G" Yea 

Buffalo,  Rochester  &  Pitts.  Ry.  Cons.  4V2s,  1957 Yes 

Buffalo,  Rochester  &  Pitts.  Ry.  Co.  Equip.  4%s,  "H" Yea 

Buffalo,  Rochester  &  Pitts.  Ry.  Co.  Gen.  5s,  1937 No 

Buffalo,  Rochester  &  Pitts.  Ry.  Co.  Equip.  4%8,  Ser.  A  &  B Yes 

Buffalo  Steamship  Co.  1st  5s Yes 

Buffalo  &  Susquehanna  Iron  Co.  Deb.   5s,   1926 Yes 

Buffalo  &  Susquehanna  Iron  Co.  1st  5s,  1932 Ye3 

Buffalo  &  Susquehanna  R.  R.  Co.  1st  Ref.  4s,  1951 Yes 

Buffalo  &  Susquehanna  Ry.  Co.  Equip.  Tr.  5s,  1912-17,  Ser.  A-B...  Yes 

Buffalo  &  Susquehanna  Ry.  Co.  Equip.  Tr.  5s,  Ser.  C-D Yes 

Buffalo  &  Susquehanna  Ry.  Co.  1st   4%s,   1953 Yea 

Buffalo  &  Susquehanna  S.  S.  Co.  1st  5s Yes 

Buffalo  &  Williamsville  Elect.  Ry.  Co.   5s,  1944 Yes 

Buffalo  Ry.  Co.  Col.  Deb.  6s,  1917 Yes 

Bullfrog-Goldfld.  R.  R.  Co.  1st  6s,  1922 Yes 

Bullock  Elect.  Mfg.  Co.  1st  6s,  1934 No 

Bull   (A.  H.)   S.  S.  Co.  1st    6s,    1919 Yes 

Bull   (A.  H.)   S.  S.  Co.  6s,  1920  Ye<? 

Bull   (A.  H.)   S.  S.  Co.  6s,   1922    No 

Bunker-Culler  Lumber  Co.  1st  6s Ye3 

Burbank  Co.  Bonds Yes 

Burbank  Press  (Luther)  Conv.  7s Yes 

Bureau  of  National  Literature  1st  5s Yes 

Burlington,  Cedar  Rapids  &  No.  Ry.  Co.  1st  5s,  1934 No 

Burlington  Gas  Light  Co.  (Iowa)  1st  5s,  1924 Yes 

Burlington  Gas  Light  Co.   (N.  J.)   1st  5s,  1921 No 

Burlington  Gas  Light  Co.   (Vt.)   1st  5s,  1955 Yes 

Burlington  &  Mo.  Riv.  R.  R.  Co.  Cons.  6s,  1918 No 

Burlington  Ry.  &  Light  Co.  1st  5s,  1932 Yes 

Burlington  Sewerage  Co.   1st  5s,  1921 Yes 

Burlington  Traction  Co.  30-yr.  5s,  1942 Yes 

Burns  (P.)   &  Co.,  Ltd.,  1st  6s,  1924 No 

Burns   (P.)  &  Co.,  Ltd.,  1st  &  Ref.  6s,   1931 No 

Burrows  Co.  (C.  E.)  1st  6s Yes 

Bush  Terminal  Bldg.  Co.  1st  5s,  1960 Yes 

Bush  Terminal  Co.  1st  4s,   1952 No 

Bush  Terminal  Co.  Cons.   5s,   1955 No 

Business  Real  Estate  Trust  of  Boston  1st  4s,  1921 Yes 

Butchers  Slaughtering  &  Melting  Assn.  5s,  1923 No 

Butler  Bros.  5%  Notes  Yes 

Butler  "Passenger  Ry.  1st  5s,  1936 Yea 

Butler  Water  Co.  S.  F.  5s,  1931 No 

Butler  Water  Co.  5s,   1948    Yes 

Butte  County  Canal  Co.    Bonds Yes 

Butte  Elect.  &  Power  Co.  1st  5s,  1914-51 Yes 

Butte  Electric  Ry.  1st  5s,  1925 Yes 

Butte  &  Superior  Copper  Co.  Conv.  6s,  1920 Yes 

Butte  Valley  Land  Co.  Bonds Yes 

Butte  Water  Co.  1st  5s,  1921 No 

Butterfield  Lumber  Co.  1st  6s,  1910-19 Yes 

By-Products  Coke  Corp.  1st  6s,  1912-32 Tes 


21 


CAD-CAL 


JTIiim    space   for   your   personal    memoranda] 


c 

Cadillac  Gas  Light  Co.  1st  5s,  1925 Yes 

Cadillac  Steamship  Co.   Bonds Yes 

Cadillac  Water  &  Light  Co.  1st  5s,  1925 Yes 

Cahaba  Coal  Mining  Co.  1st  6s,  1922 No 

Cairo  City  Gas  Co.   1st  5s,  1923 No 

Cairo  Electric  Light  &  Power  Company  1st  6s Yes 

Cairo  Electric  &  Traction  Co.  1st  5s,  1923 No 

Cairo  Railroad   1st  6s,   1925 No 

Cairo.  Railway  &  Light  Co.  Coll.  Tr.  S.  F.  5s,  1938 No 

Cairo  &  Thebes  R.  R.  1st  4s,  1961 Yes 

Cairo,  Vincennes  &  Chicago  Ry.  Co.  Gen.  4s,  1939 Yes 

Cairo  Water  Company  Gen.  Imp.  6s,  1916 Yes 

Cairo  Water  Company  (Cairo,  111.)   1st  6s,  1917 Yes 

Calais  Street  Ry.  1st  5s,  1930 No 

Calamba  Sugar  Estate  Bonds No 

Calcite  Transportation  Company  Bonds Yes 

Caldwell  Coal  Co.  Ref .  6s,  1920 No 

Calgary  Power  Co.,  Ltd.,  1st  5s,  1940 No 

California  Central  Gas  &  Electric  Co.  1st  S.  F.  5s,  1931 No 

California  Central  Railroad  Company  1st  6s,  1952 Yes 

California  Delta  Farms,  Inc.,  1st  6s,  1932 Yes 

California  Electric  Generating  Co.  1st  S.  F.  5s,  Ser.  "A",  1948 Yes 

California  Gas  &  Electric  Corporation  Gen.  &  Coll.  Tr.  5s,  1933...  Yes 

22 


CAL-CAN 

California  Gas  &  Electric  Corporation  Uni.  &  Ref .  5s,  1937 Yes 

California-Idaho  Company  1st  &  Coll.  S.  F.  5s,  1914-25 Yes 

California  Midland  Railroad  Company   1st  5s,   1947 Yes 

California  Northwestern  Ry.   Co.    1st   5s,   1928 No 

California-Oregon  Power  Co.  1st  &  Ref.  5s,  1952 Yea 

California  &  Oregon  R.  R.  Co.  1st  A  5s No 

California  &  Oregon  R.  R.  Co.  1st  B  5s No 

California  Pacific  Railway  Company  1st  Guar.  5s,  1941 No 

California  Paper  &  Board  Mills  6s Yes 

California  Street  Cable  R.  R.  1st  5s,   1915 No 

California  Tel.  &  Light  Co.  1st  6s,  1943 Yes 

California  Timber  Company  Coll.  6s . Yes 

California- Western  R.  R.  &  Nav.  Co.   1st  6s,  1915 Yes 

California  Wine  Association  1st  6%  Conv.  Debs.,  1925 Yes 

California  Wine  Association  1st  Lien  Conv.  5s,  1925 Yes 

Calumet  Baking  Powder  Co.  Building  6s No 

Calumet  Brewing  Co.  Bonds Yes 

Calumet  Gas  Company  1st  5s Yes 

Calumet  Gas  Company  1st  6s,  1917 Yes 

Calumet  &  Hecla  Mining  Co.  4%  Notes,  1919 No 

Calumet  Knights  of  Columbus  Building  Association  5%s Yes 

Calumet  &  South  Chicago  Ry.  1st  Rehab.  5s,  1927 Yes 

Calumet  Transportation   Co.   Bonds Yes 

Calvert  Building  &  Construction  Co.  1st  5s,  1935 Yes 

Cambria  &  Clearfield  R.  R.  Co.  1st  5s,  1941 Yes 

Cambria  &  Clearfield  Ry.  Co.  Gen.   4s,  1955 Ye3 

Cambria  Coal  Mining  Co.  6%  Car  Tr Yes 

Cambria  Fuel  Co.  1st  P.  M.  6s,  1925 Yes 

Cambria  &  Indiana  R.  R.  Co.  Ser.  "A"  to  "E,"  1921-28 Yes 

Cambria  &  Indiana  R.  R.  Co.  1st  5s   Yes 

Cambridge  &  Muskingum  Valley  Coal  Co.  1st  5s,   1915 Yes 

Cambridge  &  Muskingum  Valley  Coal  Co.  1st  Cons.  5s,  1916 Yes 

Cambridge  Power,  Light  &  Traction  Co.  1st  5s,  1924 No 

Camden  &  Burlington  County  R.  R.  1st  4s,  1927 Yes 

Camden  Inter-State  Ry.  Co.  1st   5s,  1921 Yes 

Camden  Inter-State  Ry.  Co. — Kenova  Power  House  5s,  1929 Yes 

Camden  Land  &  Improvement  Co.  Ref.  6s No 

Camden  &  Suburban  Ry.  1st  5s,  1946 Yes 

Cameron  Lumber  Co.,  Ltd.,  1st  6s,  1916-22 Yes 

Campbell  Coal  Mining  Company  1st  6s,  1930 No 

Campbell   (Wm.)  Wall  Paper  Company  1st  6s Yes 

Canada,  Atlantic  &  Plant  Steamship  Co.  1st  5s,  1923 No 

Canada  Atlantic  Railway  1st  4s,  1955 No 

Canada  Cement  Company  1st  6s,  1929 No 

Canada  Foundries  &  Forgings,  Ltd.,  1st  6s No 

Canada  Southern  Railway  Company  Cons.  5s,  Ser.  "A,"  1962 No 

Canada  West  Coal  Co.,  Ltd.,  1st  &  Ref.  6s Yes 

Canadian  Car  &  Foundry  Co.  1st  6s,  1939 No 

Canadian  Coal  &  Coke  Co.,  Ltd.,  6%  Coll.  Tr.  Notes No 

Canadian  Consolidated  Rubber  Co.,  Ltd.,  6s,  1946 No 

Canadian  Converters  Co.,  Ltd.,  6s,  1926 No 

Canadian  Cottons,  Ltd.,  1st  5s,  1940 No 

Canadian  Furnace  Co.,  Ltd.,   1st  6s,  1924 Yes 

Canadian  Locomotive  Co.,  Ltd.,  1st  6s,  1951 No 

Canadian  Niagara  Power  Co.  Deb.  6s,  "A"  &  "B,"  1932 Ye3 

Canadian  Niagara  Power  Co.  Deb.  6s,  "C,"  1932 Yes 

Canadian  Northern  Alberta  Ry.  1st  3%s,  1960 No 

Canadian  Northern  Ontario  Ry.  3^s,  Guar.  Deb.,  1936 No 

Canadian  Northern  Ontario  Ry.  4%  Perp.  Cons.  Deb No 

Canadian  Northern  Quebec  Ry.  4%  Perp.  Guar.  Deb No 

23 


CAN-CAP 

Canadian  Northern  Ry.  Co.  Imp.    Rolling    Stock    Co.,    Ltd.,    Equ. 

4y8s,  "Al"  &  "Bl,"  1920-1 Yes 

Canadian  Northern  Ry.  Co.  Equi.  4y>s  "CI,"  1922 Yes 

Canadian  Northern  Ry.  Co.  Equ.  Tr."  "Dl"  4%8 Ye3 

Canadian  Northern  Ry.  Co.— Imperial  Rolling"  Stock  Co.,  Ltd.,  1st 

Equi.  VAs,  "El,"  1922 Yes 

Canadian  Northern  Ry.  Co.  Equ.  Tr.  iy2s,  "Fl,"  1923 Yes 

Canadian  Northern  Ry.  Co.  Equ.  41/2s,   Gl Yes 

Canadian  Northern  Railway  Company  Equ.  Tr.  HI.  5s Yes 

Canadian  Northern  Ry.  Co.— Imp.  Rolling  St.  Co.  Ltd.,  Equ.  4V2s, 

&  5s,  Ser.  "G"  &  "K,"  1914-5 Yes 

Canadian  Northern  Ry.  Co.— Imp.  Rolling  St.  Co.,  Ltd.,  Equ.  41/i>s, 

Ser.   "L"  &  "M,"   191G Yes 

Canadian  Northern  Ry.  Co.— Imp.  Rolling  St.  Co.,  Ltd.,  Equ.  4M>s, 

Ser.  "N"  &  "O,"  1917 Yes 

Canadian  Northern  Ry.  Co.— Imp.  Rolling  St.  Co.,  Ltd.,  Equ.  4V2s, 

Ser.    "P"  &   "R,"    1917-8.-, Yes 

Canadian  Northern  Ry.  Co. — Imp.  Rolling  St.  Co.,  Ltd.,  Equ.  4i/,s, 

"S"  &  "T,"  1919 Yes 

Canadian  Northern  Ry.  Co.— Imp.  Rolling  St.  Co.  Ltd.,  Equ.  4MjS, 

"U"  &  "V,"  1919,  1920 Yes 

Canadian  Northern  Ry.  Co.  1st  Land  Grant  4s,  1919 No 

Canadian  Northern  Ry.  Co.  6%  Notes,  1914 Yes 

Canadian  Northern  Ry.  Co. — Sifton  Branch  4s,  1929 No 

Canadian  Northern  Ry.  Co. — Ontario  Div.  4s,  1930 No 

Canadian  Northern  Ry.  Co. — Gilbert  Plains  Branch  4s,  1930 No 

Canadian  Northern  Ry.  Co.  Perp.  Cons.  4%  Deb No 

Canadian  Northern  Ry.  Co.  Inc.  Conv.  Deb.  5s,  1930 No 

Canadian  Northern  Ry.  Co.  1st  Cons.  Deb.  4s,  1930 No 

Canadian  Northern  Ry.  Co.  1st  Deb.  3s,  1953 No 

Canadian  Pacific  Ry.  Co.  1st  5s,  1915 No 

Canadian  Pacific  Ry.  Co. — Algoma  Branch  1st  5s,  1937 No 

Canadian  Puget  Sound  Lumber  Company  1st  &  Ref.  S.  F.  6s,  1921.  Yes 

Canadian  Puget  Sound  Lumber  Company  1st  6s   (new),  1921 Yes 

Canadian  Puget  Sound  Saw  Mills  Company  1st  Conv.  6s Yes 

Canadian  Steel  Foundries,  Ltd.,  1st  &  Coll.  Tr.  6s,  1936 No 

Canadian  Venezuelan  Ore  Co.,  Ltd.,  1st  6s,  1927 No 

Canal  &  Claiborne  R.  R.  Co.  Cons.  6s,  1916 No 

Canal  Timber  Company  Bonds Ye? 

Canandaigua  Electric  Light  &  Power  Co.  1st  3%s,  1927 No 

Canandaigua  Electric  Light  &  Railroad  Company  1st  6s,  1927 No 

Caney  River  Gas  Company  1st  6s Ye3 

Cannelton  Coal  &  Coke  Co.  1st  5s No 

Canoe  Ridge  3^s,  1951 '. .  Yes 

Canon  City  &  Cripple  Creek  R.  R.  1st  6s,  1934 Yes 

Canton-Akron  Consolidated  Ry.  Co.  Cons.  Gen.  5s,  1933 Yes 

Canton-Akron  Railway  Company  1st  5s Yes 

Canton  Distilleries  Co.  6s,  1916 Yes 

Canton  Electric  Company  1st  &  Ref.  5s,  1937 Yes 

Canton  Gas  &  Electric  Co.  1st  6s No 

Canton   (Ohio)  Gas  Light  &  Coke  Co.  1st  6s,  1917 Ye3 

Canton  Massillon  Electric  Ry.  Co.  Cons.  5s Yes 

Canton  &  Massillon  Ry.  Co.  1st  5s,  1920 Yes 

Canton-New  Philadelphia  Ry.  Co.  1st  5s,  1923 Yes 

Caochella  Valley  Ice  &  Electric  Co.  1st  6s,  1957 No 

Capac  Paper  Co.  1st  Lien  5s,  1919 Yea 

Cape  Breton  Coal,  Iron  &  Ry.  Co.,  Ltd.,  1st  6s,  1932 . . . .' No 

Cape  Breton  Coal,  Iron  &  Ry.  Co.,  Ltd.,  Inc.  5s  No 

Cape  Breton  Electric  Co.,  Ltd.,  1st  5s,  1932 No 

Cape  Cod  Company  6s,  1930. .    Yea 

24 


CAP-CAS 

Cape  Cod  Consolidated  Cranberry  Co.  Bonds No 

Cape  Girardeau  Northern  By.  1st  5s,  1928 No 

Cape  Girardeau  Water  Works,  Electric  Light  &  Gas  Co.  1st  5s No 

Cape  May  Illuminating  Co.  1st  &  Coll.  5s,  1936 Yea 

Capital  City  Brewing  Co.  1st  6s,  1916 No 

Capital  City  Water  Co.    (Jefferson  City,  Mo.)    5s Yes 

Capital  Gas  &  Electric  Co.  1st  6s,   1950 Yes 

Capital  Traction  Company  1st  5s,  1947 Yes 

Capitol  Park  Hotel  Company  1st  5s,  1924 No 

Carbon  Coal  &  Clay  Company  1st  6s Yes 

Carbon  Coal  &  Coke  Company  5s,  1955 Yea 

Carbon  Dioxide  &  Megnesia  Company  Bonds,  1918 Yes 

Carbon  Steel  Company  1st  6s,  1917 No 

Carbon  Steel  Company  2nd  6s,  1917 No 

Carbon  Steel  Company  6%  Coll.  Notes,  1915 Yes 

Carbon  Transit  Company  1st   5s,   1938 Yes 

Carbon  Transit  Company  2nd  5s,  1940 Yes 

Carbondale  Gas  Company  5s,  1925 Yes 

Carbondale  Railway  Company  Gen.  5s,  1933 Yes 

Carbondale  &  Shawneetown  R.  R.  1st  4s,  1932 No 

Carbondale  Traction  Company  1st  6s,  1922 No 

Cardiff  Coal  Company  1st  6s Yes 

Carleton  Bldg.  Co.  1st  Cons.  5s,  1935 Yes 

Carlton  &  Coast  R.  R.  Co.  1st  5s Yes 

Carlton  Consolidated  Lumber  Co.  1st  6s,  1921 Yes 

Carnegie  Company  Coll.  Tr.  5s,  2000 Yes 

Caro  Water  Works  Company  1st  6s No 

Carolina  Central  Railroad  Company  1st  Cons.  4s,  1949 No 

Carolina,  Clinchfield  &  Ohio  Ry.  Co.  Equ.  Notes,  Ser.  "A"  5s,  1918..  Yes 

Carolina,  Clinchfield  &  Ohio  Ry.  Co.  Equ.  Ser.  "B"  5s,  1920 Yes 

Carolina,  Clinchfield  &  Ohio  Railway  Company  Equ.  Ser.  "C,"  1922   Fes 
Carolina,  Clinchfield  &  Ohio  Railway  Company  Equ.  5s,  "D,"  1920  Yes 

Carolina,  Clinchfield  &  Ohio  Railway  Company  Equ.  5s,  "E" Yes 

Carolina,  Clinchfield  &  Ohio  Railway  Company  5%  Notes,  1919...  Yes 

Carolina,  Clinchfield  &  Ohio  Ry.  Co.— Elkhorn  Ext.  5%  Notes Yes 

Carolina,  Clinchfield  &  Ohio  Railway  Company  1st  5s,  1938 Yes 

Carolina  Power  &  Light  Company  5%   Notes,  1918 Yes 

Carolina  Power  &  Light  Company  1st  5s,  1938 Yes 

Carolina  Public  Service  Company  1st  6s,  1933 Yes 

Carolina  Terminal  Company  1st  5s,  1937   (Charleston,  S.  C.) Yes 

Carroll  County  Independent  Telephone  Co.  1st  6s No 

Carolina  &  Yadkin  River  Railway  1st  5s Yes 

Carpenter-O'Brien   Company   1st   <Ss,    1924 Yes 

Carpenter  Steel  Company  1st  5s,  1924 Yes 

Carroll  Club  Bonds No 

Carroll  Realty  Company  1st  6s Yes 

Carrollton  Land  &  Improvement  Company  1st  6s Yes 

Carrollton  &  Worthville  Railroad  Company  1st  5s,  1930 Yes 

Carter  Coal  &  Iron  Company  S.  F.   5s,  1938 Yes 

Carthage  &  Adirondack  Railway  Company  1st  4s,  1981 Yes 

Carthage  Gas  Company  1st  6s,   1926 No 

Carthage  Gas  Company   1st  &  Ref.   6s,   1940 Yes 

Carthage,  Watertown  &  Sacket's  Harbor  R.  R.  Co.  Cons,   (now  1st) 

5s,  1931..  Yes 

Catherine  &  Bainbridge  St.  of  the  City  of  Philadelphia  1st  5s,  1920 Yes 

Catherine  Lead  Co.  Bonds No 

Cartier   (A.  E.)   Sons  Company  Bonds Yes 

Cascade  Lumber  Company  1st  6s,  1921 Yes 

Case   (J.  I.)   Threshing  Machine  Company  1st  6s,  1926 No 

Cass  Ave.  &  Fair  Grounds  Railway  1st  Ext.  4M»s,  1922 Yes 

25 


CAS-CEN 

Castalia  Portland  Cement  Company  Bonds No 

Castle  Valley  Coal  Company  1st  &  Ref.  6s,  1927 Yes 

Cataract  Power  &  Conduit  Company  1st  5s,   1927 Yes 

Catasauqua  &  Fogelsville  Railroad  Company  1st  4s,  1928 Yes 

Catawba  Power  Company  1st  6s,   1933 Yes 

Catawissa  Railroad  Company  1st  Cons.  4s,  1948 Yes 

Catlettsburg,  Kenova  &  Ceredo  Water  Company  1st  6s,  1933 Yes 

Catlettsburg,  Kenova  &  Ceredo  Water  Company  2nd  6s Yes 

Catskill  Illuminating  &  Power  Company  5s    No 

Catskill  Illuminating  &  Power  Company  Deb.   6s,  1918 No 

Catskill  Mountain  Railway  1st  5s,  1915 No 

Catskill  Mountain  Railway  1st  Inc.  6s,  1915 No 

Catskill  Mountain  Railway  2nd   Inc.  6s,   1915 No 

Catskill  &  New  York  Steamboat  Company  1st  6s,  1930 Yea 

Cayadutta  Electric  Railroad  Company  1st  6s,  1922 No 

Cayuga  Lake  Electric  Railway  1st  6s,  1922 Yes 

Cecil   Construction   Company   1st   5s,   1922 Yes 

Cedar  Rapids  &  Iowa  City  Railway  &  Street  Company  1st  5s,  1923 .  Yes 
Cedar  Rapids,  Iowa  Falls  &  Northwestern  Railway  Co.  1st  5s,  1921  No 

Cedar  Rapids  Manufacturing  &  Power  Company  1st  5s,  1953 No 

Cedar  Rapids  &  Marion  City  Railway  Company  1st  5s,  1931 No 

Cedar  Rapids  &  Missouri  River  Railroad  Co.  3rd  Div.  1st  7s,  1916.  No 

Cedar  Rapids  Water  Company  1st  5V3s,  1918 Yes 

Cedar  Rapids  Water  Company  1st  5s   Tfm 

Cedartown  Cotton  &  Export  Company  1st  Cons.  6s Yes 

Cedartown  Knitting  Company  Bonds No 

Cement  Securities  Co.  Col.  Tr.  6s,  1913 Yes 

Central  Arkansas  &  Eastern  Railroad  Company  1st  5s,  1940 Yes 

Central  Arkansas  Railway  &  Light  Corporation  1st  Lien  5s,  1928. .  Yes 

Central  Branch  Railway  Company  1st  4s,  1919 Yes 

Central  Branch  Union  Pacific  Railway  Company  1st  4s,  1948 Yes 

Central  Brewing  Company  1st  6s,  1917 Ye3 

Central  California  Electric  Company   1st   5s,   1933 Yes 

Central  California  Gas  Company  1st  6s,  1932 Yes 

Central  California  Traction  Company  1st  5s,  1936 Yes 

Central  Coal  &  Coke  Company  Gen.  Cons.  6s,  1918 Yes 

Central  Consumers  Company   Bonds Yes 

Central  Crosstown  Railroad  Company  1st  6s,  1922 Yes 

Central  District  Telephone  Company  1st  5s,  1943 Yes 

Central  Electric  Company  5s,   1940    Yea 

Central  Electric  Company  (Sacramento)    1st  6s,  1942 No 

Central  Electric  Railway  Company  1st  5s,  1914 Yes 

Central  Electric  Railway  Company  1st  6s,  1921 No 

Central  Electric  Railway  Company   (Kansas  City)  Imp.  6s Yes 

Central  Fire-Proof  Building  Company  1st  5%s,  1941 Ye3 

Central  Foundry  Company  1st  S.  F.  6s,  1931 Yes 

Central  Fuel  Oil  Company  1st  Conv.  6s,  1920 Yes 

Central  Georgia   Power   Company    1st   5s,    1939 Yes 

Central  of  Georgia  Ry.  Co.  Ser.  "H"  Equ.  4^s,  1916 Yes 

Central  of  Georgia  Ry.  Co.  Ser.  "I"   Equ.   4M>s,   1916 Yes 

Central  of  Georgia  Ry.  Co.  Ser.  "K"  Equ.  5s,  1917 Yes 

Central  of  Georgia  Ry.  Co.  1st  5s,  1945 Yes 

Central  of  Georgia  Ry.  Co.  Cons.   5s,   1945 Yes 

Central  of  Georgia  Ry.  Co.  Gen.  &  Ref.,  1962 No 

Central  of  Georgia  Ry.  Co.  Non-Cum.  Inc.  1st  Pref.  Inc.  5s,  1945.  No 

Central  of  Georgia  Ry.  Co.  Non-Cum.    Inc.   5s,   2nd    Pref No 

Central  of  Georgia  Ry.  Co.  Non-Cum.  3rd  Pref.  Tnc.  9s,  1945 No 

Central  of  Georgia  Ry.  Co. — Chattanooga  Div.  5s,  1951 Yes 

Central  of  Georgia  Ry.  Co. — Greenville  &  Newnan  Div.  1st  4s,  1925  Yes 
Ceptral  of  Georgia  Ry.  Co.— Macon  &  North  Div.  1st  5s,  1946 Yes 

20 


CEN-CEN 

Central  of  Georgia  Ry.  Co.— Mobile  Div.   1st  5s,  1946 Yes 

Central  of  Georgia  Ry.  Co.— Middle  Georgia  &  Atl.  Div.  5s,  1947..  Yes 

Central  of  Georgia  Ry.  Co.— Oconee  Div.  1st  5s,  1945 Yes 

Central  of  Georgia  Ry.  Co.— Upper  Cahaba  Branch  1st  4s,  1925...  Yes 

Central  Grain  Elevator  Company  1st  5s  (1905) Yes 

Central  Grain  Elevator  Company  1st  5s  (1906) Yes 

Central  Grain  Elevator  Company  2nd  5s  (1905) Yes 

Central  Grain  Elevator  Company  2nd  5s  (1906) Yes 

Central  Home  Telephone  &  Telegraph  Company  1st  6s Yes 

Central  Hudson  Gas  &  Electric  Company  1st  &  Ref.  5s,  1941 Yes 

Central  Hudson  Steamboat  Co.  1st  5s,  1919 No 

Central  Hudson  Steamboat  Co.  Ref.  5s Yes 

Central  Ice   Company   1st   6s Yes 

Central  Illinois  Public  Service  Company  6%  Coll.   Tr.   Notes Yes 

Central  Illinois  Public  Service  Company  6%  Deb Yes 

Central  Illinois  Public  Service  Company  1st  &  Ref.  5s,  1952 Yes 

Central  Illinois  Traction  Company  1st  5s Yes 

Central  Illinois  Utilities  Co.  5-Yr.  Deb.  6s No 

Central  Illinois  Utilities  Company   1st   6s,   1916-32 Yes 

Central  Indiana  Gas  Co.  1st  5s,  1931. Yes 

Central  Indiana  Lighting  Company  1st  Ref.  5s,   1927 Yes 

Central  Indiana  Railway   Company   1st   4s,   1953 Yes 

Central  Iowa  Companies   8%   Coll.   Tr.   Notes,   1915 No 

Central  Iowa  Light  &  Power  Company  1st  6s,  1938 No 

Central  Iron  &  Coal  Company  1st  S.  F.   6s,  1938 Yes 

Central  Iron  &  Steel  Company  5s   Yes 

Central  Kentucky  Natural  Gas  Company  1st  6s,  1915 Yes 

Central  Leather  Company  1st  5s,   1925 tf es 

Central  Lighting  Company  Coll.  Bonds,  1922 No 

Central  Maine  Power  Company  1st  5s,  1939 Yes 

Central  Market  Street  Railway  Company  1st  5s,  1922 No 

Central  Massachusetts  Electric  Company  1st  6s,  1924 No 

Central  Mexico  Light  &  Power  Company  1st  6s,  1940 Yes 

Central  New  England  Railway  Company  Gen.  5s,  1949 No 

Central  New  England  Railroad  1st  4s,   1961 Yes 

Central  New  York  Gas  &  Electric  Company  1st  5s,   1941 Yes 

Central  New  York  Gas  &  Electric  Company  Notes    No 

Central  New  York  Southern  Railroad  Corporation  Bonds No 

Central  Oakland  Light  &  Power  Company  1st  5s,  1939 No 

Central  Ohio  Land   Company   Bonds Yes 

Central  Ohio  Railroad  Company  Cons.  1st  4^s,  1930 No 

Central  Pacific  Railroad  Company  6s,  1936  No 

Central  Pacific  Railroad  Company  6s,  1939  No 

Central  Pacific  Railway  Company  3%s,  1929    Yes 

Central  Pacific  Railway  Company  1st  Ref.  4s,  1949 Yes 

Central  Pacific  Railway  Company. — Thru  Short  Line  1st  4s,  1954 . .  Yes 

Central  Passenger  Railway  Company  1st  6s,  1924 No 

Central  Petroleum  Company  1st  Coll.  Tr.  6s Yes 

Central  Properties  Company  1st  6s No 

Central  Railroad  &  Banking  Co..  of  Georgia  Coll.  Tr.  5s,  1937 No 

Central  Railroad  Company  of  New  Jersey  Gen..  5s,  1987 Yes 

Central  Railroad  Company  (of  Pennsylvania)   Ext.  3s,  1923 Yes 

Central  Railroad  of  Haiti  1st  Coll.   6s,   1919 Yes 

Central  Railroad  of  Haiti  2nd  Coll.   6s,  1919 Yes 

Central  Railroad  of  South  Carolina  1st  6s,  1921 Yes 

Central  Railway     Company  Cons.  5s,  1932 Yes 

Central  Railway  Company  Ext.  &  Imp.  5s,  1932 Yes 

Central  Railway  of  Peoria  1st  5s,   1915 Yes 

Central  States  Electric  Corporation  5%  Notes,  1922 No 

Central  Theatres  Leasing  &  Construction  Company  1st  6s Yes 

27 


CEN-CHA 

Central  Traction  Company  1st  5s,  1929 No 

Central  Traction  Company   (Ohio)    Cons.  5s,   1923 No 

Central  Transfer  Railway  &  Storage  Company  Bonds No 

Central  Union  Depot  &  Railway  Company  1st  4^s No 

Central  Union  Gas  Company  1st  5s,  1927 Yes 

Central  Vermont  Railway  Company  Equ.   Ser.  "A"  iy2a Yes 

Central  Vermont  Railway  Company  "Ser.  "B"  4%%  Notes,  191G..  Yes 
Central  Vermont  Railway  Company  Ser.  "C"  4V2%  Notes,   1917..  Yes 

Central  Vermont  Railway  Company  Equ.   Ser.   "D"  5s,   1922 Yea 

Central  Vermont  Railway  Company  1st  4s,   1920 No 

Central  Vermont  Transportation  Company  Ser.  "A"  5s Yea 

Central  Vermont  Transportation  Company  "B"  Steamship  5s,  1922  Yes 
Central  West  Virginia  &  Southern  Railroad  Company  1st  5s,  1933.  Yea 

Centre   &  Clearfield  Railway   1st  5s,   1943 ... , Ye3 

Century  Building  Company    1st   6s,   1916 No 

Century  Coke  Company  1st  6s,  1924 Yes 

Century  Inv.  &  Building  Company  1st  6s Yes 

Century  Telephone  Construction  Company  5s Yes 

Chadwick-Boston  Lead  Company  5s,  1921 Yes 

Chamber  of  Commerce  Construction  Company  1st  6s,  1928 Yes 

Chambersburg  Engineering  Company   1st  5s,   1926 Yes 

Chambersburg  &  Gettysburg  Electric  Railway  1st  5s,  1933 Yes 

Chambersburg,  Greencastle  &  Waynesboro  St.  Ry.  1st  5s,  1933 Yes 

Chambersburg,  Greencastle  &  Waynesboro  St.  Ry.  2nd  5s,  1937...  Yes 
Chambersburg,  Greencastle  &  Waynesboro  St.  Ry.  Ref.    5s,   1940..  Yes 

Champaign  &  Urbana  Water  Company  1st  5s,  1932 Yes 

Champion  International  Company  2nd   6s,    1920 Yes 

Champion  International  Company  1st  6s,   1922 Yes 

Champion  Lumber  Company  6%  Notes,  1915-17 Yes 

Champion  Lumber  Company  1st   6s,   1928 Yes 

Champont  Realty  Company  1st  6s Yes 

Chapin  &  Company  1st  6s,   1917 Yes 

Chapin-Sacks  Manufacturing  Company  1st  6s,  1928 Ye3 

Chapman  (Robert)  Company  Deb.  6s,  1923 Yes 

Chappie  Publishing  Company  Bonds Yes 

Charleroi  &  West  Side  Street  Railway  Company  5s,  1919 Yes 

Charles  City  Lighting  &  Heating  Company  1st  5s,   1922 No 

Charles  City  Water   Power  Company   1st  6s Yes 

Charleston  City  Railway  Company  1st  5s,  1923 Yes 

Charleston  Cons.  Railway,  Gas  &  Electric  Company  Cons.  5s,  1999.  Yes 

Charleston  Gas  &  Electric  Company  5s Yes 

Charleston  Illuminating  Company  Ref.  &  Imp.  4^s,  1935 Yea 

Charleston  Light,  Heat  &  Power  Co.  Cons.  1st  6s No 

Charleston  (S.  C.)  Light  &  Water  Company  1st  5s,  1927 Yes 

Charleston  Natural  Gas  Company  (W.  Va.)  6s,  1914 No 

Charleston  &  Savannah  Railway  Company  1st  7s,  1936 No 

Charleston  &  Southside  Bridge  Company  1st  5s,   1940 Yes 

Charleston  Terminal   Company   1st   4s,   1953 Yes 

Charleston  Union  Station  Company  1st  4s,  1937 Yes 

Charleston  &  Western  Carolina  Railway  Company  Inc.  5s,  1946. . .  No 
Charleston  &  Western  Carolina  Railway  Company  1st  5s,  1946...  Yes 
Charleston  &  Western  Carolina  Railway  1st  Cons.  2s  to  5s,  1964..  No 
Charlotte  Electric  Railway,  Light  &  Power  Company  1st  5s,  1929..  No 

Chartiers  Railway  Company  1st  3%s,  1931 Yes 

Chateaugay  Ore  &  Iron  Company  1st  4s,  1942 Yes 

Chatham  &  Lebanon  Valley  1st  4s,   1951 Ye* 

Chatham,  Wallaceburg  &  Lake  Erie  Railway  1st  5s,  1925 No 

Chattahoochee  &  Gulf  Railroad  Company  1st  5s,  1930 Yea 

Chattahoochee  Valley  Railroad  Company  6s,  1916 Yes 

Chattahoochee  Valley  Railway  Cons.  5s,  1920 Yea 


CHA-CHE 

Chattanooga  City  Water  Company  1st  6s No 

Chattanooga  City  Water  Company  Cons.  5s   No 

Chattanooga  Electric  Railway  Company  1st  5s,  1919 No 

Chattanooga  Gas  Company  1st  5s,  1927 Yes 

Chattanooga  Railways  Company  1st  Cons.  5s,  1956 Yes 

Chattanooga  Railway  &  Light  Company  5%   Notes,   1915 ino 

Chattanooga  Railway  &  Light  Company  1st  &  Ref.  5s,  1956 Yes 

Chattanooga,  Rome  &  Southern  Railroad  Company  1st  5s,  1947 Yes 

Chattanooga  Station  Company  1st  4s,  1957 Yes 

Chautauqua  Traction  Company  1st  5s,   1934 Yes 

Cheboygan  Electric  Light  &  Power  Company  1st  6s,  1924 No 

Cheboygan  Electric  Light  &  Power  Company  2nd  5s,  1924 No 

Cheboygan  Paper  Company  1st  6s Yes 

Chemical  Building  Company  1st  6s,  1915 Yes 

Chemical  Bldg.  Co.  Cons.  6s,  1922 Yea 

Chenango   Silk  Company  Bonds Yes 

Cherokee  Electric  Company  Bonds Yes 

Cherry  River  Paper  Company  1st  5s,  1929 Yes 

Cherrytree  &  Dixonville  Railroad  Company  4%  Cert,  of  Ind No 

Chesapeake  Beach  Railway  1st  5s,  1923 Yes 

Chesapeake  &  Delaware  Canal  Company  4s,  1916 No 

Chesapeake  Dry  Dock  &  Construction  Company  1st  5s,  1937 No 

Chesapeak  &  Ohio  Equip.  Corp.  "B,"  "C"  &  "D"  Notes Yes 

Chesapeake  &  Ohio  Grain  Elevator  Company  1st  4s,  1938 No 

Chesapeake  &  Ohio  Railway  Company  Equ.  4s,  Ser.  "F,"  1914 Yes 

Chesapeake  &  Ohio  Railway  Company  Equ.  4s,  Ser.  "G,"  1915....  Yes 

Chesapeake  &  Ohio  Railway  Company  Equ.  Ser.  "H"  4s,  1916 Yes 

Chesapeake  &  Ohio  Railway  Company  Equ.  Ser.  "I"  4s,  1916 Yes 

Chesapeake  &  Ohio  Railway  Co.  Equ.   Ser.   "J"   4%   Notes,   1916..  Yes 

Chesapeake  &  Ohio  Railway  Company  Equ.  Ser.  "K"  4s,  1916 Yes 

Chesapeake  &  Ohio  Railway  Company  Equ.  Ser.  "L"  4s,  1917 Yes 

Chesapeake  &  Ohio  Railway  Company  Equ.   "M"   4s,   1917 Yes 

Chesapeake  &  Ohio  Railway  Company  Equ.  Ser.  "N"  4%s,  1924...  No 

Chesapeake  &  Ohio  Railway  Company  5%  Notes,  1919 No 

cnesapeake  &  Ohio  Railway  Company  Terminal  1st  6s,  1922 No 

Chesapeake  &  Ohio  Railway  Company  Gen.  Fund  &  Imp.  5s,  1929 . .  Yes 

Chesapeake  &  Ohio  Railway  Company  Conv.  4%s,  1930 Yes 

Chesapeake  &  Ohio  Railway  Company  1st  Cons.  5s,  1939 Yes 

Chesapeake  &  Ohio  Railway  Company  Gen.   4%s,   1992 Yes 

Chesapeake  &  Ohio  Railway  Co. — Craig  Valley  Br.  1st  5s,  1940..  Yes 
Chesapeake  &  Ohio  Railway  Company. — Coal  River  Ry.  1st  4s,  1945  Yes 
Chesapeake  &  Ohio  Railway  Co. — Paint  Creek  Br.  1st  4s,  1945..  Yes 
Chesapeake  &  Ohio  Railway  Co.— Potts  Creek  Br.  1st  4s,  1946...  Yes 
Ches.  &  Ohio  Ry.  Co.— Richmond  &  Allegheny  1st  Cons.  4s,  1989..  Yes 
Ches.  &  O.  Ry.  Co.— Rich.  &  Allegheny  Ry.  Div.  2nd  Cons.  4s,  1989  Yes 

Ches.  &  Ohio  Ry.  Co. — Warm  Springs  Val.  Br.  1st  5s,  1941 Yes 

Chesapeake  &  Potomac  Telephone  Company  Cons.  5s,  1929 No 

Chesapeake  &  Potomac  Telephone  Co.  of  Virginia  1st  5s,  1943 ....  Yes 

Chesapeake  Steamship  Company  Equit.   1st  5s,  1910-1920 Yes 

Chesapeake  Steamship  Company  Equit.  1st  5s,   1914-1924 Yes 

Chesebrough  Lumber  Company  Bonds Yes 

Chest  Creek  Land  &  Improvement  Company  1st  S.  F.  4s,  1924 No 

Chester  &  Becket  Railroad  Company  1st  5s,  1917 No 

Chester  County  Gas  Company  1st  Cons.  5s,  1925 Yes 

Chester  Creek  Railroad  1st  Ext.  6s,  1933 Yes 

Chester  &  Derry  Railroad  Association  1st  5s No 

Chester  Fireproof  Building  Company  1st  6s,  1916 Yes 

Chester  &  Philadelphia  Railway  Company  1st  5s,  1940 Yes 

Chester  Traction  Company  Bonds,  1944 Yes 

Chester  Valley  Electric  Company  1st  5s,  1941 Yes 

29 


CHE-CHI 

Chester  Water  Company  1st  5s,  1921 Yes 

Chesterfield  &  Lancaster  Railroad  Company  1st  5s,  1955 Yes 

Chestnut  Ridge  Land  Company   1st  5s Yes 

Chestnut  St.  Realty  Company  1st  4s,  1959 Yes 

Cheyenne  Light,  Fuel  &  Power  Company  1st  5s,  1925 Ves 

Chicago  &  Atlantic  Ry.  Terminal  Co.  1st  5s,  1918 No 

Chic.  &  Alton  R.  R.  Co.  Equ.  Tr.  Notes,  Ser.  C,  D,  E,  F  &  G Yes 

Chicago  &  Alton  Railroad  Company  Deb.  5s,  1922 Yes 

Chicago  &  Alton  Railroad  Company  Imp.  &  Equip.  Conv.  5s,  1930.  Yes 

Chicago  &  Alton  Railroad  Company  Gen.  6s,  1932 Yes 

Chicago  &  Alton  Railroad  Company  Ref.  3s,  1949 Yes 

Chicago  &  Alton  Railroad  Company  1st  Lien  3V2s,  1950 Yes 

Chicago,  Anamosa  &  Northern  Railway  Company  6%  Notes No 

Chicago  Athletic  Association  1st  5s,  1931 Yes 

Chicago  Auditorium  Assosiation  1st  5s No 

Chicago  Auditorium  Association  Cons.  5s   No 

Chicago,  Aurora  &  DeKalb  Railroad  1st  5s,  1920 Yes 

Chicago,  Aurora  &  DeKalb  Railroad  2nd   5s    '. .  Yes 

Chicago,  Blue  Island  &  Joliet  Traction  1st  5s No 

Chicago  Brewing  &  Malting  Company  1st  5s,  1933 No 

Chic,  Burl.  &  Quincy  R.  R.  Co.  Gen.  4s,  1958 No 

Chic,  Burl.  &  Quincy  R.  R.  Co.— Denver  Ext.  Coll.  Tr.  4s,  1922 No 

Chic,  Burl.  &  Quincy  R.  R.  Co.— 111.  Div.  3y2s  &  4s,  1949 No 

Chic,  Burl.  &  Quincy  R.  R.  Co.— Iowa  Div.  4s  &  5s,  1919 No 

Chic,  Burl.  &  Quincy  R.  R.  Co.— Neb.  Ext.  4s,  1927 No 

Chic,  Burl.  &  Quincy  R.  R.  Co.— Southwestern  Div.  4s,  1921 No 

Chicago  &  Carterville  Coal  Company  1st  6s No 

Chicago  City  &  Connecting  Railways  Coll.  Tr.  S.  F.  5s,  1927 Yes 

Chicago  City  Railway  1st  5s,  1927 Yes 

Chicago  Consolidated  Brewing  &  Malting  Company  Ref.  5s,  1933 ...  No 

Chicago  &  Des  Plaines  Valley  Electric  Ry.  Co.  1st  5s,  1931 Yes 

Chicago  Dock  Company  1st  4s,  1929 No 

Chicago  Dock  &  Canal  Company  1st  Real  Est.  5s,  1917 No 

Chicago  Dock  &  Canal  Company  1st  5s,  1922 No 

Chicago  Dock  &  Canal  Company  1st  5s,  1928 No 

Chicago,  Duluth  &  Georgian  Bay  Transit  Company  1st  6s Yes 

Chicago  &  Eastern  Illinois  Railroad  Company  Rec  Cert.  6s,  1915.  No 

Chi.  &  East.  Ills.  R.  R.  Co.  Equ.,  C  to  H,  4Vas  &  5s,  1915-22 Yes 

Chicago  &  Eastern  Illinois  Railroad  Co.  1st  Ext.  6s,  1931 Yes 

Chicago  &  Eastern  Illinois  Railroad  Co.  1st  Cons.  6s,  1934. No 

Chicago  &  Eastern  Illinois  Railroad  Co.  Gen.  Cons.  &  1st  5s,  1937. .  No 

Chicago  &  Eastern  Illinois  Railroad  Co.  1st  Lien  5s,  1942 Yes 

Chicago  &  East  Illinois  Stk.  Tr.  Certs,  1942 Ye3 

Chicago  &  Eastern  Illinois  Railroad  Co.  Ref.  &  Imp.  4s,  1955 Yes 

Chicago  Elevated  Railways  Company  5%  Notes,  1916 Yes 

Chicago  Engineers  Club  1st  5s No 

Chicago  &  Erie  Railroad  Company  1st  5s,  1982 No 

Chicago  &  Erie  Railroad  Company  2nd  Inc.  5s,  1982 No 

Chicago  Gas  Light  &  Coke  Company  1st  5s,  1937 Yes 

Chicago  Golf  Club  1st  5s Yes 

Chicago  Gravel  Company  Bonds Yes 

Chicago  &  Great  Western  Railroad  Company  1st  5s,  1936 Yes 

Chicago  Great  Western  1st  4s,  1959 Yes 

Chicago,  Hammond  &  Western  Railway  Company  1st  6s,  1927 Yes 

Chicago  Heights  Gas  Company  1st  5s,  1934 Yes 

Chicago  Heights  Terminal  Transfer  Company  1st  6s,  1  r>:»  1 Yes 

Chicago  Herald  Company  Cons.  4s No 

Chicago  Hospital  1st  5^s Yes 

Chicago  &  Illinois  Midland  Railway  Company  1st  5s,  1956 Yes 

Chicago  &  Illinois  Midland  Railway  Company  57o  Notes Yes 

30 


CHI-CHI 

Chicago  &  Illinois  Western  Railroad  Company  Gen.  6s,  1947 Yes 

Chicago,  Indiana  &  Eastern  Railway  Company  Gen.  5s  &  6s Yes 

Chicago  &  Indiana.  Railway  Company  1st  5s,  1936 No 

Chicago,  Indiana  &  Southern  Railroad  Company  4s,  1956 Yes 

Chicago,  Indianapolis  &  Louisv.  Ry.  Co.  Bqu.  4%s,  Ser.  "A,"  1921. .   Yes 
Chicago,  Indianapolis  &  Louisv.  Ry.  Co.  Equ.  4%s,  Ser.  "B,"  1921.. .  Yes 

Chicago,  Indianapolis  &  Louisv.  Ry.  Co.  Equ.  4%s»  Ser.  "C" Yes 

Chicago,  Indianapolis  &  Louisv.  Ry.  Co.  Ref.  6s,  5s  &  4s,  1947 Yes 

Chicago,  Indianapolis  &  St.  L.  Short  Line  Ry.  Co.  1st  4s,  1953 Yes 

Chicago  &  Interurban  Traction  Company  1st  5s,  1932 V es 

Chicago  &  Joliet  Electric  Railway  Company  Gen.  5s,  1931 Yes 

Chicago  Journal  Company  5s Yes 

Chicago  Junction  Railroad  Company  1st  4s,  1945 Yes 

Chicago  Junction  Rys.  &  Union  Stock  Yds.  1st  Coll.  5s,  1915 Yes 

Chic.  Junct.  Rys.  &  Union  Stock  Yds.  Co.  Real  Est.  Imp.  5s,  1928.  Yes 
Chic.  June.  Rys.  &  Union  Stock  Yds.  Co.  Coll.  Tr.  &  Ref.  4s,  1940. .  Yes 
Chicago,  Lake  Shore  &  Eastern  Railroad  Company  1st  4^s,  1969..  Yes 
Chicago,  Lake  Shore  &  South  Bend  Railway  Co.  Equ.  6s,  Ser.  "A". .  No 
Chicago,  Lake  Shore  &  South  Bend  Railway  Company  1st  5s,  1947.   \es 

Chicago  Latin  School  for  Girls,  Inc.,  2nd  5s Yes 

Chicago  Medinah  Temple  5s,  1932 Yes 

Chicago,  Memphis  &  Gulf  Railroad  Company  Equ.  "A"  5s,  1921 Yes 

Chicago,  Memphis  &  Gulf  Railroad  Company  1st  5s,  1940 Yes 

Chicago  Mill  &  Lumber  Company  Car  Equ.  6%  Notes Yes 

Chicago  Mill  &  Lumber  Company  5%  Equ.  Notes No 

Chicago  &  Milwaukee  Electric  Railway  Company  1st  5s,  1919 No 

Chicago,  Milwaukee  &  Gary  Railway  Company  Coll.  Tr.  6s,  1915 Yes 

Chicago,  Milwaukee  &  Gary  Railway  Company  1st  5s,  1948 Yes 

Chicago,  Milwaukee  &  Puget  Sound  Railway  Company  1st  4s,  1959 .  Yes 
Chicago,  Milwaukee  &  St.  Paul  Railway  Company  Conv.  4^8,  1932.  Yes 

Chicago,  Milwaukee  &  St.  Paul  Railway  Company  Deb.  4s,  1934 Yes 

Chicago,  Milw.  &  St.  P.  Ry.  Co.  Gen.  4%B,  4s  &  3%8,  1989 Yes 

Chicago,  Milw.  &  St.  P.  Ry.  Co.  Gen.  &  Ref.  Ser.  "A,"  2014 No 

Chicago,  Milw.  &  St.  P.  Ry.  Co.— Chic.  &  Lake  Sup.  Div.  1st  5s,  1921  No 
Chicago,  Milw.  &  St.  P.  Ry.  Co.— Chic.  &  Mo.  River  Div.  1st  5s,  1926  No 
Chicago,  Milw.  &  St.  P.  Ry.  Co.— Chic.  &  Pac.  West.  Div.  1st  5s,  1921  No 

Chicago,  Milw.  &  St.  P.  Ry.  Co.— Dubuque  Div.  1st  6s,  1920 No 

Chicago,  Milw.  &  St.  P.  Ry.  Co.— LaCrosse  &  Dav.  Div.  1st  5s,  1919.  No 
Chicago,  Milw.  &  St.  P.  Ry.  Co. — Puget  Sound  &  Willapa  Harbor 

Ry.   5s,   Tr.,  1918..  Yes 
Chicago,  Milw.  &  St.  P.  Ry.  Co.— Wis.  &  Minn.  Div.  1st  5s,  1921...  No 

C,  M.  &  St.  P.  Ry.,  Wise.  Valey  Div.  6s,  1920 No 

Chicago  Navigation  Company  1st  5s Yes 

Chicago  &  North  Michigan  Railroad  Company  1st  5s,  1931 No 

Chic.  &  No.  West.  Ry.  Co.  Equ.  Tr.  Ser.  A,  B,  C  4%s,  1922  &  1923. .  No 

Chicago  &  North  Western  Ry.  Co.  Cons.  7s,  1915 No 

Chicago  &  North  Western  Ry.  Co.  Deb.  5s,  1921 No 

Chicago  &  North  Western  Ry.  Co.  Coll.  Tr.  Ext.  4s,  1926 No 

Chicago  &  North  Western  Ry.  Co.  S.  F.  Coll.  5s  &  6s,  1929 No 

Chicago  &  North  Western  Ry.  Co.  Deb.  5s,  1933 No 

Chicago  &  North  Western  Ry.  Co.  Gen.  3y2s,  1987 Yes 

Chicago  &  North  Western  Ry.  Co.  Gen.  4s,  1987  (Nos.  1  to  53816) . .  Yes 
Chicago  &  North  Western  Ry.  Co.  Gen.  4s,  1987  (Nos.  53817  up)..   No 

Chicago  &  Oak  Park  Elevated  Railroad  6%  Equip.  Notes Yes 

Chicago,  Ottawa  &  Peoria  Railway  1st  5s,  1937 Yes 

Chicago,  Peoria  &  St.  Louis  Railroad  6%  Equip.  Notes,  Ser.  "A". . .  Yes 

Chicago,  Peoria  &  St.  Louis  Railroad  (111.)  Cons.  4s,  1930 Yes 

Chicago,  Peoria  &  St.  Louis  R.  R.  Co.  Gen.  &  Ref.  4%s Yes 

Chicago  Pneumatic  Tool  Company  1st,  1921 Yes 

Chicago  Polyclinic  (Chicago)  1st  4s,  1935 No 

31 


CHI-CHR 

Chicago  Portrait  Safety  Vault  Building  Co.  1st  5^s Ye* 

Chicago  Railways  Company  Adj.  Non-Cum.  Inc.  4s,  1927 Yes 

Chicago  Railways  Company  P.  M.  4s,  1927 Yes 

Chicago  Railways  Company  1st  5s,  1927 Yes 

Chicago  Railways  Company  Cons.  5s,  "A,  B  &  C,"  1927 Yes 

Chicago  River  &  Indiana  R.  R.  Co.  1st  5s,  1951 Yes 

Chicago  &  Rock  Island  Elevator  Co.  1st  5s No 

Chicago,  Rock  Island  &  Pacific  R.  R.  Co.  1st  Gs,  1917 No 

Chicago,  R.  I.  &  Pac.  Ry.  Co.  Equ.  Tr.  "A,  C,  D,  F,  G  &  H" Yes 

Chic,  R.  I.  &  Pac.  Ry.  Co.— Choctaw,  Oklahoma  &  Gulf  Coll.  4s,  1918  Yes 

Chicago,  Rock  Island  &  Pacific  Ry.  Co.  Deb.  5s,  1932 Yes 

Chicago,  Rock  Island  &  Pacific  Ry.  Co.  1st  &  Ret  4s,  1934 Yes 

Chicago,  Rock  Island  &  Pacific  Ry.  Co.  Gen.  4s,  1988 Yes 

Chicago,  Rock  Island  &  Pacific  R.  R.  Co.  Coll.  Tr.  4s,  2002 Yes 

Chicago  &  South  Haven  Steamship  Co.  1st  6s Yes 

Chicago  &  St.  Louis  Ry.  Co.  1st  6s,  1915 No 

Chic,  St.  L.  &  New  Orleans  R.  R.  Co.— Memphis  Div.  1st  4s,  1951. .  No 
Chicago,  St.  Louis  &  New  Orleans  R.  R.  Co.  Cons.  3^s  &  5s,  1951. .  Yes 

Chicago,  St.  Louis  &  Pittsb.  R.  R.  Co.  1st  Cons.  5s,  1932 Yes 

Chicago,  St.  Paul  &  Minneapolis  Ry.  Co.  1st  Cons.  1st  6s,  1918 No 

Chicago,  St.  Paul,  Minneapolis  &  Omaha  Ry.  Co.  Deb.  5s,  1930 Yes 

Chicago,  St.  Paul,  Minn.  &  Omaha  Ry.  Co.  Cons.  Zy2s  &  6s,  1930. . .  No 

Chicago  Sandoval  Coal  Company  1st  6s Yes 

Chicago,  Santa  Fe  &  California  Ry.  Co.  1st  5s,  1937 No 

Chicago,  South  Bend  &  No.  Indiana  Ry.  1st  5s,  1937 Yes 

Chicago,  South  Shore  &  Eastern  Ry.  1st  4%s,  1969 Yes 

Chicago  Steel  Products  Company  1st  6s,  1919 Yes 

Chicago  Stock  Yards  Co.  5s,  1961 , Yes 

Chicago  Telephone  Company  1st  5s,  1923 Yes 

Chicago,  Terra  Haute  &  Southeastern  Ry.  Co.  Equip.  5s Yes 

Chicago,  Terra  Haute  &  Southeastern  Ry.  Co.  1st  &  Ref.  5s Yes 

Chicago,  Terre  Haute  &  Southeastern  Ry.  Co.  Inc.  4s  &  5s,  1960 Yes 

Chicago  Utilities  Company  1st  5s,  Ser.  "A"  &  "B,"  1942 Yes 

Chicago  Western  Ry.  Co.  1st  5s Yes 

Chicago  &  West  Michigan  Ry.  Co.  1st  5s,  1921 Yes 

Chicago  &  Western  Indiana  R.  R.  Co.  5%  Notes,  1915 Yes 

Chicago  &  Western  Indiana  R.  R.  Co.  Gen.  6s,  1932 Yes 

Chicago  &  Western  Indiana  R.  R.  Co.  Cons.  4s,  1952 Yes 

Chicago  &  Western  Indiana  R.  R.  Co.  1st  &  Ref.  5s,  1962 Yes 

Chicago  &  West  Towns  Railway  Co.  1st  &  Coll.  6s,  1918 Yes 

Chicago,  Wilmington  &  Vermillion  Coal  Co.  1st  6s,  1931 Yes 

Chicago,  Wisconsin  &  Minnesota  R.  R.  Co.  1st  6s,  1916 Yes 

Chicago  &  Wisconsin  Valey  St.  Rys.  1st  5s Yes 

Chickasha  Gas  &  Electric  Co.  Bonds Yes 

Chickasha  Street  Railway  Company  5s,  1931 Yes 

Chico  Electric  Railway  Company  1st  5s,  1934 Yes 

Chicopee  Gas  Light  Co.  1st  5s No 

Chicot  Co.  Cotton  Alfalfa  Farm  Co.   (St.  Louis,  Mo.)   6s Yes 

Childs  Real  Estate  Co.  Inv.  6s,  "A,"  1929 Yes 

Childs  Real  Estate  Co.  Inv.  6s,  "B,"  1932 Yea 

Chili  Copper  Company  Conv.  7s No 

Chillibre  Land  &  Timber  Corporation  1st  6s Yes 

Chino  Copper  Company  1st  Conv.  6s,  1921 Yes 

Chippewa  Valley  Ry.,  Light  &  Power  Co.  1st  5s,  1924 Yes 

Choctaw  Cotton  Oil  Company  Bonds No 

Choctaw  Lumber  Company  1st  6s,  1919 Yes 

Choctaw  &  Memphis  R.  R.  Co.  1st  5s,  1949 Yes 

Choctaw,  Oklahoma  &  Gulf  R.  R.  Co.  Gen.  5s,  1919 Yes 

Choctaw,  Oklahoma  &  Gulf  R.  R.  Co.  Cons.  5s,  1952 Yes 

Christopher  Coal  Mining  Co.  (Christopher,  111.)  1st  6s,  1915-22....  No 

32 


CHR-CIT 

Christopher  &  Tenth  St.  R.  R.  Co.  1st  5s,  1918 No 

Churchill's  7s  No 

Cicero  Gas  Company  1st  6s,  1922 Yes 

Cicero  Gas  Company  Gen.  &  Ref.  5s,  1932 Yes 

Cimmarron  &  Northwestern  Railway  1st  7s,  1917 No 

Cincinnati,  Dayton  &  Chicago  R.  R.  Co.  1st  4s,  1942 Yes 

Cincinnati,  Dayton  &  Ironton  R.  R.  Co.  1st  5s,  1941 Yes 

Cincinnati,  Dayton  &  Toledo  Traction  Co.  Cons.  5s,  1922 Yes 

Cincinnati  Edison  Electric  Co.  1st  5s,  1917 Yes 

Cincinnati,  Findlay  &  Ft.  Wayne  Ry.  Co.  1st  4s,  1923 Yes 

Cincinnati,  Flemingsburg  &  Southwestern  Ry.  Co.  Ref.  1st  5s,  1938.  No 

Cincinnati  Gas  Transportation  Co.  1st  5s,  1933 Yes 

Cincinnati,  Hamilton  &  Dayton  Ry.  Co.  Equip.  4^s,  1914 Yes 

Cincinnati,  Hamilton  &  Dayton  Ry.  Co.  Equip.  Tr.  4%s,  1916 Yes 

Cincinnati,  Hamilton  &  Dayton  Ry.  Co.  Equip.  "A"  5s,  1920 Yes 

Cincinnati,  Hamilton  &  Dayton  R.  R.  Co.  2nd  (now  1st)  4%s,  1937.  Yes 

Cincinnati,  Hamilton  &  Dayton  Ry.  Co.  Gen.  4%s,  1939 Yes 

Cincinnati,  Hamilton  &  Dayton  R.  R.  Co.  Gen.  5s,  1942 Yes 

Cincinnati,  Hamilton  &  Dayton  Ry.  Co.  1st  &  Ref.  4s,  1959 Yes 

Cincinnati  &  Hamilton  Electric  St.  Ry.  1st  6s,  1918 Yes 

Cincinnati,  Indiana  &  St.  Louis  Short  Line  Ry.  1st  4s Yes 

Cinn.,  Indianapolis,  St.  Louis  &  Chic.  Ry.  Co.  1st  Cons.  6s,  1920..   No 
Cinn.,  Indianapolis,  St.  Louis  &  Chicago  Ry.  Co.  Gen.  1st  4s,  1936  Yes 

Cincinnati,  Indianapolis  &  Western  Ry.  Co.  1st  &  Ref.  4s,  1953 Yes 

Cincinnati,  Lawrenceburg  &  Aurora  Elec.  St.  R.  R.  1st  5s,  1919..  No 

Cincinnati,  Lebanon  &  Northern  Ry.  Co.  1st  5s,  1916 No 

Cincinnati,  Lebanon  &  Northern  Ry.  Co.  1st  Cons.  4s,  1942 Yes 

Cincinnati-Milford  &  Loveland  Traction  Co.  1st  5s,  1925 No 

Cincinnati  &  Muskingum  Valley  R.  R.  Co.  1st  4s,  1948 Yes 

Cinn.,  New  Orleans  &  Tex.  Pac.  Ry.  Co.  Equ.  B  &  C  4y2s,  1916  &  1921.  Yes 

Cincinnati,  Newport  &  Covington  Ry.  1st  Cons.  5s,  1922 No 

Cincinnati,  Newport  &  Covington  Ry.  2nd  5s,  1922 No 

Cincinnati  Northern  Railroad  Company  1st  4s,  1951 Yes 

Cincinnati,  Richmond  &  Fort  Wayne  R.  R.  Co.  1st  7s,  1921 No 

Cincinnati,  Sandusky  &  Cleveland  R.  R.  Co.  Cons.  1st  5s,  1928 No 

Cincinnati  Theatre  Company  6s No 

Cincinnati  Traction  Company  Equip.  5%  Notes,  Ser.  "B,"  1920 Yes 

Cincinnati  Traction  Company  Equip.  5%  Notes,  Ser.  "C,"  1921 Yes 

Cincinnati  Traction  Company  Equip.  Tr.  5s,  Ser.  "D,"  1921 Yes 

Cincinnati  Traction  Company  Equip.  Tr.,  Ser.  "E" Yes 

Cincinnati  Traction  Co.  Ser.  "A"  6s,  1913-18 Yes 

Cities  Service  Company  7%  Notes,  1918 Ye3 

Citizens  Bank  Building  (Pine  Bluff,  Ark.)   1st  6s Yes 

Citizens  Building  &  Improvement  Co.  Bonds,  1923 No 

Citizens  Electric  Company  5s,  1915 No 

Citizens  Electric  Light  &  Power  Co.  (Ind.)  1st  6s Yes 

Citizens  Electric  Railway,  Light  &  Power  Co.  1st  5s,  1923 No 

Citizens  Electric  St.  Ry.  Co.  1st  5s,  1920 No 

Citizens  Gas  Co.  of  Hannibal  1st  5s,   1928 Yes 

Citizens  Gas  Co.  of  Indianapolis  Deb.  5%s No 

Citizens  Gas  Co.  of  Indianapolis  1st  &  Ref.  5s,  1942 Yes 

Citizens  Gas  Co.  of  Kankakee  1st  5s Yes 

Citizens'  Gas  &  Electric  Co.  (Council  Bluffs,  la.)  2nd  5s,  1925 No 

Citizens'  Gas  &  Electric  Co.  (Council  Bluffs,  la.)  1st  5s,  1926 No 

Citizens  Gas  &  Electric  Co.   (Lorain)    1st  5s,   1921 No 

Citizens  Gas  &  Electric  Co.   (Pekin,  111.)  1st  5s,  1922 No 

Citizens  Gas  &  Elec.  Co.   (Waterloo  &  Cedar  Falls)  Cons.  6s,  1931.  Yes 
Citizens  Gas  &  Elec.  Co.   (Waterloo  &  Cedar  Falls)   1st  &  Ref.  5s, 

1926..  Yes 
Citizens  Gas,  Electric  &  Heating  Co.  1st  5s,   1922 No 

33 


CIT-CLA 

Citizens  Gas,  Electric  &  Heating  Co.  Water  Fund  Certs.,  6s No 

Citizens  Gas  &  Fuel  Co.  of  Terre  Haute  1st  5s,  1922 Yes 

Citizens  Gas  &  Fuel  Co.  1st  &  Ref.  5s,  1960 Yes 

Citizens  Gas  Light  Company   (Jackson,  Tenn.)   6s,  1915 Yes 

Citizens  Gas  Light  (Jackson,  Tenn.)    1st  5s,  1926 Yes 

Citizens  Gas  Light  Company  Cons,   (now  1st)   5s,  1940 No 

Citizens  Gas  Light  &  Coke  Co.  1st  5s Yes 

Citizens  Independent  Telephone  Co.  1st  5s,  1936 Yes 

Citizens  Light,  Heat  &  Power  Co.  (Johnstown)  1st  5s,  1934 Yes 

Citizens,  Light,  Heat  &  Power  Co.  (Lawrence,  Kan.)  1st  5s,  1925.. .   No 

Citizens  Light  &  Power  Co.  (Adrian,  Mich.)  1st  6s,  1928 Yes 

Citizens  Light  &  Power  Co.  (Adrian,  Mich.)  Cons.  5s,  1931 Yes 

Citizens  Passenger  Railway  1st  5s,  1925 Yes 

Citizens  Railway  &  Light  Company  1st  5s,  1917 Yes 

Citizens'  Railway,  Light  &  Power   Co.    1st   5s,    1940 Yes 

Citizens'  Railway,  Light  &  Power  Co.  Inc.  6s,  1940 Yes 

Citizens  Realty  Company   (Tampa,  Fla.)   1st  5s Yes 

Citizens  Street  R.  R.  Co.  1st  6s,  1916 No 

Citizens  Street  Ry.  Co.   (Muncie)    1st  6s,  1927 No 

Citizens  Street  R.  R.  Co.  1st  Cons.  5s,  1933 Yes 

Citizens  Telephone  Co.   (Grand  Rapids)   1st  6s,  1923 No 

Citizens  Telephone  Co.   (Kokomo,  Ind.)   Bonds No 

Citizens  Telephone  &  Message  Co.  1st  5s No 

Citizens  Traction  Co.   (Pittsburgh)   1st  5s,  1929 Yes 

Citizens  Traction  Co.   (Venango  Co.,  Pa.)    1st  5s,  1942 Yes 

Citizens  Water  Company  (Philipsburg,  Pa.)   1st  5s Yes 

Citizens  Water  Company  of  McDonald,  Pa.,  1st  6s,  1917 Yea 

Citizens  Water  Company  (Scottdale)  Cons.  5s,  1941 Yes 

Citizens'  Water,  Light  &  Power  Co.  5s: Yes 

Citizens  Water  Supply  Co.  of  Newton  2nd  4s,  1921 Yes 

Citizens'  Water  Works  1st  5%s,  1920 Yes 

Citizens  Water  Works  2nd  6s,  1920 Yes 

City  Baking  Company  1st  6s,  1935 Yes 

City  Central  Real  Estate  Company  Cons.  5s,  1940 No 

City  of  Chicago  Investment  Co.  1st  6s No 

City  Club  of  Chicago  1st  5s,  1941 No 

City  Electric  Co.  1st  5s,  1937 Yes 

City  Electric  Lighting  Co.  of  Vincennes,  Ind.,  1st  6s,  1943 No 

City  Electric  Railway  1st  6s Yes 

City  &  Elm  Grove  Cons.  Coll.  5s,  1936 No 

City  Gas  Co.  of  Norfolk  1st  6s,  1926 No 

City  Gas  &  Electric  Co.  1st  5s,  1935 Yes 

City  Gas  Light  Company  1st  5s,  1954 Yes 

City  Hall  Square  Co.  1st  5s Yes 

City  Ice  Delivery  Co.  1st  6s,  1925 Ye3 

City  Ice  Delivery  Co.  Gen.  6s,  1933 Yes 

City  Ice  &  Storage  Co.  1st  6s,  1933 No 

City  Investment  Company  1st  5s No 

City  Light  &  Traction  Co.   (Sedalia)  1st  5s Yes 

City  Light  &  Water  Co.  1st  5s,  1952 Yes 

City  &  Suburban  Gas  Company  1st  6s,  1932 Yes 

City  &  Suburban  Ry.  Co.  Cons.  6s,  1916 Yes 

City  &  Suburban  Ry.  Co.  Cons.  4s,  1930 Yes 

City  &  Suburban  Ry.  Co.   (Baltimore)  1st  5s,  1922 Yes 

City  &  Suburban  Ry.  of  Washington  1st  5s,  1948 Yes 

City  Water  Co.  of  East  St.  Louis  5s,  1945 No 

City  Water  Co.  of  East  St.  Louis  Cons.,  1945 : No 

City  Water  Co.  of  Sedalia,  Mo.,  1st  5s,  1937 No 

Claa  Sugar  Company  1st  6s,  1930 No 

Clairton  Land  Company  1st  4.4s,  1915-26 Yes 

34 


CLA-CLE 

Clairton  Steel  Company  1st  5s,   1913 Yes 

Clapp  Tea  Company  1st  Conv.  6s Yes 

Claremont  Power  Company  1st  5s,  1937. No 

Claremont  Ry.  &  Lighting  Co.  1st  5s,  1937 No 

Clark-Buchanan  Company  Bonds Yes 

Clarke  &  Baker  Co.  1st  5s Yes 

Clarke  &  Cox  Farms  Co.  1st  6s,  1937 Ye3 

Clay  Products  Company  6s ,  • .  •  Yes 

Clayton-Glassboro  Water  Co.  1st  5s,  1931 Yes 

Clear  Brook  Cranberry  Co.  S.  F.  6s No 

Clear  Springs  Water  Co.  Bonds,  1942 Yes 

Clearfield  Bituminous  Coal  Corporation  4%s,  1932 Yes 

Clearfield  Bituminous  Coal  Corporation  1st  4s,  1940 Yes 

Clearfield  &  Jefferson  Ry.  Co.  1st  6s,  1927 Yes 

Clearfield  &  Mahoning  Ry.  5s,  1943 Yes 

Clearview  Coal  Company  1st  6s,  1922 Yes 

Cleveland,  Akron  &  Columbus  Ry.  Co.  Gen.  5s,  1927 No 

Cleveland,  Akron  &  Columbus  Ry.  Co.  1st  Cons.  4s,  1940 Yes 

Cleveland  Athletic  Association  Co.  1st  6s Yes 

Cleveland  Automatic  Machine  Co.  5s,  1917 No 

Cleveland,  Berea,  Elyria  &  Oberlin  Cons.  5s,  1919 Yes 

Cleveland  &  Buffalo  Transit  Co.  1st  5s,  1915 Yes 

Cleveland  Building  Co.  Ref.  5s No 

Cleveland  &  Chagrin  Falls  Ry.  1st  6s,  1930 Yes 

Cleve.,  Cinn.,  Chic.  &  St.  L.  Ry.  Co.  European  Loan  4s,  1930 Yes 

Cleve.,  Cinn.,  Chic.  &  St.  L.  Ry.  Co.  Deb.  4V>s,  1931 Yes 

Cleve.,  Cinn.,  Chic.  &  St.  L.  Ry.  Co.  Gen.  4s,  1993 Yes 

Cleve.,  Cinn.,  Chic.  &  St.  L.  Ry.  Co.— Cairo  Div.  1st  4s,  1939 Yes 

Cleve.,  Cinn.,  Chic.  &  St.  L.  Ry.  Co.— Cin.,  Wabash  &  Mich.  Ry.  Div. 

1st  4s  1991.  Yes 
Cleve.,  Cinn.,  Chic.  &  St.  L.  Ry.  Co.— St.  L.  Div.  1st  Coll.  4s,  1990 ! .'  Yes 
Cleve.,  Cinn.,  Chic.  &  St.  L.  Ry.  Co.— Spring.  &  Col.  Div.  1st  4s,  1940  Yes 
Cleve.,  Cinn.,  Chic.  &  St.  L.  Ry.  Co.— White  Water  Val.  Div.  1st  4s, 

1940..  Yes 

Cleveland  Company  6%  Notes Yes 

Cleve.,  Col.,  Cinn.  &  Indianap.  Ry.  Co.  1st  Cons.  7s,  1914 Yes 

Cleve.,  Col.,  Cinn.  &  Indianap.  Ry.  Co.  Gen.  Cons.  6s,  1934 Yes 

Cleveland  &  Eastern  Traction  Company  1st  5s,  1932 Yes 

Cleveland  Elec.  Illuminating  Co.  1st  Ref.  (now  1st)  5s,  1939 Yes 

Cleveland  &  Elyria  1st  6s,  1915 Yes 

Cleveland,  Elyria  &  Western  Ry.  Co.  1st  5s,  1920 Ye3 

Cleveland  Empire  Co.  1st  5s No 

Cleveland  &  Erie  Railway  Company  1st  5s,  1929 Yes 

Cleveland  &  Erie  Ry.  Income  5s,  1929 Yes 

Cleveland  Furnace  Co.  1st  6s,  1922 Yes 

Cleveland  Heights  Realty  Co.  1st  &  Coll.  6s Yes 

Cleveland  Lodge  No.  63,  Loyal  Order  of  Moose  1st  6s Yes 

Cleveland,  Lorain  &  Wheeling  Ry.  Cons.  Ref.  4%s,  1930 Yes 

Cleveland,  Lorain  &  Wheeling  Ry.  Cons.  5s,  1933 Yes 

Cleveland,  Lorain  &  Wheeling  Ry.  Gen.  5s,  1936 Yes 

Cleveland  &  Mahoning  Valley  Ry.  Co.  Cons.  5s,  1938 Yes 

Cleveland  &  Marietta  Ry.  Co.  1st  4%s,  1935 Yes 

Cleveland  Metal  Products  Company  1st  6s Yes 

Cleve.,  Painesville  &  Ashtabula  R.  R.  1st  5s.  1922 Yes 

Cleve.,  Painesv.  &  East.  R.  R.  Co.  1st  5s,  1916 Yes 

Cleve.,  Painesv.  &  East.  R.  R.  Co.  1st  Cons.  5s,  1918 Yes 

Cleve.,  Painesv.  &  East.  R.  R.  Co.  Ref.  &  Ext.  5s,  1948 Yes 

Cleve.   &  Pitts.   R.   R.   Co.   Gen.   4%s  &  3%8,   "A"  1942,  "B"  1942, 

"C"  1948,  "D"  1950..  Yes 
Cleveland  Railway  Company  1st  5s,  1931 Yes 

36 


CLE-COL 

Cleveland  Realty  Investment  Co.  1st  &  Coll.  6s Yea 

Cleveland  &  Sandusky  Brewing  Co.  1st  S.  F.  6s,  1948 No 

Cleveland  Short  Line  Ry.  Co.  4%s,  1961 Yes 

Cleveland,  Southwestern  &  Columbus  Ry.  1st  Gen.  Cons.  5s,  1927..  Yes 

Cleveland  &  Southwestern  Traction  Company  1st  5s,  1923 Yes 

Cleveland  Stone  Company  1st  4V2s Yes 

Cleveland  Stone  Co.  &  Indiana  Quarries  Co.  1st  Ref.  6s,  1911-30...  Yes 

Cleveland  &  Southeastern  1st  &  Cons.  5s,  1923 Yes 

Cleveland  Terminal  &  Valley  R.  R.  1st  4s,  1995 Yes 

Cleveland- Walker-Gordon  Laboratory  Co.  1st  6s No 

Cleveland,  Youngstown  &  Eastern  Ry.  Co.  1st  6s,  1915 Yes 

Cliff  Electrical  Distributing  Co.  1st  5s,  1940 Yes 

Cliff  Paper  Company  5s Yes 

Clift  Realty  Company  6s No 

Clifton  Club   Company   6s Yes 

Clifton  Land  Company  1st  6s No 

Clifton  Springs  Telephone  Co.  1st  6s,  1913 Yes 

Clifty  Consolidated  Coal  Co.  1st  6s,  1929 No 

Clifty  Consolidated  Coal  Co.  1st  5s Yes 

Clinchfield  Coal  Co.  1st  5s Yes 

Clinchfield  Northern  Ry.  of  Kentucky  1st  5s Yes 

Clinchland  Timber  Corporation  1st  6s,  1923-1943 Yes 

Clinton  Gas  &  Electric  Co.  1st  6s,  1937 Yea 

Clinton  Gas  Light  &  Coke  Co.  1st  5s,  1926 No 

Clinton  Gas  Light  Company  1st  4%s,  1925 Yea 

Clinton  Iron  &  Steel  Company  1st  5s No 

Clinton  Light  &  Water  Company  1st  5s,  1921 No 

Clinton  &  Oklahoma  Western  R.  R.  1st  5s,  1930 No 

Clinton  Street  Railway  Co.  1st  5s No 

Clinton  Sugar  Refining  Co.  1st  6s,  1916 Yes 

Clinton  Telephone  Co.   (Plattsburg,  N.  Y.)   1st  5s,  1938 Yes 

Clinton  Water  Works  Co.  1st  5s No 

Clinton  Water  &  Water  Supply  Co.  1st  Ext.  5s,  1917 Yes 

Clyde  Steamship  Co.  1st  5s,  1931 Yes 

Clyde  S.  S.  Terminal  Company  1st  5s,  1934 Yes 

Coal  &  Coke  Ry.  Co.  Equip.  A.  5s,  1915 Yes 

Coal  &  Coke  Ry.  Co.  Equip.  B  5s  (1911) Yea 

Coal  &  Coke  Ry.  Co.  1st  5s,  1919 Yes 

Coal  &  Iron  Railway  Co.  1st  5s,  1920 No 

Coal  Products  Manufacturing  6%  Deb.,  1920 Yes 

Coal  River  Railway  Co.  1st  4s,  1945 Yes 

Coalinga  Oil  Fields  Co.  Bonds Yes 

Coalinga  Water  &  Electric  Co.  1st  6s,  1940 Yes 

Coast  Counties  Gas  &  Electric  Co.  Deb.  Bonds Yes 

Coast  Counties  Light  &  Power  Co.   1st  5s,  1946 Yes 

Coast  Gas  Company  1st  5s,  1954 Yes 

Coast  Range  Lumber  Company  1st  6s Yea 

Coast  Valley  Gas  &  Electric  Co.  1st  6s,  1952 Yes 

Cobalt  Hydraulic  Power  Co.  1st  6s,  1931 No 

Coeur  d'Alene  &    Pen  D'Oreille  Ry.  Co.  1st  5s Yes 

Coeur  d'Alene  &  Spokane  Ry.  1st  5s,  1929 Yes 

Coffeyville  Gas  &  Fuel  Co.  1st  6s No 

Cohasset  Water  Co.  5s,  1918 No 

Cohoes  Company  1st  6s No 

Cohoes  Republican   Co.   Bonds Yes 

Cohoes-Waterford  Home  Telephone  Co.  1st  6s,  1927 Yes 

Coldwater  Gas  Light  &  Fuel  Co.  1st  5s,  1925 '. No 

Coliseum  Co.  1st  5s,  1929 Yes 

Collar  City  Realty  Co.  1st  6s Yes 

College  of  Physicians  &  Surgeons  6s Yes 

36 


COL-COL 

Collegiate  Realty   Co.  1st  5s,   1922 ...  Yes 

Colliery  Engineer  Company  1st  5s,  1919 Yes 

Collingswood  Sewerage  Co.  1st  5s,  1936 Yes 

Colonial  Club  Company  1st No 

Colonial  File  Co.  of  Massachusetts  1st  6s No 

Colonial  Home  Builders  Co.  1st  Coll.  6s Yes 

Colonial  Ice  Company  1st  6s Ye3 

Colonial  Power  &  Light  Co.  1st  5s No 

Colorado  Bridge  Co.  S.  F.  7s No 

Colorado  Fuel  Company  Gen.  6s,  1919 No 

Colorado  Fuel  &  Iron  Co.  Gen.  5s,  1943 No 

Colorado  Industrial  Co.  1st  5s,  Ser.  "A"  &  "B,"  1934 Yes 

Colorado,  Oklahoma  &  New  Orleans  Ry.  Co.  Bonds No 

Colorado  Power  Company   1st  5s Yes 

Colorado  Southern  Irigation  Co.  1st  6s,  1912-28 Yes 

Colorado  &  Southern  Ry.  Co.  Equip.  Ser.  "A"  5s,  1917 Yes 

Colorado  &  Southern  Ry.  Co.  1st   4s,    1929 No 

Colorado  &  Southern  Ry.  Co.  Ref.  &  Ext.  4%s,  1935 Yes 

Colo.    South.  New  Orleans  &  Pac.  R.  R.  5s,  Equip.  "A,"  1917 Yes 

Colo.  Springs  &  Cripple  Creek  District  Ry.  Co.  1st  5s,  1930 No 

Colo.  Springs  &  Cripple  Creek  District  Ry.  Co.  1st  Cons.  5s,  1942..  Yes 

Colorado  Springs  Electric  Co.  1st  5s,  1920 Yes 

Colorado  Springs  Light,  Heat  &  Power  Co.  1st  &  Ref.  5s Yes 

Colorado  Springs  Light  &  Power  Co.  1st  5s,  1919 Yes 

Colorado  &  Wyoming  Railway  Company  1st  4s,   1953 No 

Colorado  Yule  Mining  Company  6s Yes 

Colt  (J.  B.)   Company  6%  Notes,  1931 Yes 

Columbia  Canal  Co.   6s,   1919 Yes 

Columbia  Club  5s   No 

Columbia  Club  2nd  6s,  1918  No 

Columbia  Country  Club  1st  5s,  1922 No 

Columbia  Gas  &  Electric  Co.  1st  5s,  1927 Yes 

Columbia  Gas  Light  Co.  1st  5s,  1936 Yes 

Columbia  &  Greenville  R.  R.  Co.  1st  6s,  1916 No 

Columbia  Investment  Co.  Bonds Yes 

Columbia  Laundry  Co.  1st  5s Yes 

Columbus  Light,  Heat  &  Power  Co.  Gen.  6s,  1924 Yes 

Columbia  &  Montour  Electric  Co.  2nd  5s,  1943 Yes 

Columbia  &  Montour  Electric  Ry.  Co.  1st  5s,  1931 Yes 

Columbia,  Newberry  &  Laurens  R.  R.  Co.  Equip.  6%  Notes,  1914.  No 

Columbia,  Newberry  &  Laurens  R.  R.  Co.  1st  3s,  1937 No 

Columbia  &  Port  Deposit  Ry.  Co.  1st  4s,  1940 Yes 

Columbia.  Ry.,  Gas  &  Elec.  Securities  Corp.  Conv.  6%  Notes,  1915. .  Yes 

Columbia  Railway,  Gas  &  Electric  Co.  1st  5s,  1936 Yes 

Columbia  &  St.  Louis  R.  R.  Co.  1st  4s,  1942 Yes 

Columbia  Steamship  Company  Bonds Yes 

Columbia  Steel  Company  1st  6s Yes 

Columbia  Telephone  Co.  1st  6s,  1919 Yes 

Columbia  University  Club  2nd  4s Yes 

Columbian  Club  2nd  6s,  1915 No 

Columbiana  County  Telephone  Co.  1st  5s,  1920 No 

Columbus,  Buckeye  Lake  &  Newark  Traction  Co.  1st  5s,  1921 Yes 

Columbus  Connecting  &  Terminal  R.  R.  Co.  1st  5s,  1922 Yes 

Columbus,  Delaware  &  Marion  Electric  R.  R.  1st  5s,  1921 Yes 

Columbus,  Delaware  &  Marion  Ry.  Co.  1st  Ref.  5s,  1944 Yes 

Columbus   (Ohio)   Edison  Electric  Light  Co.  1st  5s,  1929 Yes 

Columbus  Electric  Co.  6%  Notes,  1917 No 

Columbus  Electric  Co.  1st  6s,  1922 Yes 

Columbus  Electric  Co.  1st  Coll.  Tr.  5s,  1933 No 

Columbus  Gas  Company  1st  5s,  1932 No 

37 


COL-CON 

Columbus  (Ind.)  Gas  Light  Company  1st  5s,  1931 Yea 

Columbus  &  Hocking  Valley  R.  R.  1st  4s,  1948 Yes 

Columbus  Interurban  Terminal  Co.  1st  5s,  1935 Yes 

Columbus  Light,  Heat  &  Power  Co.  1st  5s,  1924 Yes 

Columbus,  London  &  Springfield  Ry.  1st  5s,  1920 No 

Columbus  Manufacturing  Co.  1st  5s,  1929 No 

Columbus,  Marion  &  Bucyrus  Ry.  Gen.  &  Ref.  3s,  4s  &  5s No 

Columbus,  Marion  &  Bucyrus  Ry.  1st  6s  No 

Columbus,  Newark  &  Zanesville  Electric  Ry.  1st  5s,  1924 Yes 

Columbus,  Newark  &  Zanesville  Electric  Ry.  Gen.  5s,   1926 Yes 

Columbus  &  Ninth  Ave.  R.  R.  Co.  1st  5s,  1993 No 

Columbus  Northern  Railway,  Power  &  Equipment  Co.  1st  5s,  1934.  Yes 

Columbus  Power  Company  1st  5s,  1936 Ye3 

Columbus  R.  R.  Co.  1st  5s,  1937 Yes 

Columbus  Ry.  Co.  1st  Cons.  4s,  1939 No 

Columbus  St.  Ry.  Co.  1st  5s,  1932 No 

Columbus  &  Toledo  R.  R.  1st  4s,  1955 Ves 

Comber  Realty  Co.  1st  6s Ye3 

Combination  Bridge  Co.  1st  5s,   1915 No 

Combustion  Engineering  Corporation  Conv.  6s,  1934 No 

Commerce  Building  Co.   (Pittsburg,  Kan.)  Bonds Yes 

Commercial  Cable  Company  1st  4s,  2397 Yes 

Commercial  Coal  Co.   5s,  1918 Yes 

Commercial  Coal  Mining  Company  Equip.  Tr Yes 

Commercial  Coal  Mining  Company  1st  5s  Yes 

Commercial  Fire-Proof  Building  Co.  1st  6s,  1915-1930 Yes 

Commercial  National  Safe  Deposit  Co.  1st  4%s,  1916-1935 Yes 

Commercial  Pacific  Cable  Company  1st  4s Yes 

Commercial  Telephone  &  Telegraph  Co.  1st  S.  F.  6s Yes 

Commercial  Union  Telephone  Co.  1st  5s,  1954 Yes 

Common  Sense  Gum  Company  6s,  1931 Yes 

Commonwealth  Ave.  St.  Ry.  Co.  1st  5s,  1916 Yes 

Commonwealth  Building  Co.  1st   5s,   1926 Yes 

Commonwealth  Building  Co.  2nd  Mtge.  Bonds Yes 

Commonwealth  Co.  Bonds  Yes 

Commonwealth  Edison  Co.  1st  5s,  1943 Yes 

Commonwealth  Electric  Co.   1st   5s,   1943 Yes 

Commonwealth  Farm  Loan  Co.  Bonds,  Due  Mar.  &  Sept No 

Commonwealth  Farm  Loan  Co.  Bonds,  Due  Jan.  &  July No 

Commonwealth  Power  Co.   1st  5s,  1924 Yes 

Commonwealth  Power,  Ry.  &  Light  Co.  Conv.  6s,  1918 No 

Commonwealth  Realty  Co.  Bonds Yes 

Commonwealth  Steamship  Co.  Bonds Yes 

Commonwealth  Water  Co.   1st   5s,   1959 Yes 

Commonwealth  Water  Imp.  Co.  Coll.   Tr.  4%s Yes 

Commonwealth  Water  &  Light  Co.  5%  Notes,  1914-1917 Yes 

Commonwealth  Water  &  Light  Co.  1st  S.  F.  5s,  1934 No 

Compania  Constructora  (Richardson,  S.  A.)  Bonds No 

Compania  Metalurgica  Mexicana  1st  5s,   1931 , .  Yes 

Compton  Heights,  Union  Depot  &  Merch.  Term.  R.  R.  1st  Ext.  5s, 

1923..  Yes 

Computing  Scale  Co.  of  America  Coll.  6s,  1921 No 

Computing  Tabulating-Recording  Co.  S.  F.  6s,  1941 No 

Comstock  Tunnel  Co.  1st  Inc No 

Concord  &  Claremont  R.  R.  1st  5s,  1944 No 

Concord  Electric  Co.  1st  5s,  1931 Yes 

Concordia  Coal  Co.   1st  5s No 

Concordia  Land  &  Timber  Co.  1st  6s Yes 

Concord,  Maynard  &  Hudson  St.  Ry.  1st  5s,  1922 No 

Concord  &  Montreal  R.  R.  4s,  1920   No 

18 


CON-CON 

Concord  &  Montreal  R.  R.  Deb.  ZV2s  &  4s,  1920 No 

Conestoga  Traction  Company  1st  4s,  1950 Yes 

Conewago  Gas  Co.  1st  Ref .  5s,  1943 Yes 

Coney  Island  &  Brooklyn  R.  R.  3-yr.  Notes   No 

Coney  Island  &  Brooklyn  R.  R.  Co.  1st  Cons.  4s,  1948 No 

Coney  Island  &  Brooklyn  R.  R.  Co.  Cons.  4s,  1955 Yes 

Confectioners'  Manufacturing  Co.  1st  5s No 

Congregation  of  the  Mission  1st  5s Yes 

Congregation  of  Notre  Dame  De  Lourdes  1st  5s Yes 

Congregation  Shaare  Emeth  1st  5s,  1916 Yes 

Congress  Hotel  Co.  1st  6s   No 

Congress  Hotel  Co.  of  Chicago  1st  4%s,  1941   No 

Congress  Hotel  Co.  of  Chicago  1st  5s,  1941   No 

Congress  Hotel  Co.  2nd  5s,   1941 No 

Congress  Hotel  Co.  of  Chicago  2nd  6s    No 

Conkey   (W.  B.)   Company  5s,  1917 No 

Conneaut  Lake  Company  Cons.  5s Yes 

Conneaut  Water  Co.  1st  5s,  1931 No 

Connecticut  Lighting  &  Power  Co.  1st  5s,  1939 No 

Connecticut  &  Passumpic  Rivers  R.  R.  1st  4s,  1943 No 

Connecticut  Power  Co.   (Old  Co.)   1st  5s,  1956 Yes 

Connecticut  Power  Co.  1st  &  Cons.   5s,   1963 Yes 

Connecticut  Railway  &  Lighting  Co.  1st  &  Ref.  4%s,  1951 Yes 

Conn.  River  Power  Co.  of  New  Hampshire  5-yr.  6%  Notes,  1915 Yes 

Conn.  River  Power  Co.  of  New  Hampshire  1st  S.  F.  5s,  1937 Yes 

Connecticut  River  R.  R.  5s,  1915 No 

Connecticut  River  R.  R.  Co.  Plain  3%s  &  4s,  1921  to  1943 No 

Connecticut  Valley  Lumber  Company  1st  6s,  1933 Yes 

Connecticut  Valley  St.  Ry.  1st  5s,  1920 No 

Connecting  Railway  Co.  1st  4s,  1951 Yes 

Connecting  Terminal  R.  R.  1st  5s,  1923 No 

Connellsville  &  Monongahela  Ry.  1st  4s,  1930 Yes 

Connellsville  Suburban  Street  Ry.  5s,  1932 Yes 

Connellsville  Water  Co.  1st  5s. .  . . No 

Connelly  Iron  Sponge  &  Gouvenor  Co.  1st  6s Yes 

Connor  Lumber  &  Land  Company  1st  6s,  1921 Yes 

Conshohocken  Gas  &  Water  Co.  1st  4s,  1929 Yes 

Conshohocken  Ry.  1st  5s,  1924 No 

Consolidated  Canal  Company  1st  5s Yes 

Consolidated  Cities  Light,  Power  &  Traction  Co.  1st  5s,  1962 Yes 

Consolidated  Coal  Co.  of  St.  Louis  1st  6s,  1941 Yes 

Consolidated  Coal  Co.  of  St.  Louis  Gen.  6s,  1943 No 

Consolidated  Copper  Mining  Co.  1st  Conv.  7s,  1928 Yes 

Consolidated  Electric  Light  Co.  of  Maine  6s,  1919 Yes 

Consolidated  Electric  Light  Co.  of  Maine  1st  4%s,  1925 No 

Consolidated  Fuel  Co.  &  Southern  Utah  R.  R.  Co.  Jt.  1st  6s Yes 

Consolidated  Gas  Co.  of  Baltimore  City  Cons.  5s,  1939 No 

Consolidated  Gas  Co.  of  Baltimore  City  Gen.  4%8,  1954 Yes 

Consolidated  Gas  Co.  of  New  Jersey  1st  Cons.   5s,   1936 Yes 

Consolidated  Gas  Co.  of  New  Jersey  1st  Ref.  6s,  1961 Yes 

Consolidated  Gas  Co.  of  New  York  5%  Deb.  Ext,  1918 No 

Consolidated  Gas  Co.  of  Pittsburgh  1st  5s,  1948 Yes 

Consolidated  Gas,  Elec.  Lt.  &  Power  Co.  of  Bait.  Cons.  5%   Deb. 

Stock  and/or  Bonds . .  Yes 

Consolidated  Gas,  Elec.  Lt.  &  Power  Co.  of  Bait.  Gen.  4%s,  1935..  Yes 

Consolidated  Indiana  Coal  Co.  1st  S.  F.  5s,  1935 Yes 

Consolidated  Land  Co.   1st  6s Yes 

Consolidated  Lighting  Co.  1st  S.  F.  5s,  1926 Yes 

Consolidated  Light  &  Power  Co.   (111.)    1st  Cons.   5s,  1923 No 

Consolidated  Light  &  Power  Co.  of  Whitehall  1st  5s,  1921 Yes 


CON-CON 

Consolidated  Light  &  Railway  Co.  1st  6s,  1922 No 

Consolidated  Lumber  Co.  1st  6s,  1923 Yes 

Consolidated  Power  &  Light  Co.  of  So.  Dak.  1st  Cons.  5s,  1929 Yea 

Consolidated  Railway  Co.  Deb.  3s,  3%s  &  4s,  1930 Yes 

Consolidated  Railway  Co.  4s,  1954   Yes 

Consolidated  Railway  Co.  Deb.  4s,  1955 Yes 

Consolidated  Railway  t!o.  4s,  1955   Yes 

Consolidated  Railway  Co.  4%    Deb.,    1956 Yes 

Consolidated  Rys.,  Lt.  &  Pow.  Co.  of  Wilmington,  N.  C,  1st  5s,  1932  No 

Consolidated  Railway  &  Power  Co.  1st  5s,  1921 Yes 

Consolidated  Rubber  Tire  Company  4%  Deb.  Inc.,  1951 No 

Consolidated  Schuylkill  Gas  Co.  1st  5s,  1929 Ye3 

Consolidated  Stone  Co.  1st  6s Yes 

Consolidated  Stone  Co.  2nd  6s Yes 

Consolidated  Street  Railway  Co.   (Memphis)   1st  5s No 

Consolidated  Telegraph  &  Electrical  Subway  Co.  1st  6s,  1940 No 

Consolidated  Telegraph  &  Electrical  Subway  Co.  2nd  6s,  1940 No 

Consolidated  Telephone  Co.  5s    No 

Consolidated  Telephone  Co.   (Dover,   Del.)    Coll.   6s,  1925 Yes 

Consolidated  Telephone  &  Telegraph  Co.  1st  5s,  1921 Yes 

Consolidated  Traction  Co.   (of  N.  J.)   1st  5s,  1933 Yea 

Consolidated  Traction  Co.   (Pittsburgh)   Car  Tr.  Equip.  6s,  1918..  Yes 

Consolidated  Water  Co.  of  Suburban  N.  Y.  1st  5s,  1932 Yes 

Consolidated  Water  Co.  of.  Utica,  N.  Y.,  1st    5s,    1930 Yes 

Consolidated  Water  Co.  of  Utica,  N.  Y.,  2nd  Deb.  5s,  1930 No 

Consolidated  Water  &  Light  Co.  1st  5s,  1925 No 

Consolidation  Coal  Co.  1st  S.  F.  4%s,  1922 Yes 

Consolidation  Coal  Co.  Conv.   6s,   1923 Yea 

Consolidation  Coal  Co.  Ref.  S.  F.  4%8,  1934 Yes 

Consolidation  Coal  Co.  1st  &  Ref.  S.  F.  5s,  1950 Yes 

Constantine  Hydraulic  Co.  1st  5s,  1925 Yes 

Constitution  Publishing  Co.  1st  5s,  1930 No 

Consumers  Aqueduct  Co.  1st  5s,  1937 Yes 

Consumers  Bread   Co.   Bonds Yes 

Consumers  Brewing  Co.  1st  6s,  1923 Yes 

Consumers  Brewing  Co.  Prior  Lien  6s,  1923 Yes 

Consumers  Brewing  Co.  Gen.   4s,  1943 Yes 

Consumers  Company  Deb.   6s,   1928 Yes 

Consumers  Company  1st  &  Gen.  6s Yes 

Consumers  Electric  Lt.  &  Pow.  Co.  (of  New  Orleans)  1st  5s,  1936.  Yes 

Consumers  Gas  Co.  1st  5s,  1936 Yea 

Consumers'  Ice  Co.   (Atlantic  City)   1st  5s,  1932 Yes 

Consumers  Light,  Heat  &  Power  Co.   (N.    J.)    5s,   1938 Yes 

Consumers  Lt  &  Pow  Co.  (San  Fran.)  1st  &  Cons.  6s,  1945 No 

Consumers  Park  Brewing  Co.  1st  6s Yes 

Consumers  Power  Company  (Minnesota)    6%  Coll.  Notes,  1917...  No 

Consumers  Power  Company  (Minnesota)  1st  5s,  1929 Yes 

Consumers  Power  Company  1st  &  Ref.  5s,  1936 Yes 

Consumers  Power  Company  Gen.    5s,    1937 No 

Contact  Process  Company  6s Yes 

Continental  Coal  Co.   1st  5s,   1952 Yes 

Continental  Coke  Co.  P.  M.  4y2s No 

Continental  Coal  Corporation  1st  6s,  1941 No 

Continental  Gas  &  Electric  Corporation  1st  Lien  5s,  1927 Yes 

Continental  Gin  Co.  1st  5s,  1920 No 

Continetal  Oil  &  Cotton  Co.  Gen.  5s Yes 

Continental  Paper  Co.  1st  6s,  1927 .' Yes 

Continental  Passenger  Ry.  1st  Ext.  4s,  1959 Yes 

Continental  Portland  Cement  Co.  1st  6s,  1921 Yes 

Continental  Realty  Co.  1st  &  Coll.  6s Yes 

40 


CON-CRA 

Continental  Steamship   Co.   Bonds Yes 

Continental  Utilities  Co.  1st  6s,  1933 Yes 

Contra  Costa  Water  Co.  1st   5s,    1915 Yes 

Contra  Costa  Water  Co.  G.  M.  5s,  1915 Yes 

Conveyancers  Title  Ins.  Co.  Ser.  1918 Yea 

Coombs   (William  A.)   Milling  Co.  Bonds Yes 

Coonley  Manufacturing  Co.  6s Yes 

Cooper  Investment  Company  1st  6s Yes 

COoperstown  &  Susquehana  Valley  1st  5s,  1918 No 

Copper  Range  R.   R.   Co.    1st   5s,    1949 Yes 

Copper  River  &  North  Western  Ry.  1st  5s,  1959 Yes 

Coraopolis  &  Neville  Island  Bridge  Co.  6s,  1925 Yes 

Corby  Building  Co.  1st  5s  Yes 

Corby  Building  Co.  2nd  6s,  1914  &  1929 Yes 

Corn  Products  Refining  Co.  S.  F.  Deb.  5s,  1931 No 

Corn  Products  Refining  Co.  1st  S.  F.  5s,  1934 Yes 

Cornell   Steamboat  Co.   5s No 

Corner  Realty  Co.    (St.  Louis)    1st  5s Yes 

Corning  &  Painters  Post  St.  Ry.  Co.  1st  5s,  1916 Yes 

Corning  Telephone  Co.  1st  5s,  1925 Yes 

Cornish  &  Kezar  Falls  Light  &  Power  Co.  5s No 

Corona  City  Water  Co.  1st  6s,  1921 No 

Corona  Power  &  Water  Co.  1st  6s,  1923 No 

Coronet  Phosphate  Co.  P.  M.   6s,   1929 Yes 

Coronet  Phosphate  Co.,  Pembroke  Tract.  P.  M.  6s,  1933 Yes 

Coronet  Phosphate  Co.  Romeo  Tract  P.  M.  6s,  1930 Yes 

Corporation  of  the  Fine  Arts  Building  1st  4%s,  1933 No 

Corporation  Security  Company   Bonds Yes 

Corpus  Christi  Gas  Co.  1st  5s,  1944 No 

Corrigan  Consolidated  St.  Ry.  1st  5s,  1916 Yes 

Corry-Deavitt-Frost  Electric   Co.   1st  6s,   1930 Yes 

Corsicana  Petroleum  Co.  6s,  1924 Yes 

Corsicana  Water  Supply  Co.  1st  6s,  1920 No 

Cortland  County  Traction  Co.  Reorg.  4s,  1921 Yes 

Cortland  County  Traction  Co.  Ref.  &  Ext.  5s,  1935 Yes 

Cortland  County  Traction  Co.  1st  &  Ref.  5s,  1957 Yes 

Cortland  Home  Telephone  Co.  1st  5s,  1921 No 

Cortlandt  Water   Co.   5s,    1940 Yes 

Cosden  &  Co.  1st  6s,  1923 Yes 

Coshocton  District  Gas  &  Fuel  Co.  Bonds Yes 

Coshocton  Gas  Co.  1st  6s,  1921 No 

Cosmopolitan  Electric  Co.  5%  Notes,  1920 Yes 

Costilla  Estates  Development  Co.  1st  Ref.  6s,  1924 Yes 

Cotton  Mills  Securities  Co.  Bonds Yes 

Council  Bluffs  Gas  &  Electric  Co.  5s,  1928 No 

Counties  Gas  &  Electric  Co.  Gen.  5s,  1962 Yes 

Country  Club   (Buffalo)   2nd  5s,  1923 Yes 

Country  Club   (Buffalo)   1st  5s,  1934 Yes 

Country  Club  of  Indianapolis  Bonds   No 

Country  Club  of  New  Orleans  1st  6s     Yes 

Country  Electric  Co.  1st  6s,  1931 Yes 

Courtland  Telephone   Co.   Bonds No 

Coving  Irrigation  Co.  7s No 

Covington  &  Cincinnati  Bridge  Co.  1st  4s,  1915 Yes 

Cowell  &  Hubbard  Co.  5%  Notes Yes 

Cowlitz  Lumber  Co.  1st  6s Yes 

Cox   (George  D.)    2nd  6s No 

Craig  Mountain  Lumber  Co.  1st  6s,  1916 Yes 

Craig  Mountain  Lumber  Co.  1st  &  Ref.  6s Yes 

Cramp  (Wm.  &  Sons)  Ship  &  Engine  Bldg.  Co.  3-yr.  6%  Notes,  1916  Yes 

41 


CRA-CUY 

Cramp  (Wm.  &  Sons)  Ship  &  Engine  Bldg.  Co.  Cons.  5s,  1923 Yes 

Cramp  (Wm.  &  Sons)  Ship  &  Engine  Bldg.  Co.  1st  5s,  1929 Ye3 

Crane  Iron  Works  1st  6s,  1939 Yes 

Crawford  (A.  O.)  Company  1st  6s,  1922 Yes 

Crawford  County  Mining  Co.  1st  5s Yes 

Crawfordsville  Water  &  Gas  Co.  1st  5s,  1928 Yes 

Crenentia  Land  &  Improvement  Co.  Bonds Yes 

Crescent  Bed  Co.   (New  Orleans)   1st  6s,  1915 Yes 

Crescent  City  Stock  Yds.  &  Slaughter  House  Co.,  Ltd.,  5s,  1932 No 

Creston  Gas  &  Electric  Co.  1st  6s,  1932 Yea 

Crocker  Hotel  Co.  1st  5%s,  1928 Yea 

Crompton  &  Knowles  Loom  Works  Deb.  6s,  1920 No 

Cromwell  Water  Co.  1st  5s,  1918 No 

Crcoksville  Coal   Co.  1st  6s Yes 

Crosby  Transportation  Co.  1st  Kef.  6s No 

Crossen  Car  Co.,  Ltd.,  1st  6s,  1936 No 

Crosstown  St.  Ry.  Co.   1st  5s,  1933 No 

Crosstown  St.  Ry.   (Buffalo)    1st  5s,  1932 Yes 

Crowell  &  Thurlow  Steamship  Co.  Ser.  "A"  6s,  1914-23 No 

Crowell  &  Thurlow  Steamship  Co.  Ser.  "B"  6s,  1914-25 No 

Crown  Columbia  Pulp  &  Paper  Co.  1st  6s,  1925 No 

Crown  Corset  Co.  Bonds Yes 

Crown  Hill  Cemetery  Association   1st  6s No 

Crown  Point  Water  Works  1st  6s No 

Croxton  Steamship  Co.  1st  5s Yes 

Crucible  Coal  Co.  1st  S.  F.  5s,  1936 Yes 

Crucible  Fuel  Co.  1st  &  Ref.  6s,  1924 Yes 

Cruse-Kempner  Co.  1st  Mtge.  Bonds Yes 

Cruse-Kempner  Co.  2nd  Mtge  Bonds Yes 

Crystal  River  Land  Co.  Bonds No 

Crystal  Spring  Bleaching  &  Dyeing  Co.  5s,  1940 Yes 

Cuba  Company  Deb.  6s,  1955 Yes 

Cuba  Distilling  Co.  1st  5s,  1914 Yes 

Cuba  R.  R.  1st  5s,  1952 Yes 

Cuba  R.  R.  Imp.   &   Equip.    5s,   1960 Yes 

Cuban-American  Sugar  Co.  Coll.  Tr.  5s,  1918 Yes 

Cuban  Commercial  &  Industrial  Co.  1st  7s Yes 

Cuban  Telephone  Co.  1st  5s,  1922 No 

Cucamonga  Water  Co.  1st  6s,  1922 Yes 

Cudahy  Packing  Co.  1st  5s,  1924 Yes 

Cumberland  Corporation  Coll.  Tr.  Conv.   5s,  1915 Yes 

Cumberland  County  Power  &  Light  Co.  1st  &  Ref.  5s,  1942 Yes 

Cumberland  Electric   Ry.    1st   5s,    1923 No 

Cumberland  &  Pennsylvania  Railroad  Co.  1st  5s,  1921 No 

Cumberland  R.  R.  Co.  1st  5s,  1958 No 

Cumberland  River  &  Tenn.  R.  R.  Co.  6s No 

Cumberland  Telephone  Co.  1st  5s,  1918 No 

Cumberland  Telegraph  &  Telephone  Co.  1st  5s,  1918 No 

Cumberland  Telegraph  &  Telephone  Co.  Deb.  5s,  1920 No 

Cumberland  Telegraph  &  Telephone  Co.  1st  &  Gen.  5s,  1937 Yes 

Current  River  R.  R.   Co.  1st  5s,   1927 Yes 

Cusack    (Thomas)    Co.   6s,   1923 Yes 

Cuyahoga  Company  1st  5s Yes 

Cuyahoga  Steamship  Co.  1st  5s Yes 

Cuyahoga  Telephone  Co.lst  5s,  1 919 Yes 

Cuyahoga  Telephone  Co.   (Indep.)   Conv.  Coll.  6%  Notes Yes 


12 


DAH-DAN 


D 
[This   space   for  your   personal    memoranda] 


D 

Dahlstrom  Metallic  Door  Co.  1st  6s Yes 

Dakota  Central  Telephone  Co.  1st  5s,  1915   No 

Dakota  &  Gt.   Southern  Ry.  Co.   1st  5s,  1916 No 

Dakota  Power   Co.   1st   6s,   1930 No 

Dakota-Western   Telephone  Co.    1st  6s,   1928 No 

Dallas,  Cleburn  &  S.  W.  Ry.  1st  5s,  1933 Yes 

Dallas  Consolidated  Blec.  St.  Ry.  1st  5s,  1921 Yes 

Dallas  Cotton  Mills  Co.  1st  6s,  1926 No 

Dallas  Elec.  Corp.  5%  Notes,  1917 Yes 

Dallas  Elec.  Corp.  1st  Coll.  5s,  1922 Yes 

Dallas  Gas  Co.  1st  5s,  1920 Yes 

Dallas  Ice  &  Power  Co.  Col.  Tr.  5s,  1921 Yes 

Dallas  Terminal  Ass'n  5-yr.  6s,   1917 No 

Dallas  &  Waco  Ry.  Co.  1st  5s,  1940 Yes 

Danbury  &  Bethel  Gas  &  Elec.  Lt.  Co.  1st  Ref .  5s,  1953 No 

Danbury  &  Bethel  Str.  Ry.  Deb.  Notes,  1918 Yes 

Danbury  &  Bethel  Str.  Ry.  Co.  6s,  1921 Yes 

Danbury  &  Bethel  Str.  Ry.  Cons.  5s,  1936 Yes 

Danbury  &  Bethel  Str.  Ry.  1st  &  Ref.  5s,  1943 Yes 

Danbury  &  Norwalk  R.  R.  Cons.  5s,  &  6s,  1920 No 

Danbury  &  Norwalk  R.  R.  Gen.  5s,  1925. No 

Danbury  &  Norwalk  R.  R.  1st  Ref.  4s,  1955 Yes 

Dansville  Gas  &  Elec.  Co.  1st  5s,  1930 No 

Danville  &  Grape  Creek  R.  R.  Co.  1st  6s,  1920 No 

43 


DAN-DE  K 

Danville  &  Southwestern  Ry.  Co.  1st  5s,  1929 No 

Danville  Str.  Ry.  &  Light  Co.  Ref.  5s,  1925 Yes 

Danville  Traction  &  Power  Co.  1st  5s,  1941 Yes 

Danville,  Urbana  &  Champaign  Ry.  1st  5s,  1923 Yes 

Danville  Water  Co.  1st  Cons.  6s,  1924 No 

Danville  Water  Co.  1st  Ref.  5s,  1933 No 

Darby  &  Yeadon  Str.  Ry.  1st  4%s,  1934 Yes 

Dardanelle  &  Russellville  Ry.  6s No 

Dare  Lumber  Co.  Bonds No 

Darkwater  Coal  Co.  1st  6s Yes 

Dartmouth  Mfg.  Corp.  4s,  1922 Yes 

Dartmouth  Mfg.  Corp.  4s,  1929 Yes 

Dauphin  Co.  Gas  Co.  Cons.  5s,  1925 Yes 

Davenport  Hotel  Co.  2nd  6s,  1922 No 

Davenport  Hotel  Co.   (Spokane,  Wash.)  1st  6s Yes 

Davenport  Locomotive  Works  6s,  1943 Yes 

Davies  Co.  (Win.),  Ltd.,  1st  6s,  1926 No 

Davis  Coal  Co.  1st  5s,  1916 No 

Davis  &  Geek,  Inc.,  1st  8s,  1926 Yes 

Davis  Sewing  Machine  Co.  1st  6s,  1915-24 No 

Davison  Chemical  Co.  1st  6s,  1932 Yes 

Davy-Pocahontas  Coal  Co.  Col.  6s,  1924 Yes 

Dawson  Railway  &  Coal  Co.  1st  &  Col.  Tr.  5s,  1951 Yes 

Dayton  Breweries  Co.  1st  6s,  1929 No 

Dayton,  Covington  &  Piqua  Trac.  Co.  2nd  6s,  1919 No 

Dayton,  Covington  &  Piqua  Trac.  Co.  1st  5s,  1922 No 

Dayton  Electric  Co.  1st  5s,  1921 Yes 

Dayton  Gas  Co.  1st  5s,  1930 Yes 

Dayton,  Lebanon  &  Cin.  R.  R.  &  Term.  Co.  1st  5s,  1922 Yes 

Dayton,  Lebanon  &  Cin.  R.  R.  &  Term.  Co.  6s Yes 

Dayton  Lighting  Co.  1st  &  Ref.  5s,  1937 Yes 

Dayton  &  Michigan  R.  R.  Cons.  5s,  1931 Yes 

Dayton  &  Michigan  R.  R.  Cons.  4V2s,  1931 Yes 

Dayton  Power  &  Light  Co.  1st  &  Ref.  5s,  1941 Yes 

Dayton,  Springfield  &  Urbana  Ry.  Co.  1st  5s,  1928 No 

Dayton,  Springfield  &  Xenia  So.  Ry.  1st  5s,  1923 No 

Dayton  Traction  Co.  1st  5s,  1916 No 

Dayton  Union  Ry.  Co.  1st  4s,  1949 Yes 

Daytona  Public  Service  Co.  6s,  1938 Yes 

Dearborn  Transit  Co.  Bonds Yes 

Decatur  Gas  &  Electric  Co.  1st  5s,  1929 Yes 

Decatur  Gas  &  Electric  Co.  Cons.  5s,  1930 Yes 

Decatur  Home  Telephone  Co.  1st  6s No 

Decatur  Ry.  &  Light  Co.  1st  &  Cons.  5s,  1933 Yes 

Decatur  Trac.  &  Elec.  Co.  1st  5s,  1921 Yes 

Decatur  Water  Supply  Co.  1st,  1927 Yes 

Decatur  Water  Supply  Co.  Inc.  5s,  1927 Yes 

Dedham  Club   5s   No 

Dedham  Electric  Co.  5%  Notes,  1921 No 

Dedham  &  Hyde  Pk.  Gas  &  Elec.  Lt.  Co.  1st  5s,  1918 No 

Dedham  Water  Co.  1st  5s,  1915 No 

Deep  Well  Water  Co.  1st  5s,  1950 Yes 

Deere  (John)  Bldg.  Co.  1st  5s,  1918 Yes 

Deere  &  Co.  5%  Notes,  1913-17 Yes 

Deere  &  Co.  Deb.  5s,  1917 Yes 

Deere  (John)  Wagon  Co.  6s,  1922 Yes 

Deerfield  Lumber  Corp.   5s Yes 

DeFremery  Wharf  &  Land  Co.  1st  6s,  1930 No 

De  Kalb  County  Gas  Co.  1st  5s,  1927 Yes 

De  Kalb,  Sycamore  Electric  Ry.  1st  5s,  1922 No 

44 


DE  K-DEN 

De  Kalb,  Sycamore  &  Interurban  Trac.  Co.  1st  Ref Yes 

Defiance  Gas  &  Electric  Co.  1st  5s,  1939 Yes 

Delancey  Amusement  Co.  2nd  6s,  1917 Yes 

Delaney  Forge  &  Iron  Co.  1st  6s,  1919 No 

Delano  Land  Co.  1st  5s,  1932 Yes 

Delaware  &  Bound  Brook  R.  R.  Co.  1st  Cons.  8%s,  1955 Yes 

Delaware  Co.  Col.  5s  Yes 

Delaware  Co.  (The)  of  N.  J.  Col.  Tr.  5s,  1930 Yes 

Delaware  Co.  and  Phila.  Elec.  Ry.  Co.  1st  5s,  1943 Yes 

Delaware  Gas  Light  Co.  1st  5s,  1939 Yes 

Delaware  &  Hudson  Conv.  Deb.  4s,  1916 No 

Delaware  &  Hudson  Co.  1st  L.  4V2s,  1922 Yes 

Delaware  &  Hudson  Co.  1st  &  Ref.  4s,  1943 Yes 

Delaware  &  Hudson  Canal  Co. — Penn.  Div.  7s,  1917 No 

Del.,  Md.  &  Va.  R.  R.  Co.  4s,  1922 Yes 

Delaware  R.  R.  Co.  Gen.  4%s,  1932 Yes 

Delaware  River  Ferry  Co.  of  N.  J.  1st  5s,  1921 Yes 

Delaware  Riv.  R.  R.  &  Bridge  Co.  1st  4s,  1936 Yes 

Delaware  River  Steel  Co.  1st  6s,  1931 Yes 

Delaware  Water  Co.  1st  5s,  1929 Yes 

Delhi  Water  Works  Co.  6s No 

Dells  Paper  &  Pulp  Co.  1st  6s Yes 

Dellwood  Farm  Co.  1st  6s No 

Delmarvia  Telephone   Co.   6s Yes 

Delmont  Gas  Coal  Co.  1st  5s Yes 

Delta  Elevator  Co.  6s No 

Delta  Land  &  Timber  Co.  1st  &  Ref.  6s,  1924 Yes 

Delta  Lumber  Co.  1st  5s,  1928 Yes 

Denham  Co.  (Robt.  S.)  Deb.  6%  Notes Yes 

Dennison  &  Pacific  Suburban  Ry.  Co.  1st  5s,  1930 Yes 

Denison  &  Sherman  Ry.  Co.  1st  5s,  1927 Yes 

Denison  &  Sherman  Ry.  2nd  6s Yes 

Denison  &  Washita  Vy.  Ry.  Co.  1st  6s Yes 

Dennison  Water  Supply  Co.  1st  6s,  1930 Yes 

Denny-Renton  Clay  &  Coal  Co.  1st  6s Yes 

Denton  Water,  Light  &  Power  Co.  Bonds Yes* 

Denver,  Boulder  &  West.  R.  R.  Co.  Inc.  5s,  1939 Yes 

Denver  Chamber  of  Commerce  Bonds No 

Denver  City  Tramway  Co.  2-yr.  5s Yes 

Denver  City  Tramway  Co.  1st  5s,  1919 Yes 

Denver  City  Tramway  Co.  1st  &  Ref.  5s,  1933 Yes 

Denver  Cons.  Tramway  Co.  1st  Cons.  5s,  1933 No 

Denver  Country  Club  Bonds Yes 

Denver  Gas  &  Electric  Co.  1st  5s,  1949 Yes 

Denver  Gas  &  Elec.  Lt.  Co.  6%  Notes,  1917 No 

Denver  Gas  &  Electric  Lt.  Co.  1st  &  Ref.  5s,  1951 Yes 

Denver  &  Inter-Mountain  R.  R.  1st  5s,  1938 Yes 

Denver,  Laramie  &  No.  West.  R.  R.  Co.  1st  5s,  1940 Yes 

Denver,  Northwestern  &  Pacific  Ry.  Equip.  5%  Notes,  1916 Yes 

Denver,  No.  West.  &  Pacific  Ry.  1st  4s,  1952 Yes 

Denver  &  No.  West.  Ry.  Co.  1st  Col.  5s,  1932 Yes 

Denver  Omnibus  &  Cab  Co.  6s Yes 

Denver  Publishing  Co.  Bonds  Yes 

Denver  Realty  Co.  Col.  5V2s,  1913 Yes 

Denver  &  Rio  Grande  R.  R.  Co.  Equip.  Tr.  "B"  5s,  1917 Yes 

Denver  &  Rio  Grande  R.  R.  Co.  Imp.  5s,  1928 Yes 

Denver  &  Rio  Grande  R.  R.  Co.  Cum.  Adj.  Inc.  7s,  1932 Yes 

Denver  &  Rio  Grande  R.  R.  Co.  1st  Cons.  4s,  1936 Yes 

Denver  &  Rio  Grande  R.  R.  Co.  1st  Cons.  4^8,  1936 Yes 

Denver  &  Rio  Grande  1st  &  Ref.  5s,  1955 Yea 

45 


DEN-DET 

Denver  Rockdrill  Mfg.  Co.  1st  6s,  Ser.  1913-21 Yes 

Denver  &  Salt  Lake  R.  R.  Co.  Equip.  5s,  1913-23 Yes 

Denver  &  Salt  Lake  R.  R.  1st  5s Yes 

Denver  &  Salt  Lake  R.  R.  Adj.  5s,  1943 Yes 

Denver  Suburban  Homes  &  Water  Co.  Col.  6%  Notes,  1916 Yes 

Denver  Suburban  Homes  &  Water  Co.  1st  6s Yes 

Denver  Tramway  Co.  Conv.  6s,  1919 No 

Denver  Tramway  Power  Co.  1st  5s,  1923 Yes 

Denver  Tramway  Terminals  Co.  1st  5s,  1936 Yes 

Denver  Union  Stock  Yard  Co.  1st  5s,  1926 Yes 

Denver  Union  Water  Co.  1st  5s,  1914 Yes 

Denver  United  Breweries  Co.,  Ltd.,  1st  6s No 

Depew  &  Lake  Erie  Water  Co.  2nd  5s,  1926 Yes 

Depew  &  Lake  Erie  Water  Co.  1st  5s,  1930 Yes 

Depew  &  Lancaster  Lt,  Pr.  &  Conduit  Co.  1st  5s,  1921 Yes 

Depew  &  Lancaster  Corp.  Col.  5s,  1927 Yes 

Derby  Gas  Co.  1st  4s,  1921 No 

Derby  Steam  Co.  5%s  No 

Derre  &  Co.  Ser.  5%  Notes Yes 

Derry  Water  Co.  1st  6s Yes 

Desert  PoAver  &  Water  Co.  1st  7s,  1931 Yes 

Des  Moines  &  Cent.  Iowa  Elec.  Co.  Col.  6s,  1937 No 

Des  Moines  City  Ry.  1st  Cons.  6s,  1919 No 

Des  Moines  City  Ry.  Ref .   5s,   1921 No 

Des  Moines  City  Ry.  Co.  1st  5s,  1922 No 

Des  Moines  City  Ry.  Co.  6s,  1923 No 

Des  Moines  Electric  Co.  1st  5s,  1938 Yes 

Des  Moines  &  Ft.  Dodge  R.  R.  Co.  1st  4s,  1935 Yes 

Des  Moines  &  Ft.  Dodge  R.  R.  2nd  5s,  1935 Yes 

Des  Moines  Gas  Co.  1st  5s,  1926 Yes 

Des  Moines,  Iowa  Falls  &  Northern  R.  R.  Eq.  6s,  1918 Yes 

Des  Moines  Str.  R.  R.  Co.  1st  6s,  Ser.  1919 No 

Des  Moines  Suburban  Str.  Ry.  1st  6s,  1906-21 Yes 

Des  Moines  Union  Ry.  1st  5s,  1917 No 

Des  Moines  Water  Co.  4s,  1917 Yes 

Des  Moines  Water  Co.  5s,  1947 Yes 

Des  Plaines  Valley  Ry.  Co.  1st  4y2s,  1947 Yes 

Detroit,  Bay  City  &  Western  R.  R.  Co.  1st  5s Yes 

Detroit  Board  of  Commerce  Bonds Yes 

Detroit  Boat   Club    Bonds No 

Detroit  Body    Co.   Bonds Yes 

Detroit  &  Buffalo  Steamboat  Co.  1st  5s,  1922 Yes 

Detroit  City  Gas  Co.  P.  L.  5s,  1923 Yes 

Detroit  City  Gas  Co.  Gen.  5s,  1923 Yes 

Detroit  Club  Bonds    Yes 

Detroit  Curling  Club  2nd  5s Yes 

Detroit  Edison  Co.  Conv.  Deb.  6s,  1920-1 Yes 

Detroit  Edison  Co.  Conv.  Deb.  6s,  1924 No 

Detroit  Edison  Co.  1st  5s,  1933 Yes 

Detroit  Electric  Ry.  Cons.  5s,  1916 Yes 

Detroit  &  Flint  Ry.  Co.  1st  Cons.  5s,  1921 Yes 

Detroit,  Ft.  Wayne  &  Belle  Isle  Ry.  1st  Cons.  5s,  1927 Yes 

Detroit  Gas  Co.  1st  Cons.  5s,  1918 No 

Detroit,  Grand  Haven  &  Milwaukee  Ry.  Eq.  6s,  1918 No 

Detroit,  Grand  Haven  &  Milwaukee  Ry.  Cons.  6s,  1918 No 

Detroit,  Grand  Rapids  &  West.  R.  R.  Co.  1st  Cons.  4s,  1946 Yes 

Detroit  Iron  &  Steel  Co.  1st  5s,  1925 \ Yes 

Detroit,  Jackson  &  Chicago  Ry.  Cons.  5s,  1937 Yes 

Detroit  &  Lake  St.  Clair  Ry.  1st  5s,  1920 Yes 

Detroit  &  Mackinac  Ry.  Co.  1st  L.  4s,  1995 Yes 

40 


DET-DOV 

Detroit  &  Mackinac  Ry.  4s,  1995 Yes 

Detroit,  Monroe  &  Tol.  Short  Line  Ry.  1st  5s,  1933 Yes 

Detroit  Motor  Boat  Co.  Bonds Yes 

Detroit  &  North  Western  Ry.  1st  4y2s,  1921 Yes 

Detroit  &  Pontiac  Ry.  1st  5s,  1922 Yes 

Detroit  &  Pontiac  Ry.  Co.  1st  Cons.  41/2s,  1926 Yes 

Detroit  &  Pt.  Huron  Short  Line  Ry.  1st  5s,  1950 Yes 

Detroit  Ry.  1st  5s,  1914-1924 Yes 

Detroit  River  Land  Co.   Bonds Yes 

Detroit  River  Telephone  Co.  6s,  1930 ; . .  No 

Detroit  River  Tunnel  Co. — Det.  Term.  &  Tunnel  1st  4y2s,  1961 Yes 

Detroit,  Rochester,  Romeo  &  Lk.  Orion  Ry.  1st  5s,  1920 Yes 

Detroit  Rock  Salt  Co.  1st  6s,  1932 Yes 

Detroit  Soda  Products  Co.  Bonds Yes 

Detroit  Steamship  Co.  Bonds Yes 

Detroit  &  Suburban  Gas  Co.  1st  5s,  1928 Yes 

Detroit,  Toledo  &  Ironton  R.  R.  Co.  Bq.  6s No 

Detroit,  Toledo  &  Ironton  R.  R.  Co.  1st  5s No 

Detroit  &  Toledo  Shore  Line  R.  R.  Co.  1st  4s,  1953 Yes 

Detroit  United  Ry.  Co.  Col.  6%  Notes Yes 

Detroit  United  Ry.  1st  Cons.  4y2s,  1932 Yes 

Detroit,  Ypsil.,  Ann  Arbor  &  Jack.  Ry.  1st  Cons.  5s,  1926 Yes 

Detroit,  Ypsil.  &  Ann  Arbor  Ry.  1st  6s,  1917 Yes 

Detroit,  Ypsil.  &  Ann  Arbor  Ry.  1st  Cons,  6s,  1924 Yes 

Dewees  (W.)  Wood  Co.  1st  5s,  1915-30 Yes 

Dexter  &  Newport  R.  R.  Co.  1st  4s,  1917 No 

Dexter  &  Piscataquis  R.  R.  Co.  1st  4s,  1929 - No 

Diamond  &  Caldor  Ry.  1st  5s,  1927 Yes 

Diamond  Match  Co.  (The)  Deb.  6s,  1920 Yes 

Dierks  Lumber  &  Coal  Co.  1st  6s Yes 

Dighton,  Somerset  &  Swansea  Str.  Ry.  Co.  1st  5s,  1915 No 

Dimmick  Paper  Co.  1st  6s,  1917 No 

Direct  Line  Telephone  Co.  1st  6s Yes 

Distillers  Securities  Corp.  Conv.  Col.  Tr.  5s,  1927 Yes 

Dixie  Brewing  Co.  1st  6s Yes 

Dixie  Cotton  Mills  Bonds  (La  Grange,  Ga.) No 

Dixie  Portland  Cement  Co.  1st  6s Yes 

Dixon  Home  Telephone  Co.  1st  6s No 

Dixon  Street  Realty  &  Inv.  Co.  1st  5s Yes 

Dodge  Co.  (The  P.  W.)  Deb.  6s,  1917 Yes 

Dodge  Mfg.  Co.  1st  6s,  1925 Yes 

Dolese  &  Shepard  Co.  1st  5s,  1921 No 

Dolese  &  Shepard  Co.  S.  F.  6s,  1930 No 

Domestic  Engineering  Co.  1st  6s No 

Domestic  Water  Co.   6s Yes 

Dominguez  Land  Corp.  1st  6s,  1922 Yes 

Dominion  Bessemer  Ore  Co.,  Ltd.,  1st  6s Yes 

Dominion  Canners,  Ltd.,  1st  6s,  1940 No 

Dominion  Coal  Co.,  Ltd.,  1st  5s,  1940 No 

Dominion  Gas  Co.  Col.  5s No 

Dominion  Glass  Co.,  Ltd.,  1st  6s,  1933 No 

Dominion  Natural  Gas  Co.,  Ltd.,  1st  6s Yes 

Dominion  Power  &  Transmission  Co.,  Ltd.,  1st  5s,  1932 Yes 

Dominion  Steel  Corp.,  Ltd.,  Deb.  5s,  1915 No 

Donohue  Hotel  Co.  1st  6s Yes 

Dorchester  Electric  Co.  1st  5s,  1951 No 

Dosewallips  Timber  Co.  1st  7s Yes 

Douglas  Steamship  Co.  Bonds Yes 

Douglas  Traction  &  Light  Co.  Bonds Yes 

Dover  Gas  Light  Co.  Cons.  5s,  1925 Yes 

47 


DOV-DUT 

Dover  Marble  Quarries  Inc.  Bonds No 

Dover,  Rockaway  &  Pt.  Oram  Gas  Co.  1st  5s,  1922 No 

Dover,  Somersworth  &  Rochester  Str.  Ry.  1st  5s,  1921 No 

Dow  Chemical  Co.  1st  6s,  1923 Yes 

Dowling  Shands  Lumber  Co.   1st  6s,  1923 Yes 

Down  Town  Realty  Co.  Bonds No 

Doylestown  &  Willow  Grove  Ry.  1st  4s,  1930 Yes 

Drake  Hotel  Co.  1st  5s Yes 

Dry  Dock  &  East  B'way  &  Battery  1st  5s,  1913 No 

DuBois  Elee.  &  Trac.  Co.  Col.  Tr.  5s,  1932 No 

DuBois  Traction  Co.  1st  7s,  1932 No 

Duenweg  Water  Works  Co.   Bonds Yes 

Duluth  Edison  Elec.  Co.  1st  5s,  1931 Yes 

Duluth  &  Iron  Range  R.  R.  Co.  2nd  6s,  1916 No 

Duluth  &  Iron  Range  R.  R.  1st  5s,  1937 No 

Duluth,  Missabe  &  Northern  Ry.  Co.  1st  6s,  1922 No 

Duluth,  Missabe  &  Northern  Ry.  1st  Cons.  6s,  1923 Yes 

Duluth,  Missabe  &  Northern  Ry.  Co.  Gen.  5s,  1941 Yes 

Duluth,  Rainy  Lake  &  Winnipeg  Ry.  Co.  1st  5s,  1916 Yes 

Duluth  Short  Line  Ry.  Co.  1st  5s,  1916 No 

Duluth,  So.  Shore  &  Atlantic  Ry.  Co.  Equip.  4s Yes 

Duluth,  So.  Shore  &  Atlantic  Ry.  Equip.  4%s Yes 

Duluth,  So.  Shore  &  Atlantic  Ry.  Co.  1st  5s,  1937 Yes 

Duluth  Str.  Ry.  Co.  1st  5s,  1930 Yes 

Duluth  Str.  Ry.  Co.  Gen.  5s,  1930 Yes 

Dun  (R.  G.)  &  Co.  Notes No 

Dunbar  Furnace  Co.  2nd  5s Yes 

Dunbar  Furnace  Co.  P.  L.  Bonds Yes 

Duncan  Coal  Co.  1st  6s,  1928 No 

Duncan  Coal  Co.  2nd   6s,    1935 No 

Dundee  Water,  Pr.  &  Land  Co.  1st  7s,  1922 Yes 

Dunkirk,  Allegheny  Vy.  &  Pitts.  R.  R.  Co.  1st  4V2s,  1960 Yes 

Dunkirk  &  Fredonia  Ref .  5s,  1952 Yes 

Dunkirk  Home  Telephone  Co.  Bonds Yes 

Dunlop  Tire  &  Rubber  Goods  Co.  1st  6s,  1927 No 

DuPont  Building  Corp.  5s,  1940 Yes 

Du  Pont  (E.  I.)  De  Nemours  Powder  Co.  1st  &  Col.  Tr.  5s,  1922. . .  Yes 

Du  Pont   (E.  I.)  De  Nemours  Powder  Co.  4V2s,  1936 Yes 

Du  Pont  International  Powder  Co.  Col.  5s,  1934 Yes 

Du  Pont  Ry.  &  Land  Co.  Conv.  6s,  1924 Yes 

Du  Pont  Ry.  &  Land  Co.  1st  5s,  1926 Yes 

Du  Pont  Ry.  &  Land  Co.  Gen.  &  Imp.  6s,  1932 Yes 

Du  Quoin  Water  Works  Co.  1st  6s,  1999 No 

Duquesne  Traction  Co.  1st  5s,  1930 Yes 

Durant  Ice  &  Light  Co.  Bonds Yes 

Durham  Coal  &  Iron  Co.  1st  5s,  1936 Yes 

Durham  Duplex  Razor  Co.  6s,  1921 Yes 

Durham  &  Northern  Ry.  Co.  1st  6s,  1928 No 

Durham  &  South  Carolina  R.  R.  1st  5s,  1941 Yes 

Durham  Traction  Co.  1st  5s,  1941 Yes 

Dutchess  Co.  R.  R.  Co.  1st  4y2s,  1940 Yes 

Dutton  Phosphat  Co.  1st  5s Yes 


48 


EAG-EAS 


E 
[This  space  for  your  personal  memoranda] 


E 

Eagle  Glass  &  Manufacturing  Co.  1st  6s Yes 

Eagle  Pass  Water  Co.  1st  5s,  1943 Yes 

Eagle  &  Phenix  Mills  1st  5s,  1926 No 

Eagles  Mere  R.  R.  1st  5s,  1942 Yes 

East  Broad  Top  R.  R.  &  Coal  Co.  1st  4s,  1958 Yes 

East  Broad  Top  R.  R.  Co.  2nd  Inc.,  1958 Yes 

East  Carolina  Lumber  Co.  1st  6s,  1919 Yes 

East  Carolina  Ry.  Co.  1st  4s,  1936 No 

East  Chicago  Co.  Deb.  6s No 

East  Chicago  &  Indiana  Harbor  Water  Co.  1st  5s,  1927 Yes 

East  Creek  Elec.  Lt.  &  Power  Co.  1st  &  Ref.  5s,  1960 Yes 

East  Creek  Elec.  Lt.  &  Power  Co.  5s,  1912,  Extended No 

East  End  Elec.  Lt.  Co.  1st  6s,  1915 No 

East  End  Pass.  Ry.  1st  6s,  1913 Yes 

East  Greenwich  Water  Supply  Co.  1st  5s No 

East  Greenwich  Water  Supply  Co.  2nd  6s No 

East  Hampton  Elec.  Lt.  Co.  6s Yes 

East  Jersey  Coast  Water  Co.  1st  Mtge.  Bonds Yes 

East  Jersey  Str.  Ry.  1st  5s,  1944 Yes 

East  Jersey  Water  Co.  1st  5s,  1958 Yes 

East  Jordan  Elec.  Lt.  &  Pr.  Co.  Bonds Yes 

East  Liverpool  Ry.  1st  5s,  1917 Yes 

49 


EAS-EAS 

East  McKeesport  Str.  Ry.  Co.  1st  5s,  1929 Yes 

East  Middlesex  Str.  Ry.  Deb.  5s,  1918 No 

East  Middlesex  Str.  Ry.  Deb.  4s,  1922 No 

East  Ohio  Gas  Co.  1st  5s,  1939 Yes 

.East  Pennsylvania  Gas  &  Elec.  Co.  1st  5s,  1942 Yes 

East  Pennsylvania  R.  R.  Co.  1st  4s,  1958 Yes 

East  Pittsburgh  Improvement  Co|  1st  5s Yes 

East  Pittsburgh  Water  Co.  1st  6s,  1920 No 

East  Reading  Elec.  Ry.  1st  5s,  1937 Yes 

East  St.  Louis  City  Water  Co.. Cons.  6s No 

East  St.  Louis,  Columbia  &  Waterloo  Ry.  1st  5s,  1932 No 

East  St.  Louis  Gas  Light  Co.  1st  5s,  1922 Yes 

East  St.  Louis  &  Granite  City  Water  Co.  5s No 

East  St.  Louis  Light  &  Power  Co.  1st  5s,  1940 Yes 

East  St.  Louis  Ry.  Co.  1st  5s,  1932 Yes 

East  St.  Louis  &  Suburban  Co.  Conv.  6s,  1919 Yes 

East  St.  Louis  &  Suburban  Co.  Col.  5s,  1932 Yes 

East  Shore  &  Suburban  Ry.  Co.  1st  5s,  1940 No 

East  Shore  Water  Co.  1st  5s,  1915 Yes 

East  Side  Elec.  Ry.  Co.  1st  5s,  1911 Yes 

East  Side  Packing  Co.  1st  6s Yes 

East  Side  Traction  Co.  1st  5s,  1929 No 

East  Tenn.,  Va.  &  Ga.  R.  R.  Co.  1st  5s,  1930 No 

East  Tenn.,  Va.  &  Ga.  Ry.  Co.  Cons.  1st  5s,  1956 Yes 

East  Tenn.  &  West.  North  Carolina  R.  R.  Co.  1st  5s,  1935 Yes 

Eastern  Illinois  Ry.  Co.  1st  5s Yes 

Eastern  Kentucky  Coal  Co.  6s Yes 

Eastern  Kentucky  Coal  Co.  P.  L.  6s Yes 

Eastern  Leather  Co.  1st  5s,  1926 Yes 

Eastern  Mfg.  Co.  1st  5s,  1914-37 Yes 

Eastern  Mfg.  Co.  Col.  Tr.  6%  Notes Yes 

Eastern  Michigan  Edison  Co.  1st  5s,  1931 Yes 

Eastern  Oregon  Lt.  &  Pr.  Co.  1st  &  Ref.  6s Yes 

Eastern  Pennsylvania  Power  Co.  Cons.  &  P.  M.  6s,  1917 Yes 

Eastern  Pennsylvania  Power  Co.  1st  &  Ref.  5s,  1939 Yes 

Eastern  Penna.  Pr.  Co.  &  Easton  Gas  Wks.  Co.  2d  6s,  1917 Yes 

Eastern  Penna.  Pr.  Co.  &  Easton  Gas  Wks.  Co.  Jt.  Cons.  &  Pur. 

6%  Notes,  1917..  No 

Eastern  Penna.  Railways  Co.  1st  5s,  1936 Yes 

Eastern  Power  &  Light  Corp.  Conv.  5s,  1918 Yes 

Eastern  Ry.— North.  Div.  1st  4s,  1948 No 

Eastern  Star  Temple  Ass'n  Bonds Yes 

Eastern  States  R.  E.  Trust  1st  5s,  1939 Yes 

Eastern  States  Refrigerating  Co.  1st  6s,  1926 No 

Eastern  Steamship  Corp.  1st  5s,  1927 Yes 

Eastern  Steamship  Corp.  1st  &  Ref.  5s,  1941 Yes 

Eastern  Steel  Co.  1st  5s,  1931 Yes 

Eastern  Tablet  Co.  Bonds  Yes 

Eastern  Texas  Elec.  Co.  3-yr.  6%  Notes,  1916 Yes 

Eastern  Texas  Elec.  Co.  1st  Col.  5s,  1942 Yes 

Eastern  Texas  Trac.  Co.  1st  5s,  1942 Yes 

Eastern  Wisconsin  Ry.  &  Lt.  Co.  1st  5s,  1923 Yes 

Eastern  Yacht  Club  1st  4s,  1931 Yes 

Eastman  Car  Co.  1st  5s Yes 

Easton  &  Amboy  R.  R.  Co.  of  N.  J.  1st  5s,  1920 Yes 

Easton  Consolidated  Elec.  Co.  Col.  Tr.  5s,  1949 Yes 

Easton  Gas  Works  1st  Cons.  5s,  1950 '. Yes 

Easton  &  Northern  R.  R.  Co.  1st  4%s,  1935 Yes 

Easton,  Palmer  &  Bethlehem  Str.  Ry.  1st  5s,  1919 Yes 

Easton  Power  Co.  1st  5s,  1940 Yes 

60 


EAS-ELK 

Easton  &  So.  Bethlehem  Transit  Co.  1st  5s Yes 

Eastport  Water  Co.  1st  5s,  1918 No 

Eastport  Water  Co.  Cons.  6s,  1931 No 

Eatonton  Branch  R.  R.  Co.  1st  5s,  1926 Yes 

Eau  Claire  Gas  Light  Co.  1st  5s,  1925 Yes 

Ebensburg  Coal  Co.  1st  6s Yes 

Economic  Gas  Co.  1st  5s,  1940 Yes 

Economy  Light  &  Power  Co.  1st  5s,  1956 Yes 

Eddystone  Water  Co.  6s,  1919 Yes 

Edge  Hill  Land  Co.  1st  6s Yes 

Edgewater  Golf  Club  6s,  1920 No 

Edgeworth  Club  2nd  5s Yes 

Edgeworth  Water  Co.  1st  5s,  1945 Yes 

Edison  Electric  Co.  (Los  Angeles)  1st  5s,  1929 Yes 

Edison  Electric  Co.  (The),  Los  Angeles,  1st  &  Ref.  5s,  1922' Yes 

Edison  Electric  Co.  (Los  Angeles)  6s Yes 

Edison  Electric  Co.  (New  Orleans)  1st  5s,  1929 Yes 

Edison  Electric  Illuminating  Co.   (Ashland,  Pa.)  1st Yes 

Edison  Electric  Illuminating  Co.  (Brockton)  20-yr.  5%  Notes,  1921  No 

Edison  Electric  Illuminating  Co.  (Brockton)  1st  5s,  1930 Yes 

Edison  Electric  Illuminating  Co.  (B'klyn,  N.  Y.)  1st  Cons.  4,  1939.  Yes 

Edison  Electric  Illuminating  Co.  of  New  Brunswick  6s,  1914 No 

Edison  Electric  Illuminating  Co.  of  N.  Y.  1st  Cons.  5s,  1995 Yes 

Edison  Electric  Illuminating  Co.  of  Paterson  5s,  1925 No 

Edison  Electric  Illuminating  Co.  of  Williamsport,  Pa.,  1st  5s Yes 

Edison  Electric  Light  Co.  5%  Ctfs.,  1946 Yes 

Edison  Electric  Light  &  Power  Co.,  Erie,  Pa.,  1st  6s,  1943 Yes 

Edison  Illuminating  Co.  (Monmouth,  111.)  1st  5%s,  1915 No 

Edison  Light  &  Power  Co.  1st  6s,  1921 No 

Edison  Portland  Cement  Co.  1st  6s,  1929 Yes 

Edwards  Co.   (Wm.)   1st  5%s Yes 

Effingham  Electric  Light  &  Power  Co.  1st  6s Yes 

Eigenbrot  Brewing  Co.  Bonds Yes 

Eighteenth  Str.  Realty  Co.  1st  5s Yes 

Eighth  Ave.  R.  R.  Co.  6%  Ctfs.  of  Ind No 

El  Dorado  Coal  &  Mining  Co.  1st  6s,  1919-28 Yes 

Electric  Boat  Co.  Conv.  6%  Notes,  1915 Yes 

Electric  Co.  of  Mo.  (The)  1st,  1953 Yes 

Electric  Grain  Elevator  Co.  1st  5s,  1919 Yes 

Electric  Light  Co.  of  Elizabeth  City  1st  5s,  1933 Yes 

Electric  Light  &  Power  Co.  of  Abington  &  Rockland  1st  5s,  1919 No 

Electric  Motor  Co.  2nd  6s Yes 

Electric  Properties  Corp.  Deb.  6s,  1918 No 

Electrical  Development  Co.  of  Out.,  Ltd.,  1st  5s,  1933 No 

Electrical  Securities  Corp.  Ser.  5s Yes 

Electro  Metallurgical  Co.  1st  6s Yes 

Elgin  American  Gas  Co.  1st  6s,  1917 Yes 

Elgin,  Aurora  &  Southern  Trac.  Co.  1st  Cons.  5s,  1916 Yes 

Elgin,  Joliet  &  Eastern  Ry.  Co.  1st  5s,  1941 Yes 

Elizabeth,  Plainfield  &  Cent.  Jersey  Ry.  1st  5s,  1950 No 

Elizabeth  &  Raritan  Riv.  Str.  Ry.  Co.  Gen.  5s,  1954 Yes 

Elizabeth  River  R.  R.  Co.  1st  4s Yes 

Elizabeth  &  Trenton  R.  R.  Co.  1st  5s,  1962 Yes 

Elizabeth  Water  Co.  1st  6s,  1916 No 

Elizabethtown  Gas  Light  Co.  1st  4V2s,  1932 Yes 

Elizabethtown  Water  Co.  1st  Ref.  4s,  1919 Yes 

Elk  Horn  Fuel  Co.  1st  Conv.  5-yr.  5%  Notes,  1918 Yes 

Elka  Park  Association  1st  4s Yes 

Elks  Investment  &  Construction  Co.  1st  6s Yes 

Elkhart  Gas  &  Fuel  Co.  1st  5s,  1924 No 

51 


ELK-ENG 

Elkhart  Gas  &  Fuel  Co.  1st  &  Ref.  5s,  1929 Yes 

Elkhart  Manufacturing  Co.  1st  6s Yes 

Elkin  &  Allegheny  Ry.  1st  6s Yes 

Ellenville  &  Kingston  R.  R.  1st  4s,  1955 No 

Ellicott  Square  Co.  of  Buffalo  1st  5s,  1935 Yes 

Ellicott  Square  Co.  of  Buffalo  2nd  5s,  1935 Yes 

Elliott  Splint  Coal  Co.  1st  6s Yes 

Ellsworth  Coal  Co.  5s,  1925 Yes 

Ellworth  Collieries  Co.  Col.  P.  M.  5s,  1907-27 Yes 

Ellwood  &  Koppel  Bridge  Co.  Bonds Yes 

Ellwood  Short  Line  R.  R.  1st  5s,  1922 Yes 

Elmira  &  Seneca  Lake  Trac.  Co.  1st  5s,  1926 Yes 

Elmira  Telephone  Co.  5s,  1926 Yea 

Elmira  Water,  Light  &  R.  R.  Co.  Deb.  6%  Notes,  1914 No 

Elmira  Water,  Light  &  R.  R.  Co.  P.  M.  5s,  1949 Yes 

Elmira  Water,  Light  &  R.  R.  Co.  5s,  1949 Yes 

Elmira  Water,  Light  &  R.  R.  Co.  1st  Cons.  5s,  1956 Yes 

Elmira  &  Williamsport  R.  R.  Co.  1st  4s,  1950 Yes 

Elmira  &  Williamsport  R.  R.  Co.  Inc.  5s,  2862 No 

Elms  Realty  Co.  &  W.  Wood  1st  6s Yes 

Elms  Realty  Co.  &  W.  Wood  2nd  5s Yes 

El  Paso  Electric  Co.  1st  Col.  5s,  1932 Yes 

El  Paso  Gas  Co.  1st  5s,  1943 Yes 

El  Paso  &  Rock  Island  Ry.  Co.  1st  5s,  1951 Yes 

El  Paso  &  Southwestern  R.  R.  Co.  1st  5s,  1923 Yes 

El  Paso  Union  Pass.  Depot  Co.  1st  5s,  1916-35 Yes 

El  Reno  Interurban  Ry.  Co.  1st  5s,  1941 Yes 

El  Tiro  Copper  Co.  1st  6s,  1917 Yes 

Ely  Realty  Co.  1st  6s No 

Ely  Water  Co.  1st  6s Yes 

Elyria  Gas  &  Electric  Light  Co.  1st  6s,  1921 No 

Elyria,  Grafton  &  Southern  1st  5s,  1922 Yes 

Elyria  &  Oberlin  Electric  Ry.  Co.  1st  6s,  1917 Yes 

Elwood   Electric  Co.   5s No 

Emery  Steamship  Co.  6s,  1924 Yes 

Empire  Building  Trust  4V2%  Notes,  1921 No 

Empire  City  Subway  Co.,  Ltd.  (Tel.  &  Tel.),  1st  6s,  1942 No 

Empire  City  Subway  Co.,  Ltd.  (Low  Tension),  1st  6s,  1942 No 

Empire  City  Subway  Co.,  Ltd.,  2nd  6s,  1942 No 

Empire  Coal  Land  Corp.  1st  5s Yes 

Empire  Coke  Co.-Interurban  Gas  Co.  Jt.  1st  5s,  1923 Yes 

Empire  District  Elec.  Co.  Col.  6%  Notes No 

Empire  District  Elec.  Co.  1st  5s,  1949 Yes 

Empire  Elec.  Pr.  &  Supply  Co.  1st  5s,  1912-21 No 

Empire  Gas  &  Elec.  &  Empire  Coke  Co.  Jt.  1st  &  Ref.  5s,  1941 Yes 

Empire  Land  Co.  1st  6s Yes 

Empire  Limestone  Co.  1st  5s,   1922 Yes 

Empire  Lumber  Co.  1st  6s,  1930 Yes 

Empire  Navigation  Co.  1st  6s,  1929 No 

Empire  Passenger  Ry.  1st  3^s,  1930 Yes 

Empire  Security  Co.   Bonds Yes 

Empire  Steamship  Co.  1st  5s Yes 

Empire  Steel  &  Iron  Co.  Col.  6%  Notes,  1914-18 Yes 

Empire  United  Rys.  1st  &  Ref.  5s,  1963 Yes 

Emporia  Elec.  &  Gas  Lt.  Co.  1st  5s,  1942 No 

Emporia  Gas  Co.  1st  5s,  1942 Yes 

Emporia  Ry.  &  Light  Co.  1st  6s,  1930 ". Yes 

Emporia  Telephone  Co.   Bonds Yes 

Engineers  Club  2nd  4s Yes 

Engineers  Specialty  Co.  1st  6s No 


ENG-EST 

England  Transit  Co.  Bonds Yes 

Englewood  Gas  &  Elec.  Co.  1st  5s,  1939 No 

Enid  City  Ry.  1st  5s,  1927 No 

Enid  Elec.  &  Gas  Co.  1st  6s,  1920 Yes 

Ennis  Compress  Co.  1st  6s No 

Enoree  Power  Co.  Bonds Yes 

Enterprise  Lumber  Co.   4s No 

Enterprise  Mfg.  Co.  1st  5s,  1923 No 

Enterprise  Mfg.  Co.  of  Penna.  1st  5s No 

Entiat  Lt.  &  Power  Co.  1st  6s,  1928 No 

Equitable  Gas  &  Elec.  Co.,  Utica,  1st  5s,  1942 Yes 

Equitable  Gas  Light  Co.  P.  M.  4%s No 

Equitable  Gas  Light  Co.  (Memphis)  5s,  1929 Yes 

Equitable  Gas  Light  Co.  (N.  Y.)  Cons.  5,  1932 No 

Equitable  111.  Gas  Lt.  Co.  of  Phila.  1st  5s,  1928 Yes 

Equitable  Life  Assurance  Society  Deb.  Bonds No 

Equitable  Office  Bldg.  Corp.  6s,  1943 Yes 

Erie  Brewing  Co.  1st  5s Yes 

Erie  Co.  Electric  Co.  1st  4s,  1952 Yes 

Erie  Co.  Electric  Co.  Cons.  6s,  1959 Yes 

Erie  Co.  Electric  Co.  2nd  6s . . ' Yes 

Erie  Electric  Motor  Co.  1st  6s,  1919 Yes 

Erie  Electric  Motor  Co.  2nd  6s,  1919 Yes 

Erie  Electric  Motor  Co.  1st  Ref.  5s,  1941 Yes 

Erie  Hotel  Co.  1st  5s,  1933 Yes 

Erie-Huron  Realty  Co.  1st  6s Yes 

Erie  Lighting  Co.  1st  5s,  1942 Yes 

Erie  &  Pittsburgh  Deb.  3%s No 

Erie  &  Pittsburgh  R.  R.  Co.  Gen.  3^s,  1940 Yes 

Erie  R.  R.  Eq.  Tr.  4s,  Ser.  "H" Yes 

Erie  R.  R.  Eq.  Tr.  4s,  Ser.  "J" No 

Erie  R.  R.  Eq.  Tr.  4V2s,  1917,  "K" No 

Erie  R.  R.  Eq.  Tr.  5s,  Ser.  "L" No 

Erie  R.  R.  Eq.  Tr.  5s,  Ser.  "M" Yes 

Erie  R.  R.  Eq.  Tr.  5s,  1917,  "N" Yes 

Erie  R.  R.  Eq.  Tr.  5s,  1908-17,  "O" Yes 

Erie  R.  R.  Eq.  Tr.  4%s,  1912-23,  "Q" Yes 

Erie  R.  R.  Eq.  Tr.  Ser.  "R" Yes 

Erie  R.  R.  Eq.  Tr.  Ser.  "S" Yes 

Erie  R.  R.  Eq.  Tr.  5s,  Ser.  "U" Yes 

Erie  R.  R.  Equip.  5%  Notes,  1923,  "V" Yes 

Erie  R.  R.  Col.  5s,  1915 Yes 

Erie  R.  R.  Cons.  7s,   1920    No 

Erie  R.  R.  Gen.  Cons.  4s,  1953,  Ser.  "A,"  "B"  &  "C" Yes 

Erie  R.  R.  Cons.  P.  L.  4s,  1996 Yes 

Erie  R.  R.  Cons.  G.  L.  4s,  1996 Yes 

Erie  R.  R. — Buffalo  Branch  1st  Ext.  4s,  1931 No 

Erie  R.  R—  Buf.  &  So.  Western  Div.  2nd  5s,  1918 Yes 

Erie  R.  R.  Penna.  Col.  Tr.  4s,  1951 Yes 

Erie  Steamship  Co.  1st  5s No 

Erie  &  Suburban  Ry.  Co.  1st  5s,  1941 Yes 

Erie  Trac.  Co. — Erie  Div.  1st  5s,  1929 Yes 

Erie  &  Western  Transportation  Co.  Guar.  4s,  1925 Yes 

Escanaba  Power  Co.  1st  6s,  1914 Yes 

Escanaba  Traction  Co.  1st  &  Ref.  5s,  1934 Yes 

Escanaba  Traction  Co.  2nd  5s,  1934 Yes 

Esperanza  Consolidated  Oil  Co.  5s Yes 

Essex  Co.  Club  1st  4s,  1934 No 

Estate  of  N.  Law  1st  6s No 

Estrella  Ranch  Corp.  Ref.  6s No 

53 


EUC-EXP 

Euclid  Arcade  Bldg  Co.  6s Yes 

Euclid-Boulevard  Co.  1st  6s Yes 

Euclid  Co.  1st  6s   Yes 

Euclid  Co.  2nd   6s    Yes 

Euclid  Doan  Co.  1st  &  Lease.  Mtge.  6s Yes 

Euclid  Doan  Co.  1st  6s Yes 

Euclid  Holding  Co.  10-yr.  5s,  1921 Yes 

Euclid-Park  Co.  1st  6s Yes 

Euclid  Point  Co.  1st  6s Yes 

Euclid  Prospect  Investment  Co.  1st  6s Yes 

Euclid  Stone  &  BricK  Co.  1st  6s Yes 

Euclid  Villa  Building  Co.   1st  6s Yes 

Eureka  Construction  Co.  Col.  Tr.  6s Yes 

European  &  No.  American  Ry.  1st  4s,  1933 No 

Evanston  Ry.  Co.  1st  6s,  1933 Yes 

Evanston  Ry.  Co.  Gen.  6s,  1933 Yes 

Evansville  Belt  Ry.  1st  5s,  1940 Yes 

Evansville  &  Eastern  Elec.  Co.  1st  5s,  1936 Yes 

Evansville  Electric  Ry.  1st  4s,  1921 Yes 

Evansville  Gas  &  Elec.  Lt.  Co.  1st  Ref.,  1932 Yes 

Evansville  Gas  &  Elec.  Co.  1st  5s,  1932 Yes 

Evansville  &  Indianapolis  R.  R.  Co.  1st  Cons.  6s,  1926 No 

Evansville,  Mt.  Carmel  &  Northern  Ry.  Co.  1st  4V2s,  1960 Yes 

Evansville  &  Mt.  Vernon  Elec.  Ry.  1st  5s,  1925 Yes 

Evansville  &  Princeton  Trac.  Co.  1st  5s,  1923 Yes 

Evansville  Public  Service  Co.  1st  Cons.  &  Ref.  5s,  1943 No 

Evansville  Railways  Co.  Col.  6%  Notes,  1918 Yes 

Evansville  Railways  Co.  1st  &  Ref.  5s,  1953 Yes 

Evansville  &  So.  Indiana  Traction  1st  Cons.  5s,  1937 Yes 

Evansville  Suburban  &  Newburgh  Ry.  1st  5s,  1934 Yes 

Evansville  Terminal  Ry.  Co.  1st  5s,  1939 Yes 

Evansville  &  Terre  Haute  R.  R.  Equip.  4%s,  Ser.  "B" Yes 

Evansville  &  Terre  Haute  R.  R.  Equip.  Ser.  "C" Yes 

Evansville  &  Terre  Haute  R.  R.  Co.  1st  Cons.  6s,  1921 Yes 

Evansville  &  Terre  Haute  R.  R.  Co.  1st  Gen.  5s,  1942 Yes 

Evansville  &  Terre  Haute  R.  R.  Ref.  5s,  1941 Yes 

Evansville  &  Terre  Haute  R.  R.  Co.— Mt.  Vernon  Br.  1st  6s,  1923. . .  Yes 

Evansville  &  Terre  Haute  R.  R.— Sull.  Co.  Coal  Br.  1st  5s,  1930 Yes 

Evansville,  Terre  Haute  &  Chicago  Ry.  Co.  Inc.  6s,  1920 No 

Evards   (James)   Breweries  5s No 

Everett  Gas  Co.  1st  5s,  1940 Yes 

Everett  Ry.  &  Electric  Co.  1st  5s,  1921 Yes 

Everett  Ry.,  Lt.  &  Water  Co.  1st  Cons.  5s,  1925 Yes 

Everett  Water  Co.  1st  5s,  1921 Yes 

Excelsior  Club  25-yr.  4s Yes 

Exchange  Buffet  Corp.  Conv.  Deb.  6s,  "A,"  1915-25 No 

Exeter,  Hampton  &  Amesbury  Str.  Ry.  1st  5s,  1928 Yes 

Exeter  Water  Works  1st  4^s,  1923 No 

Exmoor  Country  Club  1st  5s Yes 

Exporters  &  Traders  Ware.  &  Comp.  Co.  6s No 


M 


FAI-FED 


F 

[This    space   for   your   personal    memoranda] 


F 

Fairhaven  City  Water  &  Power  Co.  1st  6s,  1932 No 

Fairmont  &  Clarkesburg  Trac.  Co.  1st  5s,  1938 No 

Fairmont  &  Cleveland  Coal  Co.  1st  6s,  1924 Yes 

Fairmont  Coal  Co.  1st  5s,  1931 No 

Fairmont  Coal  &  Coke  Co.  1st  4s,  1919 Yes 

Fairmont  &  Mannington  R.  R.  Co.  1st  5s,  1926. No 

Fairmont  Park  Trans.  Co.  1st  &  Col.  Tr.  5s No 

Fairmont  Park  Trans.  Co.  1st  5s,  1937 No 

Fairservice  (Alston)  &  Wife,  Lulu  Fairservice,  1st  6s,  1912-21 Yes 

Fairview  (The)  &  Intermountain  Ry.  Co.  1st  5s No 

Fall  River  Bleachery  1st  5s,  1919 Yes 

Far  West  Lumber  Co.  1st  6s Yes 

Fargo  &  Moorehead  Str.  Ry.  Co.  1st  5s,  1925 No 

Fargo  &  Moorehead  Str.  Ry.  Co.  2nd  6s,  1925 Yes 

Fargo  &  Southern  Ry.  Co.  1st  6s,  1924 No 

Farm  Land  Investment  Co.  1st  6s,  1919 Yes 

Farmers  High  Line  Canal  &  Reservoir  Co.  1st  6s No 

Farrar  Transportation  Co.  Bonds Yes 

Farwell  Apartments  1st  Ser.  5^8 Yes 

Fay  (J.  A.)  &  Egan  Co.  1st  6s,  1943 No 

Fayette  Co.  Coal  Co.  1st  6s Yes 

Fayette  Home  Telephone  Co.  1st  5s,  1921 No 

Fayetteville  Gas  &  Elec.  Co.  1st  6s,  1928 Yes 

Federal  Coal  &  Coke  Co.  1st  6s No 

Federal  Commercial  Co.  Bonds Yes 

Federal  Consolidated  Monumental  Granite  Co.  Bonds No 

Federal  Distilling  Co.  Bonds   (Pittsburg,  Pa.) Yes 

Federal  Light  &  Traction  Co   Deb.  6s,  1922 No 

Federal  Light  &  Trac.  Co.  6  &  7%  Notes,  1923 No 

Federal  Light  &  Trac.  Co.  1st  5s,  1942 No 

55 


FED-FLO 

Federal  Publ.  Co.  Col.  6s,  1920 Yes 

Federal  Str.  &  Pleasant  Vy.  Pass.  Ry.  Co.  5s,  1919 Yes 

Federal  Str.  &  Pleasant  Vy.  Pass.  Ry.  Gen.  Cons.  5s,  1942 Yes 

Federal  Sugar  Ref .  Co.  of  New  York  Ref .  5s,  1914 Yes 

Federal  Tel.  &  Tel.  Co.  1st  &  Ref.  5s,  1959 Yes 

Fee  Realty  Co.  1st  6s Yes 

Fell  Mfg.  Co.  1st  &  Col.  6s Yes 

Fellsmere  Farms  Co.  1st  6s,  1925 Yes 

Fellsmere  Farms  Co.  Deb.  6%  Notes Yes 

Fentress  Coal  &  Coke  Co.  1st  5s Yes 

Fenway  Garage  Co.  1st  5s Yes 

Fenway  Realty  Co.  5s,  1930 Yes 

Fernwood  &  Gulf  R.  R.  1st  6s,  1936 Yes 

Ferris  &  Cliff  House  1st  6s,  1914 No 

Fertile  Valley  Farm  Land  Co.  1st  6s,  1918 Yes 

Fidelity  Investment  Co.  1st  6s Yes 

Fidelity  Lumber  Co.  1st  6s Yes 

Field  Club  of  Greenwich,  Conn.,  Bonds Yes 

Fifth  Ave.  Bond  &  Mortgage  Co.  1st  Cons.  6s Yes 

Fifth  Ave.  &  Wood  Str.  Corp.  Bonds No 

Finch,  Pruyn  &  Co.  Inc.  6s,  1934 No 

Finch,  Pruyn  &  Co.  Inc.  6s,  1936 No 

Finch,  Pruyn  &  Co.  Inc.  6s,  1944 No 

Findlay  Home  Telephone  Co.  1st  5s,  1921 No 

Fire  Companies  Bldg.  Corp.  1st  4y2s,  1961 Yes 

Fireproof  Building  Co.  1st  6s Yes 

Fireproof  Storage  Co.  1st  6^s,  1918 No 

Fireproof  Warehouse  Co.  1st  6s Yes 

First  Church  of  Christ,  Scientist,  1st  6s  (Lakewood,  O.) Yes 

First  Federal  Trust  Co.  1st  5s,  1943 No 

First  Mortgage  &  Real  Estate  Co.  1st  5s,  Ser.  "C" No 

First  National  Soo  Line  Bldg.  Co.  5s,  1920 No 

First  Presbyterian  Church  of  Lagrange  1st  6s No 

Fischer  Lumber  Co.  1st  Ser.  6s,  1914-23 Yes 

Fisher   (Lucius  G.)    1st  4%s No 

Fishkill  &  Matteawan  Equitable  Gas  Co.  Bonds No 

Fiske  Wharf  &  Warehouse  Trust  4%  Notes,  1921 No 

Fitchburg  &  Leominster  Str.  Ry.  1st  5s,  1917 No 

Fitchburg  &  Leominster  Str.  Ry.  Cons.  41/2s,  1921 No 

Fitchburg  R.  R.  3^s,  4s  &  4y2s,  1914-37 No 

Fitzgerald,  Ocilla  &  Broxton  R.  R.  1st  6s,  1937 Yes 

Flambeau  Paper  Co.  Bonds Yes 

Fleischmann  Realty  &  Constr.  Co.  8%  Bonds Yes 

Flint  Gas  Co.  1st  5s,  1924 No 

Flint  &  Pere  Marquette  R.  R.  1st  Cons.  5s,  1939 Yes 

Flint  &  Pere  Marquette  R.  R.— Pt.  Huron  Div.  1st  5s,  1939 Yes 

Flint  &  Pere  Marquette  R.  R—  Tol.  Div.  1st  5s,  1937 Yes 

Flint  Riv.  &  Northeastern  R.  R.  1st  6s No 

Flora   Sugar  Co.  1st  6s,   1925 Yes 

Florala  Saw  Mill  Co.  1st  6s,  1913-15 Yes 

Florence  &  Cripple  Creek  R.  R.  1st  6s,  1934 No 

Florence  Water  Co.  5s No 

Florida  &  Alabama  Land  Co.  Bonds Yes 

Florida  Cent.  &  Peninsular  R.  R.  1st  5s,  1918 No 

Florida  Cent.  &  Peninsular  R.  R.  1st  Ext.  5s,  1930 No 

Florida  Cent.  &  Peninsular  R.  R.  1st  Cons.  5s,  1943 No 

Florida  Central  R.  R.  1st  6s,  1910-14 * No 

Florida  Central  R.  R.  3rd  6s,  1930 No 

Florida  East  Coast  Ry.  Co.  Equip.  Tr.  Ser.  "A"  5s No 

Florida  East  Coast  Ry.  Co.  1st  4^s,  1959 Yes 

56 


FLO-FT.  W 

Florida  East  Coast  Ry.  Co.  Gen.  Inc.  2%s,  ZV2s,  4s  &  5s,  1959 Yes 

Florida  Publishing  Co.  6s   No 

Florida  Southern  R.  R.  Co.  1st  4s,  1945 No 

Florida  West  Shore  Ry.  Co.  1st  5s,  1934 Yes 

Floriston  Investment  Co.  Bonds Yes 

Flushing  &  College  Point  Ry.  Co.  1st  5s,  1925 No 

Fonda,  Johns.  &  Glov.  R.  R.  Co.  Cons.  6s,  1921 No 

Fonda,  Johns,  &  Glov.  R.  R.  Co.  1st  Cons.  Ref.  4%s,  1947 Ye- 

Fonda,  Johns.  &  Glov.  R.  R.  Co.  Gen.  Ref.  4s,  1950 Yes 

Fonda,  Johns.  &  Glov.  R.  R.  Co.  1st  Cons.  Gen.  Ref.  4^s,  1952 Yes 

Fond  du  Lac  Str.  Ry.  &  Light  Co.  1st  5s,  1924 Yes 

Fond  du  Lac  Water  Co.  1st  5s No 

Fontana  Co.  1st  6s,  1915-20 Yes 

Foote  &  Davies  Co.  1st  6s No 

Ford  Collieries  Co.  1st  5s Yes 

Fore  River  Shipbuilding  Corp.  1st  5s,  1915-33 Yes 

Forest  City  Paint  &  Varnish  Co.  6%  Notes No 

Forestry  Corp.  1st  5s,  1930 Yes 

Forestry  Corp.  P.  M.  5s,  1930 Yes 

Ft.  Bragg  Elec.  Co.  Bonds No 

Ft.  Dearborn  Safe  Dep.  Co.  1st  Ref.  5s,  1916-25 Yes 

Ft.  Dodge,  Des  Moines  &  Southern  R.  R.  1st  5s,  1938 No 

Ft.  Dodge  Portland  Cement  Corp.  6s,  1922 Yes 

Ft.  Dodge  Str.  Ry.  Co.  1st  6s,  1938 No 

Ft.  Lyon  Canal  Co.  Bonds Yes 

Ft.  Madison  Gas  Light  Co.  1st  5s,  1925 Yes 

Ft.  Madison  Water  Co.  Reg.  5s Yes 

Ft.  Orange  Club  Bonds Yes 

Ft.  Pierce  (Fla.)  Public  Utility  6s Yes 

Ft.  Pitt  Brewing  Co.  Bonds   Yes 

Ft.  Pitt  Trac.  Co.  1st  5s,  1935 Yes 

Ft.  Schuyler  Club  Bonds Yes 

Ft.  Scott  Gas  &  Elec.  Co.  5s,  1922 No 

Ft.  Scott  &  Nevada  L.,  H.,  W.  &  P.  Co.  1st  6s,  Ser.  1914-32 Yes 

Ft.  Scott  Sorghum  Syrup  Co.  1st  6s Yes 

Ft.  Smith  Light  &  Trac.  Co.  Deb.  6s,  1918 No 

Ft.  Smith  Light  &  Trac.  Co.  1st  5s,  1936 Yes 

Fort  Street  Union  Depot  Co.  1st  &  2nd  5s,  1915 Yes 

Fort  Street  Union  Depot  Co.  1st  4%s,  1941 Yes 

Ft.  Sumner  &  Pecos  Land  Co.  Bonds No 

Ft.  Wayne,  Bluffton  &  Marion  Trac.  Co.  1st  5s,  1935 Yes 

Ft.  Wayne  &  Northern  Indiana  Trac.  Co.  Col.  Tr.  6%  Notes Yes 

Ft.  Wayne  &  Northern  Indiana  Trac.  Co.  Car  Tr.  5s,  1919 Yes 

Ft.  Wayne  &  Northern  Indiana  1st  Ref.  5s,  1931 Yes 

Ft.  Wayne  &  Northwestern  Ry.  Co.  1st  5s. No 

Ft.  Wayne  Power  Co.  Bonds,  1937 No 

Ft.  Wayne  &  Springfield  Ry.  Co.  1st  5s,  1930 Yes 

Ft.  Wayne  Traction  Co.  1st  4s,  1929 Yes 

Ft.  Wayne,  Van  Wert  &  Lima  Trac.  Co.  1st  5s,  1930 Yes 

Ft.  Wayne  &  Wabash  Vy.  Trac.  Co.  Car  Tr.  Ser  "A" Yes 

Ft.  Wayne  &  Wabash  Vy.  Trac.  Co.  1st  Cons.  5s,  1934 Yes 

Ft.  William  Henry  Hotel  1st  4s Yes 

Ft.  Worth  &  Denver  City  Ry.  Co.  Ser.  "A"  5s,  1914 

Ft.  Worth  &  Denver  City  Ry.  Eq.  Tr.  5s,  1917,  "B" No 

Ft.  Worth  &  Denver  City  Ry.  1st  6s,  1921 No 

Ft.  Worth  &  Denver  Terminal  Ry.  1st  6s,  1937 Yes 

Ft.  Worth  Elevators  Co.  1st  6s Yes 

Ft.  Worth  Gas  Co.  1st  6s No 

Ft.  Worth  &  New  Orleans  Ry.  Co.  1st  6s,  1925 No 

Ft.  Worth  Power  &  Light  Co.  1st  5s,  1931 Yes 

57 


FT.  W-PRI 

Ft.  Worth  &  Rio  Grande  Ry.  Co.  1st  4s,  1928 Yes 

Ft.  Worth  Stock  Yards  Co.  1st  5s,  1922 Yes 

Forty  Cedar  Street  1st  5s No 

Forty-second  Str.,  Manhattanv.  &  St.  Nich.  Ave.  Ry.  Co.  1st  5s,  1940.  Yes 

Fosburgh  Lumber  Co.  1st  6s,  1919 Yes 

Foster   (J.)   Co.  1st  6s Yes 

Foster  Scott  Ice  Co.  Bonds No 

Fostoria  &  Fremont  Ry.  Co.  1st  5s,  1930 Yes 

Foulds  Milling  Co.  1st  6s,  1922 Yes 

Fountain  Cotton  Mills  Co.  Is  5s,  1922 No 

Four  States  Coal  &  Coke  Co.  1st  5s No 

Four  States  Coal  &  Coke  Co.  1st  5%s,  1930 No 

Fourche  River  Vy.  &  Indian  Territory  Ry.  1st  5s Yes 

Fowler  (The)  Association,  Inc.  Bonds No 

Fowler  (The)   Association  Bonds Yes 

Fox  River  Valley  Gas  &  Elec.  Co.  1st  5s,  1921 Yes 

Framingham,  Southboro  &  Marlborough  St.  Ry.  Co.  1st  5s,  1919 Yes 

Frances  Apartments  1st  6s Yes 

Francisco  Sugar  Co.  1st  6s,  1939 Yes 

Frankford  &  Southwark  Phila.  City  Pass.  Ry.  Co.  3^s Yes 

Frankford,  Tacony  &  Holmesburg  Str.  Ry.  1st  5s,  1940 Yes 

Frankfort  Water  Co.  1st  5s,  1936 No 

Franklin  Building  Co.  1st  5s Yes 

Franklin  Coal  &  Coke  Co.  1st  6s Yes 

Franklin  (S.)  Co.  Bonds Yes 

Franklin  Company  Building  6s No 

Franklin  Steamship  Co.  Bonds Yes 

Franklin  Steel  Co.  1st  6s Yes 

Franklin  Water,  Light  &  Power  Co.  5s,  1922 Yes 

Franzheim  (H.  C.)  Building  Co.  1st  6s !No 

Frederick  Gas  &  Elec.  Co.  1st  5s,  1929 Yes 

Frederick  &  Middletown  Elec.  Ry.  1st  5s,  1935 Yes 

Freehold  Investment  Co.  1st  6s,  1924 Yes 

Freehold  &  Jamesburg  Agri.  R.  R.  Co.  Deb.  4s,  1919 No 

Freeport  Gas  Co.  1st  5s,  1932 Yes 

Freeport  Ry.  &  Light  Co.  1st  Cons.  5s,  1935 Yes 

Freeport  Ry.,  Lt.  &  Pr.  Co.  1st  Cons.  5s,  1922 Yes 

Freeport  &  Tampico  Fuel  Oil  Corp.  Deb.  8s No 

Freeport  &  Tampico  Fuel  Oil  Corp.  Conv.  Deb.  8s No 

Freeport  Water  Co.  1st  5s,  1913-32 Yes 

Fremont,  Elkhorn  &  Mo.  Vy.  R.  R.  Co.  Cons.  6s,  1933 No 

Fremont  Gas,  Elec.  Lt.  &  Pr.  Co.  1st  6s,  1950 Yes 

Fremont  Gas,  Elec.  &  Pr.  Co.  Bonds Yes 

French  Lick  Springs  Hotel  Co.  1st  5s No 

French  Opera  Ass'n  1st  6s Yes 

Fresnillo  Co.  Deb.  6s,  1918 Yes 

Fresno  City  Ry.   1st   6s,   1922 Yes 

Fresno  City  Water  Co.  1st  5s,   1946 No 

Fresno  Estate   Co.  6s No 

Fresno  Flume  &  Lumber  Co.  1st    Ser.    6s Yes 

Fresno  Flume  &  Lumber  Co.  6%   Notes    No 

Fresno  Hotel  Co.  6s No 

Fresno  Traction   Co.   1st  5s,   1944 No 

Fretz  Realty  Co.  2nd  6s Yes 

Frick  (H.  C.)  Coke  Co.  1st  5s,  1910-18 Yes 

Frick  (H.  C.)  Coke  Co.  1st  P.  M.  5s,  1915-44 '. Yes 

Fries  Mfg.  &  Power  Co.  1st  5s,  1940 Yes 

Frisbie  &  Stansfield  Knitting  Co.  6s,  1934 No 

Frisco  Annex  Realty  Co.  1st  5s,  1928 Yes 

Frisco  Building  Co.  1st  5s,  1928 Yes 

68 


FRI-GAI 

Frisco  Construction  Co.  Equip.  "B"  5s,  1922 Yes 

Frisco  Office  Bldg.  Co.  1st  6s,  1916 Yes 

Front  &  Fifth  Strts.  Ry.  1st  5s,  1933 Ye 

Front  &  Union  Street  Ry.  Co.  1st  6s No 

Frontier  Steamship  Co.   1st   5s,   1918 Yes 

Frontier  Steamship  Co.   1st   5s,   1919 Yes 

Frontier  Telephone  Co.   1st   5s,   1922 Yes 

Frontier  Water  Co.  (Fairfield,  Me.)  Bonds No 

Frost-Johnson  Lumber  Co.  1st  &  Ref .  6s,   1919 Yes 

Frostburg,  Eckhart  &  Cumberland  Ry.  1st  5s,  1926 Yes 

Fruit  Growers  Refrigerating  &  Pr.  Co.  1st  Mtge.  Bonds Yes 

Fuld  &  Hatch  Knitting  Co.  1st  6s Yes 

Fuller  Manufacturing  Co.  (The)  1st  5s,  1922 Yes 

Fulton  Bag  &  Cotton  Co.  1st  5s,  1924-1933 No 

Fulton  Bag  &  Cotton  Mills   Gen.   5s,   1923 No 

Fulton  Bldg.   Co.  Inc.   1st  6s No 

Fulton  County  Coal  Mining  Co.  1st  6s No 

Fulton  Co.  Gas  &  Elec.  Co.  6%  Notes,  1916 Yes 

Fulton  Co.  Gas&  Elec.  Co.  1st  5s,  1936 No 

Fulton  Fuel  &  Light  Co.  1st  5s,  1927 No 

Fulton  Iron  Works  Inc.  1st  6s,  1919,  Ser.  A. .' No 

Fulton  Iron  Works  Inc.  Ser.  B  Bonds No 

Fulton  Light,  Heat  &  Power  Co.  1st  5s,  1932 Yes 

Fultonville  Water  Co.  1st  5s Yes 

Furst-Clark  Construction  Co.  1st  5s,  1931 Yes 


[This   space  for  your   personal   memoranda] 


G 

Gage  Canal  Co.  6%  Notes Yes 

Gage  (Robt.)    Coal  Co.  Bonds Yes 

Gage  Co.  Gas  Light  &  Power  Co.  1st  6s,  1929 Yes 

Gage  Park  Realty  Trust  Co.  1st  L.  6s,  1913-17 Yes 

Gainesville  Gas  &  Elec.  Co.  1st  5s,  1931 Yes 

Gainesville  Midland  Ry.  6%   Notes,   1916,   Ser.   "A" Yes 

Gainesville  Midland  Ry.  6%  Notes,  1916,  Ser.  "B" Yes 


GAI-GEN 

Gainesville  Midland  Ry.  1st  5s,  1935 Yea 

Gainesville  Ry.  &  Pr.  Co.  20-yr.  6s,  1930 Yes 

Gainesville,  Whitesboro  &  Sherman  Ry.  1st  6s No 

Galesburg  Gas  &  Electric  Light  Co.  1st  5s,  1919 Yes 

Galesburg  &  Kewaunee  Elec.  Ry.  Co.  1st  5s,  1926 Yes 

Galesburg  Ry.  &  Lt.  Co.  5s,  1934 Yes 

Galesburg  Ry.,  Ltg.  &  Pr.  Co.  1st  Ref.  5s,  1938 No 

Galesville  Water  Co.  1st  6s,  1919 Yes 

Galion  Water  Works  Co.  1st  5s No 

Galloway  Co.   ( Wm.)   1st  Ser.  6s,  1912-21 Yes 

Galveston  Electric  Co.  1st  5s,  1940 Yes 

Galves.,  Harris  &  San  Ant.  Ry.  Co. — Mex.  &  Pac.  Ext.  2nd  6s,  1931  Yes 

Galves.,  Harris.  &  San  Ant.  Ry. — Mex.  &  Pac.  W.  Div.  5s,  1931 Yes 

Galves.,  Harris.  &  San  Ant.  R.  R.— Galves.-Vict.  Div.  1st,  1940 Yes 

Galveston-Houston  Elec.  Ry.  Co.  1st  5s,  1954 Yes 

Galveston,  Houston  &  Henderson  R.  R.  Co.  1st  5s,  1933 No 

Galveston  Terminal   Ry.    1st   6s Yes 

Galveston  Wharf  Co.  5s,  1926    No 

Galveston  Wharf  Co.  5s,  1932    No 

Galveston  Wharf  Co.  5s,  1940   No 

Gamewell  Fire  Alarm  Telegraph  Co.  1st  6s,  1917 No 

Gammill  Lumber  Co.  1st  6s,  1914-23 Yes 

Garden  City  Brewery  1st  5y2s,  1920 No 

Garden  City  Lumber  Co.  1st  5%s,  1920 No 

Garden  City  Estates   5s,   1917 Yes 

Garden  City  Estates  Deb.  6s No 

Garden  City  Sugar  &  Land  Co.  1st  Ref.  6s,  1934 No 

Garden  City  Sugar  &  Land  Co.  Inc.  6s No 

Garden  Pk.  Irrigation  Co.  Bonds Yes 

Gardiner  Dairy  Co.  1st  6s,  1929 No 

Gardner,  Westminster  &  Fitchburg  St.  Ry.  1st  5s,  1920 No 

Garland  Corp.  (The)   1st  6s,  1936 Yes 

Garlock  Packing  Co.  1st  5s,  1950 Yes 

Garrison  Wagner  Printing  Co.  1st  6s No 

Gary  Connecting  Rys.  1st  5s,  1921 Yes 

Gary  Heat,  Light  &  Water  Co.  1st  5s Yes 

Gary  &  Inter.  R.  R.,  Goshen,  So.  Bend  &  Chic.  R.  R.,  Gary  &  Inter. 

Ry.,  Gary  Connect.  Rys.,  Val.  &  No.  Ry.  6%  Notes,  1915  Yes 
Gary  &  Inter.  R.  R.,  Goshen,  So.  Bend  &  Chic.  R.  R.,  Gary  &  Inter. 

Ry.,  Val.  &  No.  Ry.  6%   Notes,  1915..  Yes 

Gary  &  Interurban  Ry.  Equip.   5s    Yes 

Gary  &  Interurban  Ry.  Conv.  6%  Notes,   1915 Yes 

Gary  &  Interurban  Ry  1st  Ref.  5s,  1930 Yes 

Gary  &  Southern  Trac.  Co.  1st  5s,  1931 Yes 

Gas  Co.  of  Montgomery  Co.  1st  4s,  1960 No 

Gas  &  Electric  Co.  of  Bergen  Co.  Cons.  5s,  1949 No 

Gas  &  Electric  Co.  of  Bergen  Co.  Gen.  5s,  1954 Yes 

Gas  Light  Co.  of  Augusta  1st  5s,  1936 Yes 

Gas  Light  Co.  of  Waverly,  N.  Y.,  1st  5s,  1929 No 

Gaston    Co.    Gas    Co.    1st   6s Yes 

Gatlin  Investing  Co.  1st  5V2s Yes 

Gatlin  Investing  Co.  3rd   6s    Yes 

General  Asphalt  Co.   Deb.   5s,  1916 No 

General  Baking  Co.  5%  Notes,  1915 Yes 

General  Baking  Co.  1st  6s,   1936 Yes 

General  Cartage  &  Storage  Co.  1st  5s \ No 

General  Electric  Co.  Deb.   5s,   1922 Yes 

General  Electric  Co.  Deb.   5s,   1952 Yes 

General  Electric  Co.  Deb.   3y2s,   1940 Yes 

General  Felt  &  Paper  Mills  (East  St.  Louis)  1st  5s,  1929 No 

60 


GEN-GER 

General  Founders    Co.    Bonds Yea 

General  Gas  &  Elec.  Co.  Col.  Tr.  6%   Notes,   1916 No 

General  Gas  &  Elec.  Co.  1st  Conv.   5s,   1932 Ye? 

General  Manifolding  &  Prtg.  Co.  1st  4s,  1922 Yes 

General  Motors  Co.  (Mich.)  1st  6%  Notes Yes 

General  Motors  Co.  1st  L.  6s,  1915 Yes 

General  Petroleum  Co.  Conv.  6%   Notes No 

General  Petroleum  Co.  1st   6s,    1931 Yes 

General  Pipe  Line  Co.  1st  6s,  1925-. Yes 

General  Porcelain    Co.    Bonds Yes 

General  Ry.  Signal  Co.  1st  6s,  1927 Yea 

General  Roofing  Mfg.  Co.   1st  6s Yes 

General  Rubber  Co.  Deb.  4%s    Yes 

General  Water  Co.  1st  5s,  1928 Yes 

Genesee  Light  &  Power  Co.  6s,  1933 Yes 

Genesee  &  Wyoming  R.  R.  1st  5s,  1929 No 

Geneva  Gas  Co.  1st  5s,  1917 Yes 

George  Urban  Milling  Co.  1st  5s,  1923 Yes 

George's  Creek   Coal  &   Iron   Co.   4%s Yes 

Georgetown  Gas  Light  Co.  1st  5s,   1961 Yes 

Georgetown  &  Lexington  Ry.  1st  5s,  1921 No 

Georgetown  &  Lexington   Trac.   Co.   5s No 

Georgetown,  Rowley  &  Ipswich  St.  Ry.  Co.  1st  5s,  1920 No 

Georgetown  &  Western  R.  R.,  Ser.    "A"   5s,    1942 Ye 

Georgetown  &  Western  R.  R.,  Ser.  "B"  5s,  1942 Yes 

Georgia  &  Alabama  Ry.  Cons.   5s,   1945 Yes 

Georgia  &  Alabama  Terminal  Co.   1st  5s,   1948 Yes 

Georgia,  Carolina  &  Northern  R.  R.  Co.  1st  5s,  1929 No 

Georgia-Carolina  Power  Co.  1st  5s,   1952 Yes 

Georgia  Coast  &  Piedmont  R.  R.  Inc.  Deb.  6s,  1932 No 

Georgia  Coast  &  Piedmont  R.  R.  Co.  1st  5s,  1946 Yes 

Georgia  Coast  &  Piedmont  R.  R.  Co.  1st  5s,  1962 Yes 

Georgia  Elec.  Light  Co.  1st  5s,  1930 Yes 

Georgia  &  Florida  Terminal  Co.  1st  6s,  1930 Ye 

Georgia  &  Florida  Ry.  Co.  Notes,  1918    Yes 

Georgia  &  Florida  Ry.  Co.  Gen.  6s,    1932 Yes 

Georgia  &  Florida  Ry.  Co.  1st    5s,    1956 Yes-' 

Georgia,  Florida  &  Alabama  Ry.  Co.  1st  5s,  1954 Yes 

Georgia  Land  &  Loan  Co.  Col.   5s No 

Georgia  Lt,  Pr.  &  Rys.  Co.  1st  L.  5s,  1941 Yes 

Georgia  Mfg.  &  Realty  Co.  1st  4%s No 

Georgia  Marble  Co.  1st  6s,  1919 No 

Georgia  Midland  Ry.  Co.  1st  3s,  1946 Yes 

Georgia  Pacific  Ry.  Co.  1st  6s,  1922 No 

Georgia  R.  R.  &  Banking  Co.  Cur.  5s,  1922 No 

Georgia  R.  R.  &  Banking  Co.  Ref.  Cur.  5s,  1922' No 

Georgia  R.  R.  &  Banking  Co.  Deb.  6s,  1922 No 

Georgia  R.  R.  &  Banking  Co.  Ref.  Deb.  5s  &  4s,  1922  &  1927 No 

Georgia  R.  R.  &  Banking  Co.  Deb.  5s  &  6s,  1922 No 

Georgia  R.  R.  &  Banking  Co.  Ref.  Deb.  4s,  1947 No 

Georgia  Ry.  &  Elec.  Co.  1st  Cons.  5s,  1932 Yes 

Georgia  Ry.  &  Elec.  Co.  Ref.  &  Imp.  5s,  1949 Yes 

Georgia  Ry.  &  Pr.  Co.  1st  &  Ref.  5s,  1977 No 

Georgia  Southern  &  Florida  Ry.  Co.  Equip.  4%S,  C  &  D,  1920  &  1922.  Yes 

Georgia  Southern  &  Florida  Ry.  Co.  1st  5s,  1945 Yes 

Georgia  Southern  &  Florida  1st  Cons.  4s,  1952 Yes 

Georgia,  Southwestern  &  Gulf  R.  R.  5s,  1949 Yes 

Georgia  Terminal  Co.  1st  5s,  1927 Yes 

Georgian  Co.  (The)  1st  6s Yes 

German-American  Car  Co.  1st  Car  Tr.  6s Yes 

61 


GER-GOS 

German-American  Portland  Cement  Works  1st  Cons.  6s,  1921 Yes 

German-American  Real  Estate  Co.  Bonds,  1928 Yes 

German  American  Realty  Co.  1st  6s Yes 

German  House  Association  Bonds Yes 

Germania  Maennerchor  1st  5s Yes 

Germantown  Cricket  Club  2nd  5s Yes 

Germantown  Ice  Mfg.  Co.  5s,  1922 Yes 

Gettysburg  &  Harrisburg  Ry.  Co.  Cons.  5s,  1926 Yes 

Giant  Portland  Cement  Co.  1st  6s,  Ser.  1916 Yes 

Gibson  Copper  Co.  Conv.  6s,  1919 No 

Gila  Valley,  Globe  &  Northern  Ry.  Co.  1st  5s,  1924 No 

Gilchrist  Transportation  Co.  1st  5s Yes 

Gill  Bros.  Co.  Bonds No 

Gilpin  Co.  Lt,  Ht.  &  Pr.  Co.  Bonds Yes 

Gilpin  Tramway  Co.  1st  6s,  1919 Yes 

Girard  Cotton  Co.  5s,  1922 No 

Girard  Point  Storage  Co.  1st  3*4s,  1940 No 

Giroux  Cons.  Mines  Co.  1st  6s,  1918 Yes 

Gisholt  Machine  Co.  1st  5V2s,  1921 Yes 

Gladwin  Lt.  &  Pr.  Co.  Bonds No 

Gleason  Coal  &  Coke  Co.  1st  6s Yes 

Glendive  Amusement  Co.  1st  Ref.  5%s No 

Glen  Echo  Country  Club  1st  6s,  1914 Yes 

Glen  Oak  Country  Club  1st  5s Yes 

Glen  Telephone  Co.  R.  E.  6s,  1934 Yes 

Glen  View  Club  1st  5s,  1917 No 

Glens  Falls  Gas  &  Elec.  Co.  1st  5s,  1919 Yes 

Glens  Falls  Portland  Cement  Co.  6s No 

Glens  Falls,  Sandy  Hill  &  Ft.  Edw.  Street  Ry.  Co.  2nd  6s No 

Glens  Falls,  Sandy  Hill  &  Ft  Edw.  Street  Ry.  Co.  1st  6s No 

Glens  Falls,  Sandy  Hill  &  Ft.  Edw.  Street  Ry.  Co.  3rd  6s,  1921 No 

Glenwood  Highway  Bridge  Co.  Gen.  6s Yes 

Glickman  &  Stahl  1st  5s No 

Glidden  Varnish  Co.  (The)  1st  tfs,  1922 Yes 

Globe  Lt.  &  Power  Co.  1st  6s,  1929 Yea 

Gloucester  Elec.  Co.  1st  5s,  1918 Yes 

Gloucester,  Essex  &  Beverly  Street  Ry.  Co.  1st  5s,  1916 No 

Gloucester  Ferry  Co.  1st  5s Yes 

Gloucester  &  Rockport  Street  Ry.  Co.  6%  Notes,  1915 No 

Gloversville  &  Broadalbin  R.  R.  1st  5s,  1925 No 

Goebel  Brewing  Co.  Bonds Yes 

Goffs  Falls,  Litchfield  &  Hudson  Street  Ry.  Co.  1st  5s,  1926 Yes 

Gold  &  Stock  Telegraph  Co.  Deb.  4M>s,  1915 No 

Golden  Circle  R.  R.  1st  6s,  1934 Yes 

Golden  Gate  Commandery  Co.  Bonds Yes 

Golden  Pressed  Brick  &  Fire  Clay  Co.  1st  6s No 

Goldfleld  Cons.  Water  Co.  1st  6s,  1927 Yes 

Goldsboro  Gas  Co.  5s,  1920 Yes 

Goodland  Light  &  Power  Co.  Bonds Yes 

Good  Luck  Mining  &  Milling  Co.  Bonds Yes 

Goodman  Mfg.  Co.  1st  5%s,  1918 Yes 

Goodrich  Transit  Co.  1st  6s,  1914-18  &  1920 Yes 

Gordon  Coal  &  Coke  Co.  1st  5s Yes 

Gordon  Heights  Ry.  1st  5s,  1924 No 

Gordon  &  Pagel  Co.  Bonds Yes 

Gorelock  Realty  Co.  1st  5s Yes 

Goshen  &  Deckertown  R.  R.  Co.  1st  Ext.  6s,  1928 . .  *. No 

Goshen  &  Deckertown  R.  R.  Co.  2nd  Ext.  6s,  1929 No 

Goshen  Gas  Co.  1st  6s,  1929 Yes 

Goshen  Gas  Co.  1st  Cons.  5s,  1942 No 


GOS-GRE 

Goshen,  So.  Bend  &  Chic.  R.  R.  6%  Notes No 

Gosport  Electric  Co.  6s No 

Goss  Printing  Press  Co.  6%  Notes Yes 

Gottlieb-Bauerschmidt-Strauss  Brewing  Co.  1st  4s,  1951 Yes 

Gottlieb-Bauerschmidt-Strauss  Brewing  Co.  2nd  Inc.  5s,  1951 Yes 

Gould  Land  Co.  1st  6s No 

Goulds  Mfg.  Co.  Deb.  5s,  1915 Yes 

Gould's  Manufacturing  Co.  1st  6s,  1927 Yes 

Gouverneur  &  Oswegatchie  R.  R.  Co.  1st  5s,  1942 No 

Grabow  Co.  (E.  R.)   1st  5s,  1933 Yes 

Grace  Dollar  Steamship  Co.  Bonds Yes 

Grafton  Water  Co.  1st  5s Yes 

Graham  Lumber  Co.  1st  6s,  Ser Yes 

Granby  Cons.  Mining,  Smelting  &  Pr.  Co.,  Ltd.,  1st  6s,  1928 Yes 

Granby     Pulp  &  Paper  Co.  Bonds No 

Grand  Forks  Gas  &  Elec.  Co.  Ref.  5s,  1925 Yes 

Grand  Haven  Gas  Co.  1st  5s,  1930 No 

Grand  Island  S.  S.  Co.— Str.  Wm.  G.  Mather  1st  5s No 

Grand  Island  S.  S.  Co.— Str.  J.  H.  Sheadle  1st  5s No 

Grand  Island  S.  S.  Co.— Str.  Ishpeming  1st  5s No 

Grand  Island  S.  S.  Co. — Str.  Michigan  1st  5s No 

Grand  Junction  Elec,  Gas  &  Mfg.  Co.  1st  5s,  1927 Yea 

Grand  Junction  &  Grand  River  Valley  Ry.  1st  6s,  1929 Yes 

Grand  Lake  Co.  Deb.  6s,  1923 No 

Grand  Rapids,  Belding  &  Saginaw  R.  R.  1st  5s,  1924 No 

Grand  Rapids  Edison  Co.  1st  5s,  1916. Yes 

Grand  Rapids  Gas  Light  Co.  1st  5s,  1915 Yes 

Grand  Rapids,  Grand  Hav.  &  Muskegon  Ry.  (Muskegon)  1st  5s,  1926  Yes 

Grand  Rapids,  Holl.  &  Lake  Mich.  Rapid  Ry.  1st  5s,  192C No 

Grand  Rapids  &  Indiana  Ry.  Co.  2nd  4s,  1936 Yes 

Grand  Rapids  &  Indiana  R.  R.  Co.  1st  4%s  &  Ext.  3%s,  1941 Yes 

Grand  Rapids-Muskegon  Power  Co.  1st  5s,  1931 Yes 

Grand  Rapids  &  Northwestern  R.  R.  Co.  1st  5s * Yes 

Grand  Rapids  Ry.  Co.  1st  5s,  1916 Yes 

Grand  River  Coal  &  Coke  Co.  1st  6s,  Ser.  1919 No 

Grand  Trunk  Junction  Ry.  Co.  1st  5s,  1934. No 

Grand  Trunk-Milwaukee  Car  Ferry  Co.  Bonds Yes 

Grand  Trunk  Ry.  Co.  of  Canada  Eq.  4V2s,  "A,"  1922 Yes 

Grand  Trunk  Ry.  Co.  of  Canada  4^s,  "B,"  1922 Yes 

Grand  Trunk  Ry.  Co.  of  Canada  Eq.  4%s,  "C,"  1919-23 Yes 

Grand  Trunk  Western  Ry.  Co.  1st  4s,  1950 Yes 

Grandin  Lumber  Co.  1st  6s,  1914-19 Yes 

Granite  City,  Madison  &  Venice  Water  Co.  1st  5s,  1931 No 

Grant  Coal  Mining  Co.  1st  6s Yes 

Grant  Elec.  Lt,  Ht.  &  Pr.  Co.  5s Yes 

Grant  (U.  S.)  Hotel  &  Office  Bldg.  Co.  1st  6s,  1929 No 

Grant  (U.  S.)  Hotel  &  Office  Bldg.  Co.  2nd  5s,  1940 No 

Grant  (J.  C.)  Chemical  Co.  1st  5s,  1931 Yes 

Graphic  Arts  Realty  Co.  2nd  6s Yes 

Graves,  Frank  P.,  1st  5s No 

Gray  &  Davis  Factory  Corp.  1st  Ser.  5s Yes 

Gray  National  Telautograph  Co.  1st  6s Yes 

Grays  Ferry  Abbattoir  Co.  6s Yes 

Grays  Harbor  Gas  Co.  1st  5s,  1930 Yes 

Gray's  Point  Terminal  Ry.  Co.  1st  5s,  1947 No 

Gray's  Point  Terminal  1st  Ref.  &  Ext.  5s,  1956 Yes 

Grayling  Lumber  Co.  1st  6s,  1913-28 Yes 

Grayson-McLeod  Lumber  Co.  1st  6s Yes 

Great  Bend  Water  &  Elec.  Co.  1st  5s,  1923 Yes 

Great  Bras  D'Or  Gold  Mining  Co.  Bonds No 

63 


GRE-GUA 

Great  Eastern  Elevator  Co.  5s Yes 

Great  Eastern  Lumber  Co.  1st  6s,  1922 No 

Great  Falls  Farm  Land  Co.  1st  6s,  1920 Yes 

Great  Falls  Power  Co.  1st  5s,  1940 Yes 

Great  Lakes  Engineering  Wks.  1st  Ser.  5s,  1912-25 Yes 

Great  Lakes  &  St.  Lawrence  Trans.  Co.  1st  5s Yes 

Great  Northern  Paper  Co.  1st  5s,  1927 Yes 

Great  Northern  Paper  Co.  2nd  5s,  1930 Yea 

Great  Northern  Power  Co.  1st  5s,  1935 Yes 

Great  Northern  Ry.  of  Canada  4s,  1934 No 

Great  Northern  Ry.  Co.  1st  &  Ref.  4%s,  1961 Yes 

Great  So.  Bay  Ferry  Co.  1st  5s,  1939 Yes 

Great  So.  Bay  Water  Co.  5s,  1929 Yes 

Great  So.  Bay  Water  Co.  1st  Ref.  5s,  1938 Yes 

Great  So.  Lumber  Co.  1st  6s,  1918 Yes 

Great  Western  Portland  Cement  Co.  of  So.  Dak.  1st  6s,  1922 No 

Great  Western  Power  Co.  1st  5s,  1946 Yes 

Greater  New  York  Development  Co.  5s,  1921 .^ No 

Greeley  Square  Realty  Co.  5-20-yr.  5s,  1910-30 Yes 

Green  Bay  Gas  &  Elec.  Co.  1st  &  Ref.  5s,  1935 Yes 

Green  Bay  Light  &  Pr.  Co.  1st  5s,  1919 Yes 

Green  Bay  Water  Co.  1st  6s,  1916-40 Yes 

Green  Bay  &  Western  R.  R.  Co.  Deb.  Ser  "A" No 

Green  Bay  &  Western  R.  R.  Co.  Deb.  Ser.  "B" No 

Green  Mountain  Canal  Co.  Bonds  Yes 

Green  Mountain  Marble  Co.  1st  6s  Yes 

Greenbrier  Ry.  Co.  1st  4s,  1940 Yes 

Greencastle  Water  Co.  1st  5s,  1926 Yes 

Greenebaum   (S.  J.)   Co.  6s Yes 

Greenfield,  Deerfield  &  Northampton  Street  Ry.  Co.  1st  5s,  1923 No 

Greenfield  Elec.  Lt.  &  Pr.  Co.  1st  5s,  1923 No 

Greenfield  &  Turners  Falls  Street  Ry.  Co.  1st  &  Cons.  5s,  1923 No 

Greenfield  &  Turners -Falls  Street  Ry.  1st  5s,  1916 No 

Greenhut  (J.  B.)  Co.  6s,  1935 Yes 

Greenhut-Siegel  Cooper  Co.  6s,  1910-35 Yes 

Greensboro  Elec.  Co.  1st  5s,  1927 Yes 

Greensboro  Elec.  Co.  1st  Ref.  &  Imp.  5s Yes 

Greenville  Carolina  Power  Co.  1st  5s,  1935 Yes 

Greenville  Gas  Co.  Bonds   Yes 

Greenville  Gas,  Elec.  Lt.  &  Pr.  Co.  1st  5s,  1930 Yes 

Greenville  Gas,  Elec.  Lt.  &  Pr.  Co.  Gen.  5s Yes 

Greenville  Gas  Light  Co.  1st  5s,  1930 Yes 

Greenville  Home  Telephone  Co.  1st  5s No 

Greenville  &  Hudson  Ry.  1st  5s,  1997 Yes 

Greenville  Light  &  Water  Co.  1st  6s,  1918 No 

Greenville  Traction  Co.  1st  5s,  1931 Yes 

Greenville  Traction  Co.  Gen.  5s Yes 

Greenville  Water  Co.  1st  Ref.  5s No 

Greenwich  Coal  &  Coke  Co.  Ref.  6s,  1932 Yes 

Greenwich  &  Jacksonville  Ry.  Co.  1st  4s,  1924 No 

Greenwich  Tramway  Co.  1st  5s,  1931 No 

Greenwich  Water  Co.  5s Yes 

Greenwich  Water  Co.  Cons.  5s,  1926 Yes 

Gresham  Court  Apartment  House  Corp.  2nd  Mtge.  Bonds No 

Griswold  Mfg.  Co.  1st  6s,  1918-19 Yes 

Grosse  Isle  Bridge  Co.  Bonds Yes 

Groton  &  Stonington  Street  Ry.  Co.  1st  5s,  1936. Yes 

Groton  &  Stonington  Street  Ry.  Co.  Mystic  Ext.  Bonds Yes 

Groveton,  Lufkin  &  Northern  Ry.  1st  5s,  1939 Yes 

Guadalupe  Development  Co.  Bonds Yes 

64 


GTJA-HAC 

Guanajuato  Power  &  Elec.  Co.  1st  6s,  1932 Yes 

Guanajuato  Reduction  &  Mines  Co.  1st  6s,  1924 Yes 

Guanatanamo  &  Western  R.  R.  Co.  6s,  1914 No 

Guanatanamo  &  Western  Ry.  1st  6s,  1929 Yes 

Guarantee  Title  &  Trust  Co.  1st  5s Yes 

Guatemala  Central  Ry.  1st  6s,  1916 No 

Guayaquil  &  Quito  Ry.  Co.  P.  L.  6s,  1930 Yes 

Guayaquil  &  Quito  Ry.  1st  5s,  1932 No 

Guedes  Sugar  Co.  1st  7s Yes» 

Guffey  (J.  M.)  Petroleum  Co.  1st  5s Yes 

Guilford-Chester  Water  Co.  Cons.  5s,  1939 Yes 

Guilford   (The)   Water  1st  5s,  1919 Yes 

Gulf  Fisheries  Co.  1st  Col.  6s,  1921 Yes 

Gulf,  Florida  &  Alabama  Ry.  Co.  1st  5s,  1961 Yes 

Gulf  Lumber  Co.  1st  6s,  1922 Yes 

Gulf  Oil  Corp.  1st  &  Col.  Tr.  6s,  1922 Yes 

Gulf  Refining  Co  .1st  5s Yes 

Gulf  &  Sabine  River  R.  R.  1st  5s,  1928 Yes 

Gulf  &  Ship  Island  R.  R.  Co.  Gen.  &  Ref.  6s,  1917 Yes 

Gulf  &  Ship  Island  R.  R.  Co.  1st  Ref.  &  Term.  5s,  1952 Yes 

Gulf  Terminal  Co.  1st  4s,  1957 Yes 

Gulf,  Texas  &  Western  Ry.  Co.  1st  5s,  1939 Yes 

Gulf,  Texas  &  Western  Ry.  Equip.  5s No 

Gulfport  &  Mississippi  Coast  Trac.  Co.  2nd  6s,  1932 Yes 

Gulfport  &  Mississippi  Coast  Trac.  Co.  1st  6s,  1936 Yes 

Guthrie  Gas  Lt.  Fuel  &  Improvement  Co.  1st  6s,  1923 Yes 

Guthrie  Light  &  Power  Co.  Gen.  5s Yes 

Guyandotte  Water  Wks.  Co.  1st  5s,  1937 No 


H 
[This   space  for  your   personal   memoranda] 


H 

Habersham  Mills  (Roswell,  Ga.)  Bonds No 

Hackensack  Gas  &  Electric  Co.  6%  Deb.  Ser.  "I,"  1917 No 

Hackensack  Gas  &  Electric  Co.  1st  5s,  1935 No 

Hackensack  Gas  Light  Co.  1st  5s,  1934 No 

Hackensack  Water  Co.  1st  4s,  1952 Yes 

65 


HAC-HAR 

Hackley-Phelps-Bonnell  Co.  1st  6s,  1925 Yes 

Haddonfield  Water  Co.  1st  6s Yes 

Hagerstown  &  Boonsboro  Ry.  1st  5s,  1922 Yes 

Hagerstown  &  Frederick  R.  R.  1st  &  Ref.  6s,  1944 Yes 

Hagerstown  Light  &  Heat  Co.  1st  5s,  1957 Yes 

Hagerstown  &  Myersville  Ry.  1st  5s,  1924 Yes 

Hagerstown  &  Northern  R.  R.  1st  5s,  1927 Yes 

Hagerstown  Railway  1st  6s,  1916 No 

Halcomb  Steel  Co.  2nd  5s,  1920 Yes 

Halcomb  Steel  Co.  1st  6s,  1925 Yes 

Hale  &  Kilburn  Co.  3-yr.  5%  Notes Yes 

Halifax  &  Southwestern  Ry.  3s  &  3%s,  1942 No 

Halifax  Water  Co.  Ref.  5s Yes 

Halliwell   Land  Co.   Bonds No 

Hall   (W.  P.)   Printing  Co.  1st  6s Yes 

Hall  Signal  Co.  1st  6s,  1915 Yes 

Hall  Switch  &  Signal  Co.  Conv.  Deb.  6s,  1932 No 

Hamburg  Ry.  1st  4s,  1926 Yes 

Hamilton  Belt  Ry.  1st  6s,  1918 Yes 

Hamilton  Brooks  Co.  Bonds,  1923 No 

Hamilton-Carhartt  Manufacturies   1st  6s \ Yes 

Hamilton  Club  of  Chicago  1st  5s,  "A" Yes 

Hamilton  Club  of  Chicago  2nd  6s,  "B" Yes 

Hamilton  Club  2nd  4s Yes 

Hamilton  (Otto)    Coke  Co.   Bonds No 

Hamilton  Contract  Pr.,  Lt.  &  Trac.  Co.  1st  &  Ref.  5s,  1943 No 

Hamilton  Electric  Liflit  &  Cataract  Power  1st  5s,  1929 Yes 

Hamilton  Home  Telephone  Co.  1st  5s,  1920 No 

Hamilton  Investment  Co.  Bonds Yes 

Hamilton  Light  &  Power  Co.  1st  6s,  1922 No 

Hamilton  &  Lindenwald  El.  Transit  Co.  1st  5s,  1922 Yes 

Hamilton  Real  Estate  Co.  1st  5s,  1925 Yes 

Hamilton  St.  Ry.  1st  41/as>  1928 No 

Hammermill  Paper  Co.  1st  6s No 

Hammermill  Paper  Co.  New  6s No 

Hammond  Bros.  Ice  &  Cold  Storage  Co.  Bonds No 

Hammond  Illuminating  Co.  of  Indiana  1st  5s,  1926 No 

Hammond  Lumber  Co.  Bonds Yes 

Hammond,  Whiting  &  East  Chicago  Ry.  1st  5s,  1930 Yes 

Hammonton  &  Egg  Harbor  City  Gas  Co.  1st  5s,  1933 Yes 

Hampshire   Southern  Railroad   Co.   1st   5s,   1934 Yes 

Hampton  Cotton  Mills  Co.  (Greeneville,  S.  C.)  Bonds Yes 

Hampton,  Phoebus  &  Ft.  Monroe  Gas  Corp.  1st  5s,  1929 Yes 

Hampton  Roads  Traction  Co.  1st  4V-»s,  1931 Yes 

Hampton  Water   Works    Co.    5s No 

Hancock  (John)   Ice  Co.  of  Philadelphia  5s,  1919 Yes 

Hanna  (M.  A.)    Dock  Co.  1st  5s Yes 

Hanna  Mining  &   Milling  Co.   1st  7s No 

Hannibal  (Mo.)    Gas  Co.  Bonds Yes 

Hannibal  Gas  Light  &  Coke  Co.  5s,  1925 No 

Hannibal  Railway  &  Electric  Co.   (Mo.)  1st  5s,  1920 Yes 

Hannibal  Water   Co.   Bonds No 

Hanover  Farms  Co.  1st  Ref.  6s,  1923 Yes 

Hanover  Gas  Co.  1st  5s,  1931 Yes 

Hanover  &  McSherrytown  Street  Ry.  1st  5s,  1928 Yes 

Hanover  Telephone  Co.  1st  5s,  1921 Yes 

Hanover  Water  Works  Co.  1st  4s,  1924 No 

Harbor  Point  Association  1st  6s Yes 

Hardie-Tynes  Mfg.  Co.  1st  6s Yes 

Hardin-Wyandot  Lighting  Co.   1st  5s,   1930 Yes 

GG 


HAR-HAY 

Hardware  Distributers  Co.  Coll.  5s Yes 

Hardwood  Manufacturing  Co.   Bonds No 

Hargraves  Mills  1st  5s,  1932 Yes 

Harlan  &  Hollingsworth  Corporation  6%  Deb.,  1914-1918 Yes 

Harleigh  Brookwood  Coal  Co.  1st  6s Yes 

Harlem  Contracting  Co.  3rd  6s,  1926 Yes 

Harlem  River  &  Portchester  R.  R.  Co.  1-yr.  5%  Notes,  1915 No 

Harmonie  Club  2nd  5s,  1940 No 

Harper  &  Bros.  1st  5s,  1956 Yes 

Harper  Transportation  Co.  6s,   1917 No 

Harriman  &  Northeastern  R.  R.  Co.  1st  6s,  1916 No 

Harris  Abattoir  Co.,  Ltd.,  1st  6s,  1928 No 

Harrisburg  Bid  Muddy  Bonds No 

Harrisburg  Gas  Co.  1st  5s,  1928 Yes 

Harrisburg  &  Hummelstown  Ry.  1st  4%s,  1935 Yes 

Harrisburg  Light,  Heat  &  Power  Co.  1st  5s,  1924 Yes 

Harrisburg  Light  &  Power  Co.  1st  &  Ref .  5s,  1952 Yes 

Harrisburg,  Portsmouth,  Mt.  Joy  &  Lancaster  R.  R.  Co.  1st  4s,  1943  Yes 

Harrisburg  Rys.  1st  5s,  1963 Yes 

Harrisburg,  Saline  Collieries  Co.  Bonds No 

Harrison  Bros.  &  Co.  1st  5s,  1924 Yes 

Harrison  Electric  &  Water  Co.  5s,  1927 . No 

Harrison  (Ark.)   Gas  &  Electric  Co.  1st  6s,  1934 No 

Harroun  Land  Co.  Bonds Yes 

Hartford  City  Gas  Light  Co.  1st  4s,  1935 Yes 

Hartford  &  Connecticut  Western  R.  R.  Co.  4%B,  1923... No 

Hartford  Deposit  Co.  5s Yes 

Hartford,  Manchester  &  Rockville  Tramway  Co.  1st  5s,  1924 No 

Hartford  &  New  York  Transportation  Co.  1st  4%S,  1934 No 

Hartford  &  Springfield   Street  Ry.   1st  5s,   1921 Yes 

Hartford  Street  Ry.  1st   4s,   1930 No 

Hartford  Street  Ry.  Co.   Deb.   "M"   3s,   1930 No 

Hartford  Water  Co.  1st  5s,  1933 No 

Hartman  Furniture  &  Carpet  Co.  1st  5V»s,  1920 No 

Harvard  Club  of  Boston  2nd  5s,  1923 Yes 

Harvard  Lampoon    Society   4 %s,    1929 Yes 

Harvey  Canal,  Land  &  Imp.  Co.  1st  6s Yes 

Harwood  Electric  Co.  1st   5s,    1939 Yes 

Harwood  Electric  Co.  1st  &  Ref.  S.  F.  6s,  1942 Yes 

Haslam  Lake  Timber  &  Logging  Co.   1st  6s Yes 

Hatboro  Water  Co.   1st,   1932 Yes 

Hattiesburg  Traction  Co.  Gen.    1st   6s,    1928 Yes 

Hattiesburg  Traction  Co.  Gen.   6s.    1952 Yes 

Hauser  Packing  Co.   1st  Real  Est,  6s Yes 

Havana  Electric  Ry.  Co.  Cons.   5s,    1952 Yes 

Havana  Electric  Ry.,  Light  &  Power  Co.  Cons.  5s,  1952 No 

Havana  Electric  Ry.,  Light  &  Power  Co.  6s,  1954 No 

Havana  Electric  Ry.,  Light  &  Power  Co.  Cons.  Inc.  6s No 

Havana  Tobacco  Co.  1st  5s,  1922 . Yes 

Havana  Wharf  &   Storage   Co.   5s No 

Haverford  Land  &  Improvement  Co.  4*/>s No 

Haverhill  Box  Board  Co.  1st  6s,  1916 Yes 

Haverhill  Building  Trust  Co.  1st  5s,  1936 Yes 

Haverhill,  Georgetown  &  Danvers  Street  Ry.  1st  5s,  1919 No 

Haverstraw  Water  Supply  Co.  1st  5s No 

Hawaiian  Commercial  &  Sugar  Co.  5%  Deb.,  1919 No 

Hawaiian  Tobacco   Co.  Bonds No 

Hawgood  Steamship  Co.  1st  5s Yes 

Hawkinsville  &  Florida   Southern  Ry.  1st  5s,   1952 Yes 

Hayes  Manufacturing  Co.  1st  6s,  1923 " Yes 

67 


HAZ-HOL 

Hazard  Manufacturing  Co.  1st  5s,  1928 Yes 

Hazard  Wharf  Co.   1st  5s,  1924 Yes 

Hazel-Atlas  Glass  Co.  6s,  1928 Yes 

Hazelton  Gas  Light  Co.  Bonds,  1932 Yes 

Hazle  Park  Co.  5s,  1925 No 

Hearst  Building  (Illinois  Publishing  &  Printing  Co.)   6s No 

Hecker-Jones-Jewell  Milling  Co.  Deb.   6s,   1916 Yes 

Hecker-Jones-Jewell  Milling  Co.  1st  6s,  1922 Ye* 

Heermance  Storage  &  Refrigerating  Co.  Bonds Yes 

Heights  Realty  Co.  1st  &  Coll.  6s Yes 

Heineman  (Oscar)    Company  6s Yes 

Heineman  (B.  &  S.)  Timber  Co.  1st  6s,  1919 No 

Heinemann  Lumber  Co.   1st   6s Yes 

Helderberg  Cement  Co.  Gen.  Lien  Conv.  5s,  1922 Yes 

Helena  Gas  &  Electric  Co.  1st  6s,  1931 Yes 

Helena  Light  &  Ry.  Co.  1st  5s,  1925 Yes 

Henderson  Bridge  Co.  1st  6s,  1931 Yes 

Henderson  Traction  Co.  1st  5s,  1927 Yes 

Henrico   County  Gas   Co.   5s,   1937 Yes 

Hercules  Powder  Co.  Inc.  6s,  1923 Yes 

Hereford  Ry.  Co.  1st  4s,  1930 No 

Herkimer  County  Light  &  Power  Co.  1st  5s,  1930 Ye 

Herkimer,  Mohawk,  Illion  &  Frankfort  Elec.  Ry.  1st  5s,  1926 No 

Hermitage   Realty   Co.   Bonds No 

Herrick  &  Cowell  Co.  6s,  1923 Yes 

Herring-Hall-Marvin  Safe  Co.  Deb.  6s No 

Herring-Hall-Marvin  Safe  Co.  Bonds   No 

Hestonville,  Mantua  &  Fairmount  Pass.  Ry.  Cons.  5s  &  Zy2, 1924. .  Yes 

Higgins  Building  Co.   (Charles  C.)    1st  6s Yes 

Highland  Coal  Co.  Bonds No 

Highland  Ditch  Co.  (Colorado)  Bonds Yes 

Highland  Gas   Co.    5s,    1936 Yes 

Highland  Spruce  Co.  1st  6s,  1919 Yes 

High  wood   Co.   Bonds No 

Hill  School   5s,  1923 Yes 

Hills  Benedict  Linseed  Oil  Co.  1st  5s Yes 

Hillsdale  (Mich.)  Gas  Light  Co.  1st  5s,  1927 No 

Hilton  Dodge  Lumber  Co.  1st  S.  F.  6s,  1914-1922 Yes 

Hinde  Realty  Co.  (James  J.)  1st  &  Coll.  Bonds Yes 

Hippodrome  Building  Co.  1st  6s    Yes 

Hippodrome  Building  Co.  2nd  5s   Yes 

Hobart  Estate  Co.  6s No 

Hobart  Water,  Light  &  Power  Co.  Bonds No 

Hobbs  Wall    &  Co.   Bonds Yes 

Hoboken  Ferry  Co.  1st  5s,  1946 No 

Hoboken  Land  &  Improvement  Co.  1st  5s,  1930 Yes 

Hocking-Sunday  Creek  Traction  Co.  1st  6s,  1930 No 

Hocking  Valley  Products  Co.  1st  S.  F.  5s,  1961 Yes 

Hocking  Valley  Ry.  Co.  Equ.  Tr.  4s   (No.  3),  1917 Yes 

Hocking  Valley  Ry.  Co.  Equ.  Tr.  4s  (No.  2),  "A"  to  "T,"  1917 Yes 

Hocking  Valley  Ry.  Co.  Equ.  Tr.  Ser.  "A"  4s,  1917 Yes 

Hocking  Valley  Ry.  Co.  Equ.  Tr.   Ser.  "C"  4%  Notes,  1917 Yes 

Hocking  Valley  Ry.  Co.  Equ.  Tr.  5s,  1923 Yes 

Hocking  Valley  Ry.  Co.  Equip.    4VoS,    1908-1918 Ye- 

Hocking  Valley  Ry.  1st  Cons.  4V2s,   1999 Ye« 

H-0  Company   (Buffalo)   4s,  1919 Yes 

Hodge  Fence  &  Lumber  Co.  Bonds Yes 

Hodge  Iron  Co.  Bonds No 

Hoggson  Bros.  Gold  5V2s No 

Holland  City  Gas  Co.  1st  5s,  1925 Yes 

68 


HOL-HOU 

Holland  Land  &  Water  Co.  1st  5s,  1926 No 

Holland-St.  Louis  Sugar  Co.  1st  6s,  1920 Yes 

Holland-St.  Louis  Sugar  Co.  2nd  6s,  1922 Yes 

Hollidaysburg,  Bedford  &  Cumberland  R.  R.  1st  4s,  1951 Yes 

Holliston  Water  Co.  1st  5s Yes 

Holly  Manufacturing  Co.  1st  5s,  1922 Yes 

Holly  Sugar  Co.  1st Yes 

Holton  Inter-Urban  Ry.  1st  6s,  1918 No 

Holton  Power  Co.  1st  6s,  1918-1937 No 

Holton  Power  Co.  1st  &  Ref.  6s,  1932-1951 No 

Holyoke  Street  Ry.  Co.  Deb.  5s,  1915 No 

Holyoke  Street  Ry.  Co.  Deb.  5s,  1920 No 

Holyoke  Street  Ry.  Co.  Deb.  5s,  1923 No 

Holyoke  &  Westfield  R.  R.  1st  4y2s,  1951 No 

Home  Independent  Telephone  So.  1st  &  Ref.  5s,  1931 Yes 

Home  Long  Distance  Telephone  Co.  1st  5s,  1932 Yes 

Home  Pattern  Co.  Coll.  Deb.  6s Yes 

Home  for  Self-Supporting  Women  5s,  1919 No 

Home  Telephone  Co.  (Dayton,  O.)  1st  5s,  1924 No 

Home  Telephone  Co.  (Elkhart)  1st  5s,  1923 No 

Home  Telephone  Co.  of  Jamestown,  N.  Y.,  1st  5s,  1922 No 

Home  Telephone  Co.  (Joplin)  Cons.  5s,  1925 Yes 

Home  Telephone  Co.  (Joplin,  Mo.)  Cons.  6s,  1934 No 

Home  Telephone  Co.  of  Mobile  Bonds,  1940 Yes 

Home  Tel.  &  Tel.  Co.  (Ft.  Wayne,  Ind)  6s,  1937 Yes 

Home  Tel.  &  Tel.  Co.  of  Los  Angeles  1st  5s,  1933 No 

Home  Tel.  &  Tel.  Co.  (Los  Angeles,  Cal.)  1st  &  Ref.  5s,  1945 No 

Home  Tel.  &  Tel.  Co.  of  Pasadena  1st  5s,  1933 No 

Home  Tel.  &  Tel.  Co.  of  Portland,  Ore.,  1st  S.  F.  5s,  1935 No 

Home  Tel.  &  Tel.  Co.  of  San  Diego  1st  5s,  1934 No 

Home  Tel.  &  Tel.  Co.  of  Santa  Barbara  5%  Bonds No 

Home  Water  Co.  (Chesterton,  Ind.)  1st  5s No 

Homer  &  Cortland  Gas  Light  Co.  Ref.  5s,  1949 Yes 

Homestead  Development  Co.  Bonds No 

Homewood  Apartment  Co.  2nd  6s Yes 

Homewood  Country  Club  1st  5s Yes 

Homewood  Pottery  Co.  Bonds No 

Honokaa  Sugar  Co.  6s,  1933 No 

Honolulu  Plantation  Co.  1st  6s,  1918 No 

Honolulu  Rapid  Transit  &  Land  Co.  1st  6s,  1927 Yes 

Hopeston  Gas  &  Electric  Co.  1st  5s,  1936 Yes 

Hoosac  Tunnel  &  Wilmington  R.  R.  Co.  1st  5s,  1922 No 

Hoosac  Valley  Street  Ry.  Co.  1st  5s,  1917 No 

Hoosac  Valley  St.  Ry.  Co.  1st  Ref.  4s,  1924 No 

Hoosick  Falls  Electric  Co.  1st  5s,  1930 Yes 

Hoosick  Falls  Illuminating  Co.  Ref.  &  Imp.  5s,  1935 Yes 

Hoosic-Whisick  Club  4s,  1915 No 

Hopkins  &  Allen  Arms  Co.  1st  6s,  1917 No 

Hornellsville  Telephone  Co.  1st  6s,  1923 Yes 

Horn  Products  Co.  1st  6s No 

Horr- Warner  Co.  1st  6s Yes 

Hoster-Columbus  Associated  Breweries  1st  6s,  1955 Yes 

Hosteter-Connellsville  Coke  Co.  1st  5s,  1942 No 

Hotchkiss  Timber  Co.  Bonds Yes 

Hotel  Grunewald  1st  6s Yes 

Hotel  Investment  Co.  1st  6s Yes 

Hotel  Realty  Co.  (St.  Louis,  Mo.)  1st  5s. Yes 

Hotel  Sherman  Co.  1st  6s,  1909-1922 Yes 

Houghton  County  Electric  Light  Co.  1st  5s,  1927 Yes 

Houghton  County  Street  Ry.  Co.  1st  5s,  1920 Yes 

69 


HOU-HUN 

Houghton  County  Traction  Co.  1st  5s,  1937 Yes 

Houghton  &  Dutton  Building  Trust  1st  4%s,  1932 No 

Houghton  Land  &  Drainage  Co.  1st  6s No 

Houlton  Water  Co.  Bonds No 

Housatonic  Power  Co.  4%%  Notes,  1914 No 

Housatonic  Power  Co.  1-yr.  6%  Notes,  1915 No 

Housatonic  R.  R.  Cons.  5s,  1937 No 

Houston  Belt  &  Terminal  Ry.  1st  5s,  1937 Yes 

Houston,  East  &  West  Texas  Ry.  Co.  1st  5s,  1933 No 

Houston  Electric  Co.  1st  5s,  1925 Yes 

Houston  Gas  Co.  1st  5s,  1920 Yes 

Houston  Gas  &  Electric  Co.  Ref.  &  Imp.  5s Yes 

Houston  Gas  &  Fuel  Co.  Ref.  &  Imp.  5s,  1932 Yes 

Houston  Heights  Water  Works  Co.  Bonds Yes 

Houston  Home  Telephone  Co.  5s   (1910) No 

Houston  Lighting  &  Power  Co.  1st  5s,  1931 Yes 

Houston  &  Shreveport  R.  R.  Co.  1st  6s,  1917 Yes 

Houston  Terminal  Land  Co.  Bonds Yes 

Houston  &  Texas  Central  R.  R.  Co.  Gen.  4s,  1921 No 

Houston  &  Texas  Central  R.  R.  Co. — Waco  &  Northwestern  Div.  1st 

6s,  1930..  No 

Houston  &  Texas  Central  R.  R.  Co.— Lampassas  Ext.  5s,  1933 No 

Houston  &  Texas  Central  R.  R.  Co.  1st  5s,  1937 No 

Houston  &  Texas  Central  R.  R.  Co.  1st,  1940 Yes 

Howard  Gas  Coal  Co.  1st  6s,  1919 No 

Huasteca  Petroleum  Co.,  Coast  Pipe  Line  1st  6s,  1929 Yes 

Huasteca  Petroleum  Co.   and   Mexican   Products   Co.,   Ltd.    (Del.)    Jt. 

6s,  1928  Yes 

Hubbard  Steamship  Co.  Bonds Yes 

Hub  Building  (Henry  C.  Lytton  &  Sons)  5%s No 

Huckins  Hotel  &  Office  Bldg.  Co.  1st  Real  Esta.  6s,  1924 Yes 

Huckins  Hotel  &  Office  Bldg.  Co.  2nd  6s Yes* 

Hudson  Building  Co.  Deb.  Certs Yes 

Hudson  Coal  Co.  Deb.  4s,  1917  &  1918 No 

Hudson  Companies  Gy2  Notes,  1918 Yes 

Hudson  County  Consumers  Brewing  Co.  1st  6s Yes 

Hudson  County  Gas  Co.  1st  5s,  1949 No 

Hudson  &  Manhattan  R.  R.  Co.  Ser.  A,  B  &  C  5%  Certs No 

Hudson  &  Manhattan  R.  R.  Co.  5%  Adj.  Inc.,  1957 Yes 

Hudson  &  Manhattan  R.  R.  Co.  (New)  1st  5s,  1957 Yes 

Hudson  &  Manhattan  R.  R.  Co.  1st  Conv.  4^s,  1957 Yes 

Hudson  Navigation  Co.  Coll.  Tr.  5s,  1921 Yes 

Hudson  Navigation  Co.  6s,  1938 Yes 

Hudson  Navigation  Co.  Deb.  5s Yes 

Hudson  River  Gas  &  Electric  Co.  1st  5s,  1929 No 

Hudson  River  Pulp  &  Paper  Co.  2nd  Mtge.  6%  Notes No 

Hudson  River  Pulp  &  Paper  Co.  1st  6s,  1918 No 

Hudson  River  Traction  Co.  1st  5s,  1950 Yes 

Hudson  Valley  Ry.  Co.  Cons.  5s,  1951 Yes 

Hudson  Valley  Ry.  Co.  Non-Cum.  "A"  Deb.  5s,  1951 Yes" 

Hudson  Valley  Ry.  Co.  Non-Cum.  2nd  Inc.  "B"  2s,  1951 Yes 

Humboldt  Transit  Co.  1st  5s,  1934 No 

Hummelstown  &  Campbellstown  Street  Ry.  1st  5s,  1935 Yes 

Hummelstown  Consolidated  Water  Co.  1st  5s,  1926 Yes 

Hummelstown  Consolidated  Water  Co.  1st  &  Ref.  5s,  1929 Yes 

Hunter  Canal  Co.  1st  6s,  1933 \ Yes 

Huntingdon  &  Broad  Top  Mtn.  R.  R.  &  Coal  Co.  4%s  Equ.  Tr Yes 

Huntingdon  &  Broad  Top  Mtn.  R.  R.  &  Coal  Co.  Car  Tr.  4s,  1921 Yes 

Huntingdon  &  Broad  Top  Mtn.  R.  R.  &  Coal  Co.  1st  Ext  4s,  1920. . .  Yes 
Huntingdon  &  Broad  Top  Mtn.  R.  R.  &  Coal  Co.  2nd  Ext.  4s,  1925. . .  Yes 

70 


HUN-IDA 

Huntingdon  &  Broad  Top  Mtn.  R.  R.  &  Coal  Co.  Cons.  5s,  1925 Yes 

Huntington  Development  &  Gas  Co.  1st  6s,  1933 No 

Huntington  &  Big  Sandy  Railroad  Co.  1st  6s,  1922 Yes 

Huntington  &  Charleston  R.  R.  Co.  1st  5s,  1936 Yes 

Huntington  Land  &  Improvement  Co.  6%  Notes,  1914-1917 No 

Huntington  Land  &  Improvement  Co.  Coll.  6%  Notes,  1927 No 

Huntington  Light  &  Fuel  Co.  1st  6s Yes 

Huntington  Light  &  Power  Co.  6s,  1925 No 

Huntington  R.  R.  1st  5s,  1920 No 

Huntingdon  Valley  Light  &  Power  Co.  1st  5s,  1947 Yes 

Huntington  Water  Co.  1st  5s,  1940 No 

Huntington  Water  Co.  5s,  1949 No 

Huron  Light  &  Power  Co.  1st  6s,  1932 Yes 

Huron  Portland  Cement  Co.  1st  6s Yes 

Hutchinson  Coal  Co.  1st  6s,  1935 No 

Hutchinson  Coal  Co.  1st  &  Ref .  6s Yes 

Hutchinson  &  Southern  Ry.  Co.  1st  5s,  1928 No 

Hutchinson  Water,  Light  &  Power  Co.  1st  4s,  1928 No 

Hyde  Park  Baptist  Church  1st  5s Yes 

Hyde  Park  Electric  Light  Co.  6%  Notes,  1919 No 

Hydraulic  Brick  Co.  1st  5s,  1918 No 

Hydraulic  Power  Co.  of  Niagara  Falls  1st  &  Ref.  5s,  1950 Yes 

Hydraulic  Power  Co.  of  Niagara  Falls  Conv.  6s,  1950 Yes 

Hyraulic  Power  &  Light  Co.  Bonds Yes 

Hydraulic  Press  Brick  Co.  1st  5s,  1913-30 Yes 

Hygienic  Ice  Co.  (Albany)   Bonds    Yes 

Hygienic  Ice  Co.  (Washington,    D.    C.)    6s,   1920 No 


I 

[This    space   for   your    personal    memoranda] 


I 

Iberia  &  Vermillion  R.  R.  1st  5s,  1943 No 

Ice  Manufacturing  Co.  of  Germantown  1st  5s,  1922 Yes 

Idaho  Irrigation  Co.,  Ltd.,  1st  6s,   1915-1921 No 

Idaho  Irrigation  Co.,  Ltd.,  Adj.  6s  Yea 

71 


IDA-IND 

Idaho  Irrigation  Co.  Int.    Cert.    6s Yes 

Idaho  Irrigation  Co.,  Ltd.,  Int.    6s,    1924 No 

Idaho-Oregon  Light  &  Power  Co.  1st  &  Ref .  6s,  1940 Yes 

Idaho  &  Washington  Northern  R.  R.  1st  5s,  1932 Yes 

Ide  Cotton  Mills  Bonds Yes 

Illinois  Car  &  Equipment  Co.  1st  5s,  1948 Yes 

Illinois  Central  Electric  Ry.   1st   Ref.   5s,   1929 Yes 

Illinois  Central  Elec.  Ry.  Co.  2nd   6s,   1932 Yes 

111.  Cent.  &  Chi.,  St.  L.  &  New  Orl.  R.  R.  Co.  Jt.  1st  &  Ref.  5s,  1963  No 

Illinois  Central  R.  R.  Co.  Equip.   Ser.   "A"  4%s,  1923 Yes 

Illinois  Central  R.R.  Co.  Equip.    Ser.    "B"    5s,    1923 Yes 

Illinois  Central  R.  R.  Co.  2-yr.    4  i/,s,    1914 Yes 

Illinois  Central  R.  R.  Co.  Sterling  3V»s,   1950 No 

Illinois  Central  R.  R.  Co.  Sterling  5s  (1905),  Ext.  Gold  3%  8,  1950  No 

Illinois  Central  R.  R.  Co.  Sterling  3s,   1951 No 

Illinois  Central  R.  R.  Co.  8%S,   1951    No 

Illinois  Central  R.  R.  Co.  Sterl.  5s,  Ext.  as  Gold  3%s,  1951 No 

Illinois  Central  R.  R.  Co.  4s,  1951   No 

Illinois  Central  R.  R.  Co.  Sterling  4s,   1951 No 

Illinois  Central  R.  R.  Co.  Pur.  Lines  3%8,  1952 Yes 

Illinois  Central  R.  R.  Co.  Coll.   Tr.   4s,   1952 No 

Illinois  Central  R.  R.  Co.  4s,  1953    No 

Illinois  Central  R.  R.  Co.  Ref.  4s,  1955 Yes 

Illinois  Central  R.  R.  Co.— Cairo  Bridge  4s,   1950 No 

Illinois  Central  R.  R.  Co.— Kankakee  &  Southw.  R.  R.  5s,  1921...   No 

Illinois  Central  R.  R.  Co.— Litchfield  Div.  3s,  1951 Yes 

Illinois  Central  R.  R.  Co.— Louisville   Div.   3% 8,   1953 No 

Illinois  Central  R.  R.  Co.— Omaha  Div.  3s,  19*51 Ye? 

Illinois  Central  R.  R.  Co.— St.  Louis  Div.  3s,   1951 No 

Illinois  Central  R.  R.  Co.— St.  Louis  Div.  3y2s,  1951 No 

Illinois  Central  R.  R.  Co.— Springfield   Div.   3i/l>s,   1951 No 

Illinois  Central  R.  R.  Co. — Western  Lines   4s,   1951 No 

Illinois  Central  Traction  Co.  1st  5s,  1933 Yes 

Illinois  Midland  Coal  Co.   1st  5%s,   1925 Yes 

Illinois  Northern  Utilities  Co.  6%  Deb No 

Illinois  Northern  Utilities  Co.  1st  &  Ref.  5s,  1957 Yes 

Illinois  Publishing  &  Ptg.  Co.  Gen.  7s Yes 

Illinois  Southern  Ry.  Co.  1st  5s    Yes 

Illinois  Southern  Ry.  Co.  5%  Inc.   1915 Yes 

Illinois  Steel  Co.  4%s,  1940   Yes 

Illinois  Steel  Co.  Non-Conv.   Deb.   5s No 

Illinois  Terminal  R.  R.   1st   5s No 

Illinois  Valley  Ry.  Co.  1st  5s,  1935 Yes 

Imperial  Brewing  Co.  Bonds Yes 

Imperial  Copper  Co.  Special  Contr.  Mtge.  6s No 

Imperial  Valley  Gas  Co.  1st   &   Ref.    6s,    1937-1956 No 

Imperial  Valley  Gas  Co.  1st   6s,    1920-1939 No 

Income  Leasehold  Co.  2nd  5%%  Notes,  1926 No 

Income  Leasehold  Co.  1st  5s,   1936 No 

Independence  Water  Works  Co.  1st  Ext.   6s,   1922 Yes 

Independence  Water  Works  Co.  Ref.  5s    Yes 

Independent  Breweries  Co.  1st  &  Gen.  6s,  1937 Yes 

Independent  Brewing  Assn.    (Chicago)   1st  5s,  1915 No 

Independent  Brewing  Co.  of  Pittsburgh  1st  6s,   1955 Yes 

Independent  Brewing  Co.  1st  5s Yes 

Independent  Long  Distance  Tel.  &  Tel.  Co.  1st  5s,  1933 No 

Indestructible  Post  Co.  1st  6s Yes 

Index  Galena  Co.  Bonds,  1918 No 

India  Refining  Co.  6s Yes 

Indian  Creek  Valley  Ry.  1st  6s,  1917-1927 Yes 

72 


IND-IND 

Indian  Harbor  &  East  Chicago  Electric  Co.  5s Yes 

Tndian  Refining  Co.  5%   Notes,    Equip.    Tr.,    1913-1916 Yes 

Indian  Refining  Co.  Car  Tr.  5s,  Ser.  "B,"  1916 Yes 

Indian  Refining  Co.  2nd  7%  Notes,  1918 Yes 

Indian  Refining  Co.   1st  6s,  1921 Yes 

Indian  Village  Club  Bonds   Ye^ 

Indiana,  Bloomington  &  Western  Ry.  Co.  1st  Pre.  4s,  1940 No 

Indiana  &  Cincinnati  Traction  Co.  1st  5s,  1940 Yes 

Indiana,  Columbus  &  Eastern  Traction  Co.  1st  5s,   1922 Yes 

Indiana,  Columbus  &  Eastern  Traction  Co.  Gen.  &  Ref.  5s,  1926.  Yes 

Indiana  County  Street  Ry.  Co.  1st  5s,  1938 Yes 

Indiana,  Decatur  &  Western  Ry.  Co.  1st  5s,  1935 Yes 

Indiana  Fuel  &  Light  Co.  1st  6s,  1919 No 

Indiana  Gas  Light  Co.  6%  Notes,  1915 Yes 

Indiana  Gas  Light  Co.  1st   5s,   1932 Yes 

Indiana  Harbor  Belt  R.  R.  Co.  Gen.  4s  &  2s,  1957 Yes 

Indiana  Harbor  &  East  Chicago  Electric  Co.   5s,   1927 Yes 

Indiana  Hotel  Co.  2nd,    1919    Yes 

Indiana  Hotel  Co.  1st  5s,  1931 No 

Indiana,  Illinois  &  Iowa  R.  R.  Co.  1st  4s,  1950 Yes 

Indiana  Lighting  Co.  1st  4s,  1958 Yes 

Indiana  &  Michigan  Electric  Co.  1st  5s,  1957 Yes 

Indiana  Natural  Gas  &  Oil  Co.  Ref.  (now  1st)  5s,  1936 Yes 

Indiana  Northern  Traction  Co.  1st  5s,  1933 Yes 

Indiana  Railway  Co.  2nd  5s,   1924 Yes 

Indiana  Railway  Co.  1st  5s,   1930 Yes 

Indiana  Railways  &  Light  Co.  1st  &  Ref.  5s,  1942 Yes 

Indiana  Refrigerating  Co.   1st  6s No 

Indiana  Service  Co.  1st  5s,  1930 Yes 

Indiana  Steel  Co.  1st  5s,  1952 Yes 

Indiana  Transportation  Co.  1st  5s   Yes 

Indiana  Union  Traction  Co.  1st  5s,  1933 Yes 

Indiana  Water  &  Light  Co.   (Worthington,  Ind.)   1st  6s,  1929. No 

Indianapolis  Canoe  Club   1st  6s,   1922 No 

Indianapolis,  Columbus  &  Southern  Traction  Co.  1st  5s,  1923 Yes 

Indianapolis,  Crawfordsville  &  Danville  El.  Ry.  1st  S.  F.  5s,  1952..  Yes 

Indianapolis  &  Eastern  Ry.  Co.  1st  5s,   1927 Yes 

Indianapolis  Gas  Co.  1st  Cons.  5s,  1952 No 

Indianapolis  &  Greenfield  Rapid  Transit  Co.  1st  5s,  1927 Yes 

Indianapolis  Light  &  Power  Co.  1st  6s,  1922 Yea 

Indianapolis  Light  &  Heat  Co.  Cons.  5s,  1940 Yes 

Indianapolis  &  Louisville  Ry.  Co.  1st  4s,  1956 Yes 

Indianapolis  &  Louisville  Traction  Ry.  Co.  1st  5s,  1942   Yes 

Indianapolis  &  Martinsville  Rapid  Transit  Co.  1st  5s,  1932 No 

Indianapolis,  Newcastle  &  Eastern  Traction  Co.  1st  6s,  1919 Yes 

Indianapolis  Northern  Traction  Co.  1st  5s,  1932 Yes 

Indianapolis  &  Northwestern  Traction  Co.  1st  5s,  1923 Yes 

Indianapolis  &  St.  Louis  R.  R.  Co.  1st  7s,  1919 No 

Indianapolis,  Shelbyville  &  Southeastern  Traction  Co.  1st  5s No 

Indianapolis  &  Southeastern  Traction  Co.  1st  5s,  1935 Yes 

Indianapolis  Street  Railway  Co.  Gen.  4s,  1933 Yes 

Indianapolis  Traction  &  Terminal  Co.  Equ.  Tr.  Ser.  "A"  5s,  1919  Yes 
Indianapolis  Traction  &  Terminal  Co.  Equ.  Tr.  Ser.  "B"  5s,  1918  Yes 

Indianapolis  Traction  &  Terminal  Co.  Equip.   Tr.   Ser.   "C" Yes 

Indianapolis  Traction  &  Terminal  Co.  Equi.  Tr.  Ser.  "D"  6s,  1923  Yes 

Indianapolis  Traction  &  Terminal  Co.  Bonds,  1933 Yes 

Indianapolis  Union  Railway  Co.  1st  4%s,  1926 Yes 

Indianapolis  Water  Co.  5s,  1926   No 

Indianapolis  Water  Co.  1st  &  Ref.  4^s,  1940 Yes 

Indianapolis  Water  Works  Securities  Co.  Coll.  Tr.  6s,  1948 Yes 

73 


IND-INT 

Ingleside  Company  Bonds No 

Inglewood  Extension  Co.  1st  6s Yes 

Ingersoll-Rand   Co.   1st  5s,   1935 Yes 

Inland  Oil  &  Refining  Co.   Bonds Yes 

Inland  Steamship  Co.  Bonds Yes 

Inland  Steel  Co.  1st   6s,   1928 Yes 

Inland  Steel  Co.  6%  Ext.  &  Ref.,  1942 Yes 

Inspiration  Consolidated  Copper  Co.  Deb.   6s,   1919 No 

Inspiration  Consolidated  Copper  Co.  1st  Conv.  6s,  1922 Yes 

Insurance  Exchange  1st  5  %s,  1937   No 

Insurance  Exchange  Building  Trust  1st  5s,  1910-1925 Yes 

Interborough  Ice  Co.  of  New  York  5s,  1926 Yes 

Interborough-Metropolitan  Co.  6%  Notes,   1915 Yes 

Interborough-Metropolitan  Co.  Coll.   4%s,   1956 Yes 

Interborough  Rapid  Transit   Co.  1st   &  Ref.   5s,   1966 No 

Interlake  Steamship  Co.  1st  6s,  1914-1925 Yes 

Inter-Mountain  Ry.  1st  5s,  1938 Yes 

International  Acheson  Graphite  Co.  1st  5s,  1923 Yes 

International  Agricultural  Corporation  1st  &  Coll.  5s,  1932 Yes 

International  Agricultural  Corporation  1st  &  Coll.  5s,  1932 Yes 

International  Coal  Co.  1st  6s,  1913 Yes 

International  Consolidated  Oil  Co.  of  Wyo.   1st  6s Yes 

International  Cotton   Mills   Corp.   5s,   1918 Yes 

International  Equip.   Co.   1st   5s Yes 

International  &  Great  Northern  Ry.  Co,  5s,  Equip.  Ser.  "A,"  1923.  Yes 

International  &  Great  Northern  Ry.  Co.  1st  Ref.  5s,  1941 Yes 

International  &  Great  Northern  Ry.  Co.  5s,  1914. Yes 

International  &  Great  Northern  Ry.  Co.  1st  6s,  1919 No 

International  Harvester  Co.  5s,  1915 Yes 

International  Institute  for  Girls  in  Spain  1st  6s,  1916 Yes 

International  Land  Co.  Conv.  6s Yes 

International  Leather  Co.  1st  6s No 

International  Magazine  Co.    1st   6s Yes 

International  Mercantile  Marine   Co.   Coll.   Tr.  4V»s,  1922 Yes 

International  Milling  Co.  1st  S.  F.  6s,  1930 Yes 

International  Navigation  Co.  1st  5s,  1929 No 

International  Paper  Co.— Ontario  Div.  1st  6s,  1918 Yes 

International  Paper  Co.,  Piscataquis  Div.  1st  4s,  1918 No 

International  Paper  Co.— Rumford  Falls  Sulphite  Div.  1st  6s,  1918  Yes 

International  Paper  Co.  1st  Cons.  6s,  1918 Yes 

International  Paper  Co.  Cons.  Conv.  5s,  1935 Yes 

International  Ry.  Co.   (New  Brunswick)  Ref.  &  Imp.  5s,  1962 Yes 

International  Railways  of  Central  America  5s,    1972    Yea 

International  Railways  of  Central  America. — Central    Div.    Bonds, 

1972..  Yes 

International  Salt  Co.  1st  5s,   1925 Yes 

International  Salt  Co.  1st  &   Cons.   5s,   1951 Yes 

International  Securities  &  Development  Corp.  2-yr.  Conv.  Notes.  No 

International  Silver  Co.  Deb.   6s,  1933 Yes 

International  Silver  Co.  1st  6s,  1948    Yes 

International  Steam  Pump  Co.  1st  Lien  S.  F.  5s,  1929 Yes 

International  Traction  Co.  of  Buffalo  Car  Tr.   4M»s,   1916 Yes 

International  Traction  Co.  (Buffalo)    6%    Deb.    Notes,    1923 Yes 

International  Traction  Co.  (Jersey  City)   6%  Car  Tr.,   1917 Yes 

international  Traction  Co.  Coll.  Tr.  4s,  1949 Yes 

International  Training  School  for  Sunday  School  Leaders   (Chic.) 

1st  6s,   1923..  No 

International  Transit  Co.  1st  5s,  1925 No 

International  Typesetting  Machine  Co.  1st  6s,  1937 Yes 

International  Water  Co.  1st  5s,  1931 Yes 

Interocean  Telephone  &  Telegraph  Co.   1st  5s,  1933 Yes 

74 


INT-ITH 

Interstate  Building  Corporation  6s,  1917 Yes 

Interstate  Chemical  Corp.  of  Va.  1st  6s,  1931 Yes 

Interstate  Compress    Co.    Bonds No 

Interstate  Electric  Corp.  1st  Coll.  Tr.  6s,   1933 Yea 

Interstate  Light  &  Power  Co.  (Wis.)    1st  &  Ref.  6s Yes 

Interstate  Light  &  Power  Co.  1st  &  Ref.  6s,  1931 Yes 

Interstate  Independent  Tel.  &  Tel.  Co.  Col.  5s,  1927 No 

Interstate  Power  Co.  10-yr.  Deb.  6%  Notes Yes 

Interstate  Fower  Co.  Conv.   Deb.  6s Yes 

Interstate  Power  Co.  1st  &  Ref.   6s,   1933 Yes 

Interstate  Public  Service  Co.  1st  &  Ref.  5s,  1943 Yea 

Interstate  Railways  Co.  Coll.  Tr.  4s,  1943 Yes 

Interstate  Steamship  Co.    1st    5s,    1939 Yes 

.  Interstate  Telegraph  Co.   1st  6s,   1937 Yes 

Inter-State  Water  Co.  1st  Ref.  5s,  1943 No 

Inter-Urban  Gas  Co.  Jt.  1st  5s,  1923 Yea 

Inter-Urban  Railway  Co.   Deb.   6s,   1923 No 

Inter  Urban  Railway  (Des  Moines,  la.)    1st  5s,   1921 No 

Interurban  Ry.  &  Terminal  Co.  1st  5s,  1928 Yes 

Inverness  Ry.  &  Coal  Co.  1st  5s,  1922 No 

Iola  Portland  Cement  Co.  6s Yes 

Iowa  Apartment  House   (Washington)    1st  5s No 

Iowa  Central  R.  R.  Co.  5%  Car  Tr.  Certs.,  Ser.  "A,"  1910-19......  Yes 

Iowa  Central  R.  R.  Co.  5%  Car  Tr.  Certs.,  Ser.  "B,"  1911-20 Yes 

Iowa  Central  Railway  Co.  1st   5s,   1938 No 

Iowa  Central  Railway  Co.  1st  &  Ref.   4s,   1951 Yes 

Iowa  Central  &    Western   Ry.    1st    4s,    1951 Yes 

Iowa  City  Gas   &   Electric   Co.   1st  6s,   1928 Yes 

Iowa  City  Light  &  Power  Co.  1st   5s,    1928 Yes 

Iowa  City  Light  &  Power  Co.  Ref.  1st  5s,  1932 Yes 

Iowa  City  Water  Co.   5s    No 

Iowa  Falls  &  Sioux  City  R.  R.  Co.  1st  7s,  1917 No 

Iowa  Gas  &  Electric  Co.   1st  6s,  1931 Yes 

Iowa  &  Illinois  Ry.  1st  5s,  1924 Yes 

Iowa  Loan  &  Trust  Co.  Bonds Yes 

Iowa,  Minnesota  &  Northwestern  Ry.  Co.  1st  $%S,  1935 No 

Iowa  Railway  &  Light  Co.  1st  &  Ref.  5s,  1932 Yes 

Iron  Mountain  Light  &  Fuel  Co.  1st  5s,  1936 No 

Iron  Mountain  Ranch    Co.    Gen.    6s Yes 

Iron  Mountain  Water  Works  1st  5s Yes 

Iron  Range  Light  &  Power  Co.  Bonds Yes 

Iron  Steamboat  Co.   (New  Jersey)    1st  Prior  4s,  1932 Yes 

Iron  Steamboat  Co.  (New  Jersey)   2nd  Prior  5s,  1932 Yes 

Iron  wood  &  Bessemer  Ry.  &  Light  Co.  1st  5s,  1936 Yes 

Ironwood  Gas  Co.  1st  5s,  1939 No 

Iroquois  Iron  Co.  Deb.   6s,    (1910) Yes 

Iroquois  Iron  Co.  1st   5s,    1913-1929 Yes 

Iroquois  Theatre  Co.  1st  5s Yes 

Irwin  Electric  Light  &  Power  Co.  1st  5s,  1920 Yes 

Irwin  Water   Co.    1st   6s,    1919 Yes 

Isaiah  Temple  1st  5s,  1921 No 

Isbell-Porter  Co.   1st  6s No 

Island  Heights  Water,  Power,  Gas  &  Sewer  Co.  Bonds No 

Island  Transit  Co.  Bonds Yes 

Ithaca  Gas  Light  Co.  1st  5s,  1949 Yes 

Ithaca  Telephone   Co.   1st   6s,   1922 Ye^ 

Ithaca  Traction  Corporation  1st  Cons.  5s,  1957 No 


75 


JAC-JEF 


J 

[This    space   fur   your   personal    memoranda] 


J 

Jackson  &  Battle  Creek  Traction  Co.  1st  5s,  1923 Yes 

Jackson  Consolidated  Traction   Co.  1st  5s,  1934 Yes 

Jackson  County  Light,  Heat  &  Power  Co»  1st  5s,  1927 Yes 

Jackson  Light  &  Traction  Co.  1st  5s,  1922 Yes 

Jackson  Gas  Co.  1st  5s,  1937 No 

Jackson  Railway  &  Light  Co.  (Tenn.)  1st  5s,  1937 Yes 

Jacksonville  Electric  Co.  1st  5s,  1927 No 

Jacksonville  Ferry  &  Land  Co.  1st  S.  F.  6s,  1937 Yes 

Jacksonville  Gas  Co.  Deb.  6s,  1922   Yes 

Jacksonville  Gas  Co.  1st    S.    F.    5s,    1942 Yes 

Jacksonville  Gas  Light  &  Coke  Co.  1st  5s,  1931 No 

Jacksonville  Ry.  &  Light  Co.  1st  Cons.  5s,  1931 Yes 

Jacksonville  Terminal  Co.  1st  5s,  1939 Yes 

Jacksonville  Traction  Co.  2-yr.  6%  Notes,  1915 fes 

Jacksonville  Traction  Co.  1st  Cons.    5s,   1931 Yes 

Jacobs  Asbestos  Mining  Co.  of  Thetford  1st  6s,  1931 No 

Jamaica  &  Brooklyn  R.  R.  Co.  1st  5s,  1930 Yes 

Jamaica  Water  Supply  Co.  1st  Unified  5s,  1954 Yes 

James  Coal  Mine  Co.  1st  6s No 

Jamestown,  Franklin  &  Clearfield  R.  R.  Co.  1st  4s,  1959 Yes 

Jamestown  Lighting  &  Power  Co.  Real  Est.  5s,  1932 No 

Jamestown  Street  Ry.   1st  6s,   1923 : .  Yes 

Jamison  Coal  &  Coke,  Barrackville  P.  M.  &  Imp.  5s,  1929 No 

Jamison  Coal  &  Coke  Co.,  George's  Creek  5s,  1930 No 

Jamison  Coal  &  Coke  Co.  1st  5s,    1930 No 

Jamison  Coal  &  Coke  Co.  1st  S.  F.  5s,  1931 Yes 

Jamison  Coal  &  Coke  Co.  5%  Car  Tr Yea 

Janesville  Electric  Co.  1st  5s,   1922    Yes 

Janesville  Traction  Co.  1st  5s,  1941 Yes 

Janesville  Water  Co.  1st  5s   No 

Jeansville  Iron  Works  Co.  1st  5s Yes 

Jefferson  City  Light,  Heat  &  Power  Co.  1st  5s,  1925 Yes 

Jefferson  City  Light,  Heat  &  Power  Co.  Ref.  &  Imp.  5s Yes 

76 


JEF-JUN 

Jefferson  City  (Mo.)  Water  Works  Co.  5s No 

Jefferson  &  Clearfield  Coal  &  Iron  Co.  1st  5s,  1926 No 

Jefferson  &  Clearfield  Coal  &  Iron  Co.  2nd  5s,  1926 No 

Jefferson  &  Clearfield  Coal  &  Iron  Co.  1st  5s,  1950 Yes 

Jefferson  Company  1st  6s,  1932 Yes 

Jefferson  Electric  Co.  1st  5s,  1933 Yes 

Jefferson  Hotel  Co.  (Peoria,  111.)  1st  6s Yes 

Jefferson  Railroad  Co.  1st  Ext.  5s,  1919 Yes 

Jefferson  Railroad  Co— Honesdale  Branch  1st  Ext.  4%S,  1927 Yes 

Jefferson  Realty  &  Building  Co.  (Birmingham,  Ala.)  Bonds Yes 

Jefferson  Traction  Co.  1st  6s,  1925 No 

Jeffersonville  Water,  Light  &  Power  Co,  1st  5s Yes 

Jekyl  Island  Club  1st  4%s,  1915 No 

Jenkins  Steamship  Co.  1st  5s Yes 

Jenkintown  &  Cheltenham  Gas  Co.  1st  Ref.  5s,  1933 Yes 

Jenner  Quemahoning  Coal  Co.  1st  5s,  1944 Yes 

Jersey  Central  Traction  Co.  1st  5s,  1931 Yes 

Jersey  Central  Traction  Co.  Gen.  &  Ref.  5s,  1954 Yes 

Jersey  Central  Traction  Co.  Gen.  5s No 

Jersey  City  &  Bergen  Ry.  4%s,  1923 No 

Jersey  City,  Hoboken  &  Paterson  Street  Ry.  1st  4s,  1949 No 

Jersey  Shore  Gas  Co.  5s Yes 

Jersey  Shore  Water  Co.  5s,  1939 Yes 

Jerseyville  Illuminating  Co.  Ref.  &  Gen.  5s,  1935 Yes 

Jerseyville  Light,  Heat  &  Power  Co.  Gen.  6s,  1920 Yes 

Jessop  &  Moore  Paper  Co.'  1st  5s No 

Jewett  Car  Co.  Bonds No 

Jewett  City  Water  Co.  1st  5s,  1915 Yes 

Jewettville  Brick  Co.  6s No 

J.  K.  Lumber  Co.  1st  6s,  1924 Yes 

Johann  Hoff  Co.  Bonds No 

Johnsonburg  Railroad  Co.  1st  6s,  1929 Yes 

Johnson  Company  1st  6s,  1914 Yes 

Johnson  Dean  Lumber  Co.  Bonds Yes 

Johnston  City  &  Big  Muddy  Coal  &  Mining  Co.  1st  6s Yes 

Johnston  City- Carter ville  Coal  Co.  1st  6s Yes 

Johnston  (D.  S.  B.)  Land  Co.  Bonds No 

Johnstown,  Gloversville  &  Kingsboro  Horse  R.  R.  5s,  1933 Yes 

Johnstown  Passenger  Ry.  Co.  Cons.  4s,  1929 Yes 

Johnstown  Passenger  Ry.  Co.  Ref.  4s,  1931 No 

Johnstown  Telephone  Co.  (Independent)  1st  5s,  1923 Yes 

Johnstown  Traction  Co.  1st  &  Ref.  5s,  1943 No 

Johnstown  Water  Co.  4s,  1918 Yes 

Johnstown  Water  Co.  5s,  1929 Yes 

Joliet  R.  R.  Co.  Cons.  5s,  1918 Yes 

Joliet  Railway  Supply  Co.  1st  6s,  1923 No 

Jones  (True  W.)  Brewing  Co.  1st  6s,  1919 No 

Jones  &  Laughlin  Steel  Co.  1st  S.  F.  5s,  1939 Yes 

Jonesboro,  Lake  City  &  Eastern  R.  R.  1st  5s,  1925 Yes 

Joplin  Gas  Light  Co.  1st  6s,  1930 Yes 

Joplin  &  Pittsburg  Ry.  Deb.  6s,  1920 Yes 

Joplin  &  Pittsburg  Ry.  1st  5s,  1930 Yes 

Joplin  Union  Depot  Co.  1st  4%s,  1940 Yes 

Joplin  Water  Works  Co.  5s,  1940 No 

Journal  Company  (Kansas  City,  Mo.)  1st  5s Yes 

Journal  Newspaper  Co.  6s,  1938 No 

Joy  Construction  Co.  1st  6s,  1929 Yes 

Judith  Land  Co.  1st  6s,  1919 Yes 

Julier  Baking  Co.  Ref.  1st  6s No 

Junction  Railroad  Co.  Gen.  (now  1st)  3^s,  1930 Yes 

77 


KAI-KAN 


K 

[This   space  for  your   personal    memoranda] 


E 

Kaiser  Lumber  Co.  (John  H.)  1st  6s,  1914 Yes 

Kahn  Realty  Co.  Bonds Yes 

Kalamazoo,  Allegan  &  Grand  Rapids  R.  R.  Co.  1st  5s,  1938 Yes 

Kalamazoo  Gas  Co.  1st  5s,  1920 No 

Kalamazoo,  Lake  Shore  &  Chicago  R.  R.  1st  5s,  1927 Yes 

Kalamazoo  &  White  Pigeon  R.  R.  Co.  1st  5s,  1940 Yes 

Kaministiquia  Power  Co.,  Ltd.,  1st  5s,  1937 No 

Kanawha  Bridge  &  Terminal  Creek  Co.  1st  5s Yes 

Kanawha  Fuel  Co.  Bonds   Yes 

Kanawha  &  Hocling  Coal  &  Coke  Co.  1st  5s,  1951 Yes 

Kanawha  &  Michigan  Ry.  Co.  Equip.  Tr.  4y2s,  1922 Yes 

Kanawha  &  Michigan  Ry.  Co.  1st  4s,  1990 Yes 

Kanawha  &  Michigan  Ry.  Co.  2nd  5s,  1927 Yes 

Kanawha  Valley  Traction  Co.  1st  5s,  1946 Yes 

Kanawha  &  West  Virginia  R.  R.  1st  5s,  1955 Yes 

Kanes  Falls  Electric  Co.  Bonds Yes 

Kankakee  Electric  Ry.  Co.  1st  6s,  1926 Yes 

Kankakee  Gas  &  Electric  Co.  1st  &  Ref .  5s,  1930 Yes 

Kankakee  &  Seneca  R.  R.  Co.  1st  6s,  1922 No 

Kanotex  Refining  Co.  6s,  1927 Yes 

Kansas  City  Belt  Ry.  Co.  1st  6s,  1916 Yes 

Kansas  City  Breweries  Co.  1st  6s,  1930 No 

Kansas  City,  Clay  County  &  St.  Joseph  Ry.  Co.  1st  5s,  1941 Yes 

Kansas  City,  Clinton  &  Springfield  Ry.  Co.  1st  5s,  1925 Yes 

Kansas  City  Elevated  Ry.  1st  Pre.  6s,  1922 % No 

Kansas  City  Elevated  Ry.  2nd  Gen.  4s,  1922 No 

Kansas  City,  Excelsior  Springs  &  Northern  R.  R.  1st  4s,  1928 No 

Kansas  City,  Ft.  Scott  &  Memphis  Ry.  Co.  Inc.  5s Yes 

78 


KAN-KEN 

Kansas  City,  Ft.  Scott  &  Memphis  Ry.  Co.  Equip.  Ser.  "A"  4y2s,  1915.  Yes 
Kansas  City,  Ft.  Scott  &  Memphis  Ry.  Co.  Equip.  Ser."B"  4y2s,  1915.  Yes 
Kansas  City,  Ft.  Scott  &  Memphis  Ry.  Co.  Stock  Tr.  Certs.,  1921.. . .  Yes 

Kansas  City,  Ft.  Scott  &  Memphis  Ry.  Co.  1st  Cons.  6s,  1928 Yes 

Kansas  City,  Ft.  Scott  &  Memphis  Ry.  Co.  Ref .  4s,  1936 Yes 

Kansas  City  (Mo.)  Gas  Co.  1st  5s,  1922 No 

Kansas  City  Home  Telephone  Co.  1st  5s,  1923 No 

Kansas  City,  Lawrence  &  Topeka  R.  R.  Co.  1st  5s,  1939 No 

Kansas  City-Leavenworth  R.  R.  Co.  1st  Cons.  5s,  1919 Yes 

Kansas  City  Long  Distance  True  Phone  Co.  1st  5s,  1925 No 

Kansas  City,  Memphis  &  Birmingham  R.  R.  Co.  Gen.  4s,  1934 Yes 

Kansas  City,  Memphis  &  Birmingham  R.  R.  Co.,  Inc.  5s,  1934 Yes 

Kansas  City  &  Memphis  Ry.  1st  5s,  1961 Yes 

Kansas  City  &  Memphis  Ry.  &  Bridge  Co.  1st  5s,  1929 Yes 

Kansas  City  Northwestern  R.  R.  Co.  1st  5s,  1933 No 

Kansas  City  &  Pacific  R.  R.  Co.  1st  4s,  1990 Yes 

Kansas  City  Railway  &  Light  Co.  Coll.  "A"  &  "B"  6%  Notes Yes 

Kansas  City,  Shreveport  &  Gulf  Terminal  Co.  1st  4s,  1927 No 

Kansas  City  Southern  Ry.  Co.  Equip.  Ser.  "D"  5s,  1924 Yes 

Kansas  City  Southern  Ry.  Co.  1st  3s,  1950 Yes 

Kansas  City  Southern  Ry.  Co.  Ref.  &  Imp.  5s,  1950 Yes 

Kansas  City  Stock  Yards  Deb.  5s,  1920 Yes 

Kansas  City  Terminal  Ry.  Co.  Sterling  5%  Notes Yes 

Kansas  City  Terminal  Ry.  Co.  1st  4s,  1960 Yes 

Kansas  City  Veterinary  College  Bonds No 

Kansas  City  Viaduct  &  Terminal  Ry.  1st  41/2s,  1934 Yes 

Kansas  City  Western  Railway  1st  Ref.  5s,  1925 Yes 

Kansas  City  &  Westport  Belt  Ry.  1st  5s,  1926 Yes 

Kansas  &  Colorado  Pacific  Ry.  Co.  1st  Ref.  6s,  1938 Yes 

Kansas  Gas  &  Electric  Co.  1st  5s,  1922 Yes 

Kansas  &  Missouri  R.  R.  Co.  1st  5s,  1922 Yes 

Kansas  South  &  Gulf  Ry.  Co.  1st  5s Yes 

Karpen  (S.)  &  Bros.  1st  5s,  1924   (Karpen  Building) Yes 

Katy  Office  Building  1st  5V2s,  1932 Yes 

Keene  Gas  &  Electric  Co.  1st  5s,  1935 Yes 

Keene  Electric  Ry.  Co.  1st  5s,  1920 No 

Keene  Electric  Ry.  Co.  2nd  5s,  1922 No 

Keim  ( J.  R.)  &  Co.,  Inc.,  1st  6s,  1933 Yes 

Keith  Car  Co.  1st  Car.  Tr.  Notes,  6s Yes 

Keith  Car  Co.  2nd  Service  Car.  Tr.  Notes Yes 

Keller  Manufacturing  Co.  1st  5s,  1928 No 

Kelley  Island  Lime  &  Transport  Co.  1st  6s,  1921 Yes 

Kelley's  Creek  Colliery  Co.  Bonds No 

Kelso  Smokeless  Coal  Co.  1st  6s,  1926 Yes 

Kenedy  Compress  Co.  1st  6s No 

Kenmore  Heights  Land  &  Improvem.  (Kenmore,  N.  Y.)  1st  6s,  1917.  Yes 

Kennebec  Light  &  Heat  Co.  1st  41/2s,  1925 Yes 

Kennebec  Light  &  Heat  Co.  1st  5s Yes 

Kennebunk  Electric  Light  Co.  1st  5s,  1930 Yes 

Kennett  &  Osceola  R.  R.  Co.  1st  6s,  1917 No 

Ken  ova  Power  House  5s,  1925 v Yes 

Kensington  Transportation  Co.  1st  6s Yes 

Kensington  Water  Co.  1st  5s Yes 

Kent  Water  &  Light  Co.  1st  5s Yes 

Kentucky  Block  Cannel  Coal  Co.  1st  5s No 

Kentucky    Central  Ry.  Co.  1st  4s,  1987 No 

Kentucky  Electric  Co.  1st  5s,  1926 Yes 

Kentucky  Highlands  Railroad  Co.  1st  5s,  1947 Yes 

Kentucky  &  Indiana  Terminal  Ry.  Co.  1st  4^s,  1961 Yes 

Kentucky  Midland  R.  R.  1st  S.  F.  5s Yes 

79 


KEN-KNO 

Kentucky  Pipe  Line  Co.  1st  6s No 

Kentucky  Portland  Cement  &  Coal  Co.  1st  6s,  1932 Yes 

Kentucky  Public  Service  Co.  1st  &  Ref.  6s,  1922 Yes 

Kentucky  Solvay  Coke  Co.  lsct  6s,  1915-1920 Yes 

Kentucky  Tennessee  Ppty.  Co.  &  Virginia  Mining  Co.  1st  6s,  1914-26.  Yes 

Kentucky  Traction  &  Terminal  Co.  1st  &  Ref.  5s,  1951 Yes 

Kentucky  Utilities  Co.  Deb.  6s Yes 

Kentucky  Utilities  Co.  1st  &  Ref.  5s Yes 

Keokee  Consolidated  Coke  Co.  1st  &  Ref.  5s,  1959 Yes 

Keokuk  &  Des  Moines  Ry.  Co.  1st  5s,  1923 No 

Keokuk  Electric  Ry.  &  Power  Co.  1st  5s,  1925 No 

Keokuk  Gas  Light  &  Coke  Co.  1st  5s,  1918 Yes 

Keokuk-Hamilton  Bridge  Co.  1st  3s No 

Kern  (C.)  Brewing  Co.  1st  6s Yes 

Kesner  (Jacob  L.),  State  &  Quincy  Building  1st  5s Yes 

Kesner  Realty  Trust  Pref.  Cert.  3V2s Yes 

Keswick  Electric  Power  Co.  1st  5s,  1931 Yes 

Kewanee  Home  Telephone  Co.  1st  5s,  1923 No 

Kewanee  Light  &  Power  Co.  1st  6s,  1924 Yes 

Kewaunee,  Green  Bay  &  Western  R.  R.  Co.  1st  5s,  1921 Yes 

Keweenaw  Central  R.  R.  1st  5s,  1938 Yes 

Key  City  Gas  Co.  1st  5s,  1920 No 

Key  West  Electric  Co.  1st  5s,  1956 Yes 

Keystone  Coal  &  Coke  Co.  1st  &  Ref.  6s,  1912-1931 Yes 

Keystone  Telephone  Co.  of  Philadelphia  1st  Ref.  5s,  1935 Yes 

Kidder  Press  Co.  1st  6s No 

Kilby  Manufacturing    Co.    Bonds Yes 

Kimball  Lumber  Manufacturing  Co.  Bonds Yes 

Kimberly-Clark   Co.    Bonds No 

Kineon  Coal  Co.  1st  5s,  1915 No 

King-Crowther  Corporation  1st  6s,  1918 No 

Kings  County  Electric  Light  &  Power  Co.  Conv.  Deb.  6s,  1922 Yes 

Kings  County  Electric  Light  &  Power  Co.  Deb.  6s,  1925 Yes 

Kings  County  Electric  Light  &  Power  Co.  1st  5s,  1937 No 

Kings  County  Electric  Light  &  Power  Co.  P.  M.  6s,  1997 Yes 

Kings  County  Elevated  R.  R.  Co.  1st  4s,  1949 No 

Kings  County  Gas  &  Illuminating  Co.  1st  5s,  1940 Yes 

Kings  County  Lighting  Co.  1st  Ref.  5s,  1954 Yes 

Kings  Hill  Extension  Irrigation  Co.  1st  6s Yes 

Kingston  City  Railroad  Co.  Cons.  5s,  1923 No 

Kingston  Consolidated  R.  R.  Co.  1st  5s Yes 

Kingston  Consolidated  R.  R.  Co.  Cons.  5s,  1951 Yes 

Kingston  Gas  &  Electric  Co.  1st  5s,  1952 Yes 

Kington  Coal  Co.  1st  6s,  1917 No 

Kingwood  Quarries  Co.  Bonds No 

Kinloch-Bloomington  Telephone  Co.  1st  5s,  1925 Yes 

Kinloch  Building  Co.  1st  5s,  1925 Yes 

Kinloch  Long  Distance  Telephone  Co.  of  Mo.  1st  5s,  1929 Yes 

Kinloch  Telephone  Co.  of  Missouri  1st  6s,  1928 Yes 

Kinney  Steamship  Co.  (Str.  J.  S.  Ashley)  5s Yes 

Kinston  Cotton  Mills  6s Yes 

Kirby  Lumber  Co.  1st  7s Yes 

Kirtley  Creek  Gold  Dredging  Co.  Bonds Yes 

Klamath  Development  Co.  1st  6s,  1927 Yes 

Klode  (F.  C.)  Bonds  Yes 

Klots  Throwing  Co.  1st  6s,  1939 Yes 

Kneeland,  McLurg  Lumber  Co.  1st  6s Yes 

Knickerbocker  Fireproof  Building  Co.  6s Yes 

Knickerbocker  Ice  Co.  1st  5s,  1941 Yes 

Knox  &  Lincoln  Ry.  Co.  Ser.  "A"  2nd  5s,  1921 No 


KNO-LA  C 

Knoxville  Gas  Co.  1st  5s,  1933 Yes 

Knoxville  &  Ohio  R.  R.  Co.  1st  6s,  1925 Yes 

Knoxville  Railway  &  Light  Co.  Cons.  5s,  1945 Yes 

Knoxville  Railway  &  Light  Co.  Ref.  &  Ext.  5s,  1946 Yes 

Knoxville,  Sevierville  &  Eastern  Ry.  Co.  1st  6s,  1939 No 

Knoxville  Traction  Co.  1st  5s,  1938 Yes 

Koehler  (H.)  &  Co.  5s,  1910-1929 Yes 

Koenitzer  Tanning  Co.  Bonds Yes 

Kohala  Ditch  Co.,  Ltd.,  Bonds No 

Kokomo,  Frankfort  &  Western  Traction  Co.  1st  5s,  1941 Yes 

Kokomo,  Marion  &  Western  Traction  Co.  1st  5s,  1933 Yes 

Kokomo  Steel  &  Wire  Co.  1st  6s,  1923 Yes 

Kokomo  Water  Works  Co.  1st  5s,  1932 No 

Kokomo  Water  Works  Co.  5s,  1955 No 

Kolb  Bakery  Co.  1st  5s,  1937 Yes 

Kort  Kamp  Brick  &  Tile  Co.  1st  6s,  1924 Yes 

Krause  &  Managan  Lumber  Co.,  Ltd.,  1st  6s,  1910-1917 Yes 

Kress   (John)   Brewing  Co.  1st  5s No 

Kuhn,  Fisher  &  Co.,  Amer.  Tel.  &  Tel.  4s,  1929 No 

Kutztown  &  Fleetwood  Street  Ry.  Co.  1st  5s,  1932 Yes 


L 
[This    space  for  your   personal   memoranda] 


L 

La  Baronne  Hotel  Realty  Co.  1st  5s,  1931 Yes 

La  Baronne  Hotel  Realty  Co.  2nd  6s Yes 

La  Belle  Iron  Works  1st  6s,  1908-23 No 

La  Crosse  City  Ry.  1st  5s,  1918 Yes 

La  Crosse  Gas  &  Electric  Co.  1st  &  Ref.  5%s,  1931 Yes 

81 


LA  C-LAK 

La  Crosse  &  Southeastern  Ry.  1st  5s,  1944 No 

La  Follette  Coal,  Iron  &  Ry.  1st  5s,  1920 No 

La  Follette  Water,  Lt.  &  Tel.  Co.  Bonds Yes 

La  Grange  Placer  Mining  Co.   5%  Notes Yes 

La  Grange  Water  Co.  1st  6s,  1918    Yes 

La  Grange  Water  Co.  1st  4%s,   1937 Yes 

La  Grange  Water,  Lt.  &  Pr.  Co.   1st  5s,   1921 Yes 

Lacey-Burk  Iron  Co.  1st  6s Yes 

Lachine  Rapids  Hydraulic  &  Land  Co.  1st  6s,  1926 No 

Lackawanna  Coal  &  Lumber  Co.  Col.  6s,  Ser.  No.  1 Yes 

Lackawanna  Coal  &  Lumber  Co.  Col.  6s,  Ser.  2 Yes 

Lackawanna  Coal  &  Lumber  Co.  Cons.  6s,  1961 Yes 

Lackawanna  Iron  &  Steel  Co.  1st  5s,  1926 No 

Lackawanna  Steel  Co.  Conv.  Deb.  5s,  1915 Yes 

Lackawanna  Steel  Co.  1st  Conv.  5s,  1923 Yes 

Lackawanna  Steel  Co.  1st  Cons.  5s,  Ser.  "A,"  1910-50 . ..  Yes 

Lackawanna  Valley  Traction  Co.  1st  6s,  1925 No 

Laclede  Bldg.  Co.  1st  6s,  1919 No 

Laclede  Gas  Light  Co.  Deb.  5s,  1919 Yes 

Laclede  Gas  Light  Co.  1st  5s,  1919 Yes 

Laclede  Gas  Light  Co.  Ref.  &  Ext.  5s,  1934 Yes 

Lacombe  Electric  Co.  1st  5s,  1921 No 

Laconia  Gas  &  Elect.  Co.  1st  5s,  1940 Yes 

Lafayette  Hotel  Co.  6s No 

Lafayette  &  Logansport  Tract.  Co.  1st  5s,  1936 Yes 

Lafayette  Street  Ry.  Co.  1st  5V2s,  1923 Yes 

Lafayette  Sugar  Refining  Co.  1st  8s Yes 

Lagoon  Lumber  Co.  1st  5s Yes 

Lake  Bomoseen  Slate  Co.  &  Scotch  Hill  Slate  Co.  6s Yes 

Lake  Bomoseen  Slate  &  Scotch  Hill  Slate  Co.  5-yr.  6%  Notes...  Yes 

Lake  City  Water  Co.  (Hammond,  Ind.)  1st  5s No 

Lake  Erie  Excursion  Co.  1st  5s Yes 

Lake  Erie  &  Northern  Ry.  Co.  1st  5s,  1942 No 

Lake  Erie  &  Pitts.  Ry.  Co.  1st  4y2s,  1961 Yes 

Lake  Erie  Transportation  Co.   1st  5s No 

Lake  Erie  &  West.  R.  R.  Co.  1st  5s,  1937 Yes 

Lake  Erie  &  West.  R.  R.  Co.  2nd  5s,  1941 Yes 

Lake  Gas  Co.  1st  6s,  1915 Yes 

Lake  Geneva  Water  Pr.  &  Lake  Level  Pro.  Co.  1st  4s No 

Lake  George  Development  Co.  1st  7^s Yes 

Lake  Michigan  Steamship  Co.  1st  6s Yes 

Lake  Placid  Co.  1st  5s,  1920 Yes 

Lake  Placid  Co.  1st  5s,  1921 Yes 

Lake  Placid  Co.  1st  Ref.  6s,  1940 Yes 

Lake  Roland  Elevated  Ry.  Co.  1st  Cons.  5s,  1942 Yes 

Lake  Shore  Elect.  Ry.  1st  Cons.  5s,  1923 Yes 

Lake  Shore  Elect.  Ry.  Co.  Gen.  5s,  1933 Yes 

Lake  Shore  &  Mich.  So.  Ry.  Co.  Deb.  4s,  1928 Yes 

Lake  Shore  &  Mich.  So.  Ry.  Co.  Deb.  4s,  1931 Yes 

Lake  Shore  &  Mich.  So.  Ry.  Co.  1st  31/2s,  1997 Yes 

Lake  Side  &  Marblehead  R.  R.  1st  6s,  1922 Yes 

Lake  Steamship  Co.  1st  5s Yes 

Lake  Street  Elevated  R.  R.  Co.  1st  5s Yes 

Lake  Superior  Corp.  3-yr.  6%  Notes,  1911-14 Yes 

Lake  Superior  Corp.  Inc.  5s,  1924 No 

Lake  Superior  Corp.  1st  &  Col.  Tr.  5s,  1944 No 

Lake  Superior  &  Ishpeming  Co.  Car  Tr.  6%  Notes,  191 4 Yes 

Lake  Superior  &  Ishpeming  Ry.  Co.  1st  6s,  1931 Yes 

Lake  Superior  Paper  Co.  1st  6s,  1941 Yes 

Lake  Tahoe  Ry.  &  Trans.  Co.  1st  5s,  1931 No 


LAK-LEA 

Lake  View  Cemetery  Ass'n  Ref .  4s No 

Lake  of  the  Woods  Milling  Co.,  Ltd.,  1st  6s,  1923 No 

Lakeside  Irrigation  Co.   Bonds Yes 

Lakeside  Railway  Co.  1st,  1923 No 

Lakeview  Land  &  Improvement  Co.  1st  5s Yes 

Lakewood  Gas  Co.  1st  5s,  1949 No 

Lalance  &  Crosjean  Mfg.  Co.  6s,  1927 Yes 

Lamaya  Vy.  Land  &  Imp.  Co.  Deb.  7s,  1920 No 

Lamb  Engine  Co.  Bonds Yes 

Lamb-Fish  Lumber  Co.  1st  P.  M.  6s Yes 

Lambs  Club   (The)  Reg.  5s Yes 

Lamson  Co.    (The)    5s,  1922 No 

Lamson  Consol.  Store  Service  Co.  (The)   5s,  1922 No 

Lancaster  Co.  Railway  &  Light  Co.  Col.  Tr.  5s,  1951 Yes 

Lancaster  Elect.  Lt,  Ht.  &  Pr.  Co.  2nd  5s No 

Lancaster  Light  &  Power  Co.  1st  6s Yes 

Lancaster  Telephone  Co.  1st  5s,  1921 No 

Lancaster  Water  Filtration  Co.  1st  6s,  1935 Yes 

Land,  Log  &  Lumber  Co.,  Ltd.,  1st  L.  5s,  1916 Yes 

Lane  Cotton  Mills  1st  5s,  1919 Yes 

Langlade  Land  &  Timber  Co.  1st  6s,  1915-20 Yes 

Lansdowne  Water  Co.  1st  4s,  1919 Yes 

Lansing  Fuel  &  Gas  Co.  1st  &  Cons.  5s,  1921 Yes 

Lansing  Fuel  &  Gas  Co.  1st  &  Ref.  Est.  5s,  1927 Yes 

Lansing  Gas  Light  Co.  1st  6s,  1918 No 

Lansing  Gas  Light  Co.  Cons.   6s,   1918 No 

Lansing  Gas  Light  Co.  Cons.   5s,  1921 No 

Lansing  Manufacturers  R.  R.   1st  5s,  1915-30 Yes 

La  Plata  Lt,  Ht.  &  Ice  Co.  1st,  1927 Yes 

La  Porte  &  Mich.  Traction  Co.  1st  5s,  1930 Yes 

Laramie,  Hahns  Pk.  &  Pacific  Ry.  Co.  1st  Ref.  6s,  1932 No 

Laramie,  Hahns  Pk.  &  Pacific  Ry.  Co.  Gen.  5s,  1957 No 

Larchmont  Yacht  Club  1st  4s No 

Laredo  Elect.  &  Ry.  Co.  Bonds No 

Laredo  Water  Co.  1st  6s,  1918 Yes 

Laredo  Water  Co.  1st  Cons.  6s,  1932 Yes 

Las  Animas  Sugar  Co.  1st  6s,  1932 No 

Latonia  Agricultural  &  Stock  Assn.  6s No 

Latrobe  Connellsville  Coal  &  Coke  Co.  1st  6s,  1911-31 Yes 

Latrobe  Water  Co.  1st  5s,   1918 Yes 

Latrobe  Water  Co.  1st  5s,   1932 Yes 

Lauran  Realty  Co.  1st  5s Yes 

Laurel  Elect.  Pr.  &  Lt.  Co.  1st  6s,  1931 Yes 

Laurel  Lt.  &  Ry.  Co.  Bonds Yes 

Laurel  River  Logging  Co.  1st  Ref.  6s Yes 

Lauriat   (Charles  E.)    1st  6s Yes 

Laurinburg  &  Southern  R.  R.  Co.  1st  5s,  1941 Yes 

Lawrence  Co.  Water,  Lt.  &  Cold  Storage  Co.  1st  5s,  1939 Yes 

Lawrence  Gas   Co.   1st  4s,   1920 No 

Lawrence  Harbor  Land  &  Imp.  Co.  Bonds Yes 

Lawrence  Home  Telephone   Co.   Bonds No 

Lawrence  Water  Co.  1st  5s Yes 

Lawrenceville  Water  &  Light  Co.  1st  6s Yes 

Lawton  Ry.  &  Lighting  Co.  1st  s Yes 

Lavcock  Power  House  Co.   (The)   Bonds No 

Leader  Building  Co.   1st  6s Yes 

Leamington  &  St.  Clair  R.  R.  1st  4s,  1945 No 

Leasehold  Investors  Corp.  6s No 

Leavenworth  City  &  Ft.  Leavenworth  Water  Co.  Cons.  5s No 

Leavenworth  Lt.,'  Ht.  &  Pr.  Co.  1st  5s,  1923 Yes 

83 


LEA-LE  R 

Leavenworth  Terminal  Ry.  &  Bridge  Co.  1st  5s Yes 

Leavenworth  &  Topeka  Ry.  1st  4s Yes 

Leavitt  &  Johnson  Trust  Co.  Bonds Yea 

Leavitt  Land  &  Lumber  Co.  5%  Notes No 

Leavitt  Land  &  Lumber  Co.  1st  6s No 

Lebanon  Gas   &  Fuel  Co.  Bonds Yes 

Lebanon  Valley  Str.  Ry.  Co.  1st  5s,  1929 Yes 

Leggett  (F.  H.)  &  Co.  1st  6s,  1922 Yes 

Lehigh  Coal  &  Navigation  Co.  Col.  4%s,  1921 Yes 

Lehigh  Coal  &  Nav.  Co.  (The)  Gen.  4y»s,  1924 Yes 

Lehigh  Coal  &  Nav.  Co.  (The)  Col.  Tr.  4y>s,  1930 Yes 

Lehigh  Coal  &  Nav.  Co.  (The)  Fund  &  Imp.  4s,  1948,  Ser.  A&B.  Yes 

Lehigh  Coal  &  Navigation  Co.  Cons.    4y2s,    1954 Yes 

Lehigh  &  Hudson  Riv.  Ry.  Co.  Equip.  Tr.  A  4%s,  1907-16 Yes 

Lehigh  &  Hudson  Riv.  Ry.  Co.  Gen.  5s,  1920 Yes 

Lehigh  &  Hudson  Riv.  Ry.  Co.  Deb.  4s,  1920 Yes 

Lehigh  &  Lake  Erie  R.  R.  Co.  1st  4y2s,  1957 Yes 

Lehigh  Navigation  Electric  Co.  1st  6s No 

Lehigh  &  New  England  R.  R.  Co.  Equip.  Tr.  4%s,  1923,  Ser.  A. . .  Yes 
Lehigh  &  New  England  R.  R.  Co.  Equip.  Tr.  4V2s,  1923,  Ser.  B. ..  Yes 

Lehigh  &  New  England  R.  R.  Co.  4i/2s,  1928,  Ser.  C Yes 

Lehigh  &  New  England  R.  R.  Co.  Gen.  5s,  1954 Yes 

Lehigh  &  New  York  R.  R.  1st  4s,  1945 Yes 

Lehigh  Traction  Co.  1st  5s,  1923 No 

Lehigh  Valley  Coal  Co.  1st  4s,  1933 Yes 

Lehigh  Valley  Coal  Co.  1st  5s,  1933 Yes 

Lehigh  Valley  Light  &  Power  Co.  Conv.  6s,  1925 Yes 

Lehigh  Valley  Light  &  Power  Co.  1st  5s,  1943 Yes 

Lehigh  Valley  R.  R.  Co.  Equip.  Tr.  5s,  Ser.  A Yes 

Lehigh  Valley  R.  R.  Co.  Equip.  Tr.  5s,  Ser.  B Yes 

Lehigh  Valley  R.  R.  Co.  Equip.  Tr.  4s,  Ser.  E. Yes 

Lehigh  Valley  R.  R.  Co.  Equip.  Tr.  4y>s,  Ser.  G Yes 

Lehigh  Valley  R.  R.  Equip.  Tr.  4y2s,  Ser.  J,  1917 Yes 

Lehigh  Valley  R.  R.  Co.  Cons.  6s  &  4y2s,  1923 Yes 

Lehigh  Valley  R.  R.  Co.  Col.  Tr.  4s,  1926 Yes 

Lehigh  Valley  R.  R.  Co.  1st  4s,  1948 Yes 

Lehigh  Valley  R.  R.  Co.  Gen.  Cons.  4s,  2003 Yep 

Lehigh  Valley  R.  R.  Co.  Gen.   Cons.  4y2s,   2003 Yes 

Lehigh  Valley  R.  R.  Co.  of  N.  Y.  1st  4y2s,  1940 Yes 

Lehigh  Valley  Terminal  Ry  Co.  1st  5s,  1941 Ye.: 

Lehigh  Valley  Transit  Co.  1st  4s,  Ser.  A,  1935 Yes 

Lehigh  Valley  Transit  Co.  1st  5s.  Ser.  B,  1935 Yes 

Lehigh  Valley  Transit  Co.  6s    Yes 

Lehigh  Valley  Transit  Co.  Cons.  4s,  1935 Yes 

Lehigh  Valley  Transit  Co.  Ref .  &  Imp.  5s,  1960 Yes 

Lehigh  &  Wilkes-Barre  Coal  Co.  Cons.  4s Yes 

Leland  Light  &  Power  Co.  Bonds Yes 

Lenawee  Co.  Gas  &  Electric  Co.  1st  5y2s,  1927 Yes 

Lenawee  Co.  Gas  &  Electric  Co.  1st  &  Ref.  5y2s,  1927 Yes 

Lennox  Co.  1st  5s Yes 

Lenox  Hotel   Co.   5s Yes 

Lenox  Hotel  Trust  1st  4s,  1921 No 

Lemac  Carriers  Co.  6%  Car  Equip.  Notes No 

Leominster  Electric  Light  &  Power  Co.  1st  4y2s,  1926 Yes 

Leominster  Gas  Light  Co.  1st  5s,  1932 No 

Leominster,  Shirley  &  Ayer  Str.  Ry.  1st  5s,  1921 No 

Leona  Mills  Lumber  Co.  1st  Ser.  6s,  1914-23 * Yes 

Leonard  Reliable  Storage  Co.  Bonds Yes 

Leonard  Warehouse,  Ind.,  1st  6s,  1934 Yes 

Le  Roy  (A.  A.)  Pine  Tree  Inn  Hotel  5s No 

84 


LER-LIN 

Leroy  .&  Caney  Valley  Air  Line  1st  5s,  1926 No 

Lewisburg,  Milton  &  Watsontown  Pass.  Ry.  1st  5s,  1940 No 

Lewisburg  &  Tyrone  R.  R.  1st  4%s,  1949 Yes 

Lewiston  &  Auburn  Elec.  Lt.  Co.  1st  5s,  1939 No 

Lewiston,  Augusta  &  Waterville  Str.  Ry.  Col.  Tr.  5s,  1915 Yes 

Lewiston,  Augusta  &  Waterville  Str.  Ry.  1st  &  Ref .  5s,  1937 Yes 

Lewiston,  Brunswick  &  Bath  Str.  Ry.  1st  5s,  1918 No 

Lewiston,  Clarkston  Improvement  Co.  Col.  6s,  1925 Yes 

Lewiston  Connecting  &  Queenston  Hgts.  Bridge  Co.  1st  5s,  1928..  Yes 

Lewiston  Gas  Light  Co.  1st  4s,  1924 No 

Lewiston  Land  &  Water  Co.,  Ltd.,  1st  6s Yes 

Lewiston  Land  &  Water  Co.  Ltd.,  Ref.   7s,  1921 Yes 

Lewiston  &  Reedsville  Electric  Ry.  2nd  5s,  1917 Yes 

Lewiston  &  Reedsville  Electric  Ry.  1st  5s,  1919 No 

Lexington  Ave.  &  Pavonia  Ferry  Co.  1st  5s,  1993 No 

Lexington  &  Boston  Str.  Ry.  Co.  1st  4y2s,  1920 Yes 

Lexington  &  Eastern  Ry.  Gen.  5s,  1935 No 

Lexington  Gas  &  Electric  Co.  1st  5s,  1935 Yes 

Lexington  Hydraulic  &  Mfg.  Co.  1st  5s Ye* 

Liberal  Brick  &  Stone  Co.  Bonds No 

Liberal  Brick  &  Tile   Co.    Bonds No 

Liberty  Square  Warehouse  Co.  1st  4s,  1921 Yes 

Library  Bureau  1st  5V2s Yes 

Library  Bureau  Deb.  6s,  1921 Yes 

Lick  Creek  &  Lake  Erie  R.  R.  Co.  1st  5s.  1933 Yes 

Liggett  &  Myers  Tobacco  Co.  7s,  1944 Yes 

Liggett  &  Myers  Tobacco  Co.  5s,  1951 Yes 

Light,  Heat  &  Power  Corp.  5%  Notes,  1918 Yes 

Light,  Heat  &  Power  Corp.  5%  Notes,  1929 Yes 

Lignum  Chemical  Co.  Deb.  6s Yes 

Ligonier  Valley  R.  R.  Co.  1st  6s,  1943 Yes 

Lima  Electric  Light  &  Power  Co.  1st  5s,  1917 No 

Lima  Electric  Ry.  &  Light  Co.  1st  Cons.  5s,  1916 Yes 

Lima  Electric  Ry.  &  Light  Co.  Ref.  5s,  1925 Yes 

Lima  Electric  Ry.  &  Light  Co.  2nd  Cons.  5s,  1925 Yes 

Lima,  Findlay  &  Toledo  Ry.  1st  5s,  1925 Yes 

Lima  Gas  Light  Co.  1st  6s Yes 

Lima  Locomotive  Corp.  1st  6s,  1932 Yes 

Lima  Locomotive  Works  5%  Notes,  1916 Yes 

Lima  Railway  Co.  1st  5s,  1916 No 

Lima  (.0)  Tel.  &  Tel.  Co.  1st  5s,  1921 No 

Lime  Rock  Railroad  Co.  4s,  1929 Yes 

Limoneira  Co.  Bonds   Yes 

Lincoln  Coal  Co.  1st  Bonds No 

Lincoln  Fireproof  Storage  Co.  Bonds No 

Lincoln  Gas  &  Electric  Co.  6%  Notes,  1914 No 

Lincoln  Gas  &  Electric  Light  Co.  1st  Cons.  5s,  1941 Yes 

Lincoln  Heat,  Light  &  Power  Co.  1st  5s,  1932 Yes 

Lincoln  Ice  Co.  1st  5s,  1923 No 

Lincoln  Park  &  Charlotte  R.  R.  Co.  1st  5s,  1939 No 

Lincoln  Railway  &  Light  Co.  1st  5s Yes 

Lincoln  Telephone  Co.  1st  6s,  1923 No 

Lincoln  Traction  Co.  1st  5s,  1920 Yes 

Lincoln  Traction  Co.  1st  5s,  1939 Yes 

Lincoln  Water  &  Light  Co.  1st  5s,  1924 Yes 

Lindell  Ry.  1st  Ext.  4%s,  1921 Yes 

Lindsay  Water  Co.   5s Yes 

Linn  &  Lane  Timber  Co.  1st  6s,  1914-1927 Yes 

Linn  &  Lane  Timber  Co.  Col.  6s Yes 

Linton  Water  Co.  1st  5s,  1930 No 

85 


LIQ-LON 

Liquid  Carbonic  Co.  Col.  Tr.  5%  Notes No 

Liquid  Carbonic  Co.  5%s,  1921 Yes 

Lisk  Mfg.  Co.,  Ltd.,  1st  &  Col.  6s Yes 

Litchfield  &  Madison  Ry.  Co.  Equip.  Notes Yes 

Litchfield  &  Madison  Ry.  1st  5s,  1934 Yes 

Little  Falls  &  Dolgeville  R.  R.  Co.  1st  3s,  1932 Yes 

Little  Falls  Water  Power  Co.  1st  5s,  1923 Yes 

Little  Falls  Water  Power  Co.  of  Minn.  2nd  5s,  1923 Yes 

Little  Miami  R.  R.  Co.  1st  4s,  1962 No 

Little  Rock  Bridge  Co.  1st  6s,  1919 Yes 

Little  Rock  Gas  &  Fuel  Co.  Deb.  6s,  1922 Yes 

Little  Rock  Gas  &  Fuel  Co.  Ref.  6s,  1937 Yes 

Little  Rock  &  Hot  Springs  Western  R.  R.  Co.  1st  4s,  1939 Yes 

Little  Rock  Junction  Ry.  Co.  1st  Cons.  6s,  1916. No 

Little  Rock  Junction  Ry.  1st  7s  No 

Little  Rock  Railway  &  Electric  Co.  1st  5s,  1933 Yes 

Little  Rock  Railway  &  Electric  Co.  Ref.  &  Ext.  6s,  1938 Yes 

Little  Vermillion  Coal  Co.  1st  5s,  1920 No 

Live  Oak,  Perry  &  Gulf  R.  R.  Co.  Gen.  1  st  5s,  1942 Yes 

Live  Oak,  Perry  &  Gulf  R.  R.  Co.  Equip.  Tr.  5s,  1914-24 Yes 

Live  Poultry  Transit  Co.  Deb.  6s No 

Livermore  Water  &  Power  Co.  1st  6s,  1922 No 

Livingston  County  Telephone  Co.  1st  6s,  1925 Yes 

Lobdell  &  Bailey  Mfg.  Bonds Yes 

Lockport  Gas  &  Electric  Co.  1st  5s,  1920 Yes 

Lockport  Light,  Heat  &  Power  Co.  1st  5s,  1938 Yes 

Locomobile  (The)  Co.  of  America  1st  6s,  1922 Yes 

Locomobile  Co.  of  America  Deb.  6s Yes 

Locomotive  &  Machine  Co.  1st  4s,  1 924 No 

Loeser  (Frederick)   &  Co.,  Inc.,  Deb.  7V2s,  1917 Yes 

Logan  Light  &  Power  Co.  1st  5s,  1937 Yes 

Lombard  &  South  Streets  Pass.  Ry.  1st  3V2s Yes 

Lonaconing,  Midland  ft  Frostburg  Ry.  Co.  1st  5s,  1926 Yes 

London  Electric  Co.,  Ltd.,  Deb.  5s,  1915 No 

Lone  Star  Gas  Co.  1st  6s,  1919 Yes 

Long  Acre  Land  Co.  1st  6s,  1928 Yes 

Long  Beach  Consolidated  Gas  Co.  1st  6s,  1940 Yes 

Long  Beach  Water  Co.  1st  6s,  1959 Yes 

Long  Bell  Lumber  Co.  1st  &  Ref.  6s,  1922 Yes 

Long  Distance  Independent  Telephone  Co.  1st  6s No 

Long  Dock  Co.  Cons.  6s,  1935 Yes 

Long  Island  City  &  Flushing  R.  R.  Co.  1st  Cons.  5s,  1937 Yes 

Long  Island  Electric  Ry.  1st  5s,  1925 Yes 

Long  Island  Lighting  Co.  1st  5s,  1936 Yes 

Long  Island  Motor  Parkway  4s,  1934 Yes 

Long  Island  R.  R.  Equip.  Tr.  4s.  Ser.  A,  B,  C,  D Yes 

Long  Island  R.  R.  Co.  2nd  7s,  1918 No 

Long  Island  R.  R.  Co.  Deb.  4s,  1919 No 

Long  Island  R.  R.  Co.  1st  Cons.  5s  &  4s,  1931 Yes 

Long  Island  R.  R.  Co.  Deb.    5s,    1934 No 

Long  Island  R.  R.  Co.  Gen.  4s,  1938 Yes 

Long  Island  R.  R.  Co.  Uni.  4s,  1949 Yes 

Long  Island  R.  R.  Co.  Ref.  4s,  1949 Yes 

Long  Island  R.  R.  Co.  New  Cons.  4s,  1949 Yes 

Long  Island  R.  R.  Co.  Ferry  1st  4V2s,  1922 No 

Long  Island  R.  R.  Co.— Montauk  Ext.  1st  5s,  1945 No 

Long  Island  R.  R.  Co.— North  Shore  Branch  1st  Cons.  5s,  1932..  Yes 

Long  Island  R.  R.  Co.  Stewart  1st  4s,  1932 Yes 

Long  Manufacturing   Co.    Bonds Yes 

Longwood  Cricket  Club  2nd  4s,  1921 Yes 

86 


LOO-LOU 

Loogootee  Light  &  Fuel  Co.  1st  6s,  1921 No 

Lookout  Incline  Ry.  Co.  1st  5s,  1956 Yes 

Lookout  Mountain  Ry.  Co.  1st  6s,  1956 Yes 

Loomis  Co.  (The)   1st  6s,  1936 Yes 

Lorain,  Ashland  &  Southern  R.  R.  Co.  Bonds Yes 

Lorain  &  Cleveland  R.  R.   Co.   1st  5s,  1927 Yes 

Lorain  Securities  Corp.  1st  6%  Notes Yes 

Lorain  Securities  Corp.  2nd  L.   6%   Notes Yes 

Lorain  Street  R.  R.  Co.  1st  Cons.  5s,  1936 Yes 

Lorain  Street  Ry.  Co.  1st  6s,  1915 Yes 

Lorain  Street  Ry.    Cons.    5s,    1949 Yes 

Lorain  &  West  Virginia  Ry.  1st  5s,  1963 Yes 

Lorillard  Co.  (P.)  7st,   1944    Yes 

Lorillard  Co.   (P.)   5s,  1951 Yes 

Los  Angeles  Electric  Co.  1st  5s,  1928 Yes 

Los  Angeles  Extension  Co.  1st  6s Yes 

Los  Angeles  Gas  &  Electric  Corp.  Gen.  5s,  1934 Yes 

Los  Angeles  Gas  &  Electric  Corp.  1st  &  Ref.  5s,  1939 Yes 

Los  Angeles,  Hermosa  Beach  &  Redondo  Ry.  1st  5s,  1942 No 

Los  Angeles  Interurban  Ry.   1st  5s,  1943 No 

Los  Angeles  Lighting  Co.   1st  5s,   1924 Yes 

Los  Angeles  Pacific  Co.  Gen.  Cons.  5s,  1946 No 

Los  Angeles  Pacific  Co.  1st  Ref.  4s,  1950 Yes 

Los  Angeles  Pacific  R.  R.   1st  5s,  1928 No 

Los  Angeles  Pacific  R.  R.  1st  Cons.  5s,  1931 No 

Los  Angeles  Pacific  R.  R.  1st  &  Ref.  5s,  1943 No 

Los  Angeles  &  Pasadena  Elec.  Ry.  1st  5s,  1928 No 

Los  Angeles  Ry.  Co.  1st  5s,  1938 No 

Los  Angeles  Ry.  Corp.  1st  &  Ref.  5s,  1940 Yes 

Los  Angeles  &  Redondo  Ry.  1st  5s,  1932 No 

Los  Angeles  &  Redondo  Ry.  Gen.  5s,   1958 No 

Los  Angeles  Traction  Co.  1st  6s,  1915 No 

Los  Angeles  Traction  Co.  1st   Cons.   5s,   1938 No 

Lotus  Club  Inc.  5s No 

Louisiana  &  Arkansas  Ry.  Co.  1st  5s,  1927 Yes 

Louisiana  Golden   Meadows   Co.   Bonds Yes 

Louisiana  Naval  Brigade  1st  4s Yes 

Louisiana  &  North  West.  R.  R.  1st  5s,  1935 Yes 

Louisiana  &  Pacific  Ry.  1st  6s,  1920 No 

Louisiana-Rio  Grande  Sugar  Co.  6s,  Ser.  1 Yes 

Louisiana-Rio  Grande  Sugar  Co.  6s,  Ser.  2 Yes 

Louisiana-Rio  Grande  Sugar  Co.  6s,  Ser.  3 Yes 

Louisiana  Water  Co.  S.  P.  6s No 

Louisiana  Western  R.  R.  Co.  1st  6s,  1921 Yes 

Louisville  Board  of  Trade   Bonds No 

Louisville  Gas  Co.  Bonds    Yes 

Louisville  Gas  &  Electric  Co.  1st  &  Ref.  6s.  1918 Yes 

Louisville,  Henderson  &  St.  Louis  Ry.  Co.  Equip.  iV>s,  1922 Yes 

Louisville,  Henderson  &  St.  Louis  Ry.  Co.  1st  5s,  1946 No 

Louisville  Herald  Co.  Bonds Yes 

Louisville  (Ky.)  Home  Telephone  Co.  1st  5s,  1922 No 

Louisville  Home  Telephone  Co.  Col.  Tr.  5s,  1933 No 

Louisville  &  Jeff.  Bridge  Co.  1st  4s,  1945 Yes 

Louisville  &  Jeff.  Ferry  Co.  Bonds No 

Louisville  Lighting  Co.  1st  5s,  1953 Yes 

Louisville  &  Nashville  Equip.  5s,  1923  "A" Yes 

Louisville  &  Nashville  R.  R.  Gen.  6s,  1930 Yes 

Louisville  &  Nashville  R.  R.  1st  Col.  Tr.  5s,  1931 No 

Louisville  &  Nashville  R.  R.  1st  5s,  1937 Yea 

Louisville  &  Nashville  Uni.  4s,  1940 Yes 

87 


LOU-LYT 

Louisville  &  Nashville  R.  R.— Atl.,  Knox.  &  Cin.  Div.  4s,  1955 Yes 

Louisv.  &  Nashv.  R.  R. — Evans.,  Hend.  &  Nash.  Div.  1st  6s,  1919.  Yes 

Louisv.  &  Nashv.  R.  R—  Louis.,  Cin.  &  Lex.  Ry.  Gen.  4V£s,  1931..  Yes 

Louisville  &  Nashville  R.  R. — Mobile  &  Montg.  Ry.  Co.  1st  4i/»s,  1945  Yej 

Louisv.  &  Nashv.  R.  R.  Co.— New  Orleans  &  Mobile  Div.  1st  6s,  1930  No 

Louisv.  &  Nashv.  R.  R—  New  Orleans  &  Mobile  Div.  2nd  6s,  1930. . .  Yes 

Louisville  &  Nashville  R.  R—  Pad.  &  Mem.  Div.  1st  4s,  1946 Yes 

Louisville  &  Nashville  R.  R—  Pensacola  Div.  1st  6s,  1920 No 

Louisville  &  Nashville  R.  R.— St.  L.  Property  1st  5s,  1916 Yes 

Louisville  &  Nashville  R.  R.— Southeast  &  St.  L.  Div.  1st  6s,  1921. .  Yes 

Louisville  &  Nashville  R.  R. — Southeast  &  St.  L.  Div.  2nd  3s,  1980 . .  Yea 

Louisv.  &  Nashv.  R.  R—  So.  Ry.  Co.  Jt.  Monon  1st  Col.  Tr.  4s,  1952.  Yes 

Louisville  &  Nashville  Terminal  Co.  1st  4s,  1952 Yes 

Louisville,  New  Albany  &  Corydon  R.  R.  1st  6s,  1918 No 

Louisville  &  Northern  Ry.  &  Lgt.  Co.  5%  Notes,  1915 Yes 

Louisville  &  Northern  Ry.  &  Ltg.  Co.  1st  5s,  1925 Yes 

Louisville  Railway  Co.  Cons.  5s,  1930 Yes 

Louisville  Railway  Co.  2nd  4%B,  1940 Yes 

Louisville  Railway  Co.  Gen.  5s,  1950 Yes 

Louisville  &  Southern  Indiana  Traction  1st  5s,  1923 Yes 

Louisville  Water  Co.  4s,   1950    No 

Louisville  Water  Co.  2nd   4s,   1946 No 

Lovegren  Lumber  Co.  Bonds Yes 

Low  Moor  Iron  Co.  of  Va.  1st  6s,  1924 Yes 

Lowe  Manufacturing  Co.  1st  6s Yes 

Lowell  Electric  Lt.  Corp.  1st  5s,  1914 No 

Lowell  &  Fitchburg  Etreet  Ry.  1st  5s,  1926 No 

Lowell,  Lawrence  &  Haverhill  Str.  Ry.  1st  5s,  1923 No 

Lowell  Water  &  Light  Co.  1st  5s,  1920 No 

Lowell  Warehouse  Trust  1st  5s,  1934 Yes 

Lower  Yakima  Irrigation  Co.  1st  7s,  1920 Yes 

Lowther  Hall  Masonic  Assn.  1st  6s,  Ser.  1923 No 

Ludlow  Valve  Mfg.  Co.  6s tea 

Ludowici  Celadon  Co.  1st Yes 

Lumber  (J.  K.)   Co.  1st  6s Yes 

Luna  Park  Amusement  Co.  1st Yes 

Luse  Co.   (J.  F.)  1st  6s,  1927 Yes 

Luzerne  Co.  Gas  &  Elec.  Co.  1st  Ref .  &  Imp.  5s,  1948 Yes 

Lyall  &  Sons  Constr.  Co.,  Ltd.  (P),  1st  6s,  1932 No 

Lycoming  Edison  Co.   Bonds Yes 

Lycoming  Electric  Co.  1st  6s Ye3 

Lycoming  Improvement  Co.  Col.  Tr.  5s,  1934 Yes 

Lyle  Clay  Co.  6s Yes 

Lynchburg  Gas  Co.  1st  5s,  1930 Yes 

Lynchburg  &  Roanoke  Col.  5s,  1930 Yes 

Lynchburg  Traction  &  Lt.  Co.  1st  5s,  1931 No 

Lynchburg  Water  Power  Co.  1st  5s,  1930 No 

Lynn  &  Boston  R.  R.  Co.  6%  Notes,  1917 No 

Lynn  &  Boston  R.  R.  1st  5s,  1924 No 

Lynn  Building  Trust  1st  5s,  1925 Yes 

Lynn  Co.  1st  Ser.  6s,  1915-22 Yes 

Lynn  Realty  Co.  1st  5s,  1927 Yes 

Lynn  Realty  Co.  No.  7  1st  5s,  1927 Yes 

Lynn  Realty  Trust  1st  5s,  1933 ^es 

Lynn  Realty  Trust  Bldg.  No.  8  1st  5s Yes 

Lyons  Salt  Co.  Bonds Yes 

Lytle  Coal  Co.  1st  5s,  1913-17 .* Yes 


McAL-MAC 


M 

[This    space   for   your   personal    memoranda] 


M 

McAlester-Edward  Coal  Co.  Bonds No 

McAlester  Gas  &  Coke  Co.  Bonds Yes 

McAllister  Dall  Bldg.  Co.  1st  5s No 

McCaskill  Co.   (J.  J.)    Yes 

McCaskill  (J.  J.)  Co.  1st  6s,  1919 Yes 

McCloud  River  R.  R.  Co.  1st  5s,  1937 Yes 

McClure  (S.  S.)   Deb.  6s Yes 

McCook  Electric  Co.  Bonds Yes 

McCue  Co.  1st  6s,  1923 Yes 

McGavock  &  Mt.  Vernon  Horse  Co.  1st  6s,  1926 No 

McGavock  &  Mt.  Vernon  Horse  Co.  2nd  Ser.  6s,  1937 No 

McKay  &  Co.  1st  6s Yes 

McKeesport  &  Belle  Vernon  R.  R.  Co.  1st  6s,  1918 Yes 

McKnight  Realty  Co.  1st  5s Yes 

McLean  (Wm.  L.)  10-yr.  5s,  1919 No 

McLure  Hotel  Co.  Bonds No 

McMechen  Preserving  Co.  Bonds No 

McMullen   (Thos.)    &  Co.  1st  6s No 

McNaughton  Realty  Co.  5s,  1923 Yes 

McNinnon  Dash  Co.  1st  6s Yes 

Macbeth-Evans  Glass  Co.  1st  6s,  1925 Ye.. 

Mack  Steamship  Co.  Bonds Yes 

Mackinac  Island  Hotel  Co.  Bonds Yes 

Mackinac  Transportation  Co.  1st  5s Yes 

Macon  &  Birmingham  Ry.  1st  5s,  1946 Yes 


MAC-MAN 

Macori,  Dublin  &  Savannah  R.  R.  Co.  1st  5s,  1947 Yes 

Macon  Electric  Light  &  Ry.  1st  6s,  1929 Yes 

Macon  Ry.  &  Light  Co.  1st  Cons.  5s,  1953 Yes 

Madeira  Mamore  Ry.  Co.  1st  6s,  1970 No 

Madison  Co.  Lt.  &  Pr.  Co.  1st  5s,  1936 Yes 

Madison  Gas  &  Elec.  Co.  1st  &  Ref.  6s,  1940 Yes 

Madison  &  Interurban  Trac.  Co.  1st  5s,  1931 Yes 

Madison  River  Power  Co.  1st  5s,  1935 Yes 

Madison  Square  Garden  Co.  Bonds Yea 

Magazine  &  Book  Co.  Conv.  6s Yes 

Magnolia  Petroleum  Co.  6%  Notes,  1916 Yes 

Magnolia  Petroleum  Co.  1st  6s,  1937 Yes 

Magnolia  Warehouse  &  Storage  Co.  6s,  1922 Yes 

Mahanoy  City  Gas  Co.  1st  5s,  1925 Yes 

Mahoning  Coal  R.  R.  Co.  1st  5s,  1934 No 

Mahoning  &  Shenango  Ry.  &  Lt.  Co.  1st  Cons.  Ref.  5s,  1916 Yes 

Mahoning  Steamship  Co.  1st  5s Yet 

Mahoning  Valley  Southeastern  Ry.  1st  5s,  1923 Yes 

Mahoniny  Valley  Water  Co.  1st  6s,  1936 Yes 

Maier  Estates  Co.  6s Yes 

Maine  Central  R.  R.  Imp.  4%8,  1916,  Ser.  "A" No 

Maine  Central  R.  R.  Imp.  4%S,  1917,  Ser.  "B" No 

Maine  Central  R.  R.  5%  Notes,  1919 No 

Maine  Central  R.  R.  Col.  Tr.  5s,  1923 No 

Maine  &  New  Brunswick  Elec.  Pr.  Co.  1st  5s,  1926 Yes 

Maine  &  New  Brunswick  Elec.  Pr.  Co.  Deb.  6s No 

Maine  Railways   Co.'s   5s,   1919 No 

Maine  Shore  Line  R.  R.  Co.  1st  6s,  1923 No 

Maine  S.  S.  Co.  1st  6s,  1926 No 

Main  Street  Realty  Co.  6s No 

Maison  Blanche  Realty  Co.  1st  5s,  1926 Yes 

Majestic  Apartments  1st  Ser.  5^s Yes 

Maiden  Elec.  Co.  1st  5s,  1917 No 

Mailers  (J.  B.)  1st  5s  (Mailers  Building) Yes 

Mallory  S.  S.  Co.  1st  5s,  1932 Yes 

Malone  Light  &  Ice  Co.  Bonds Yes 

Mammoth  Vein  Coal  &  Iron  Co.  1st  4s,  1932 Yes 

Manatawny  R.  R.  Co.  1st  6s Yes 

Manati  Sugar  Co.  2nd  7s Yes 

Manchester  &  Derry  Street  Ry.  1st  5s,  1927 Yes 

Manchester  Elect.  Lt.  Co.  1st  5s,  1917 Yes 

Manchester  &  Lawrence  R.  R.  Co.  4s,  1922 No 

Manchester  Tract,  Lt.  &  Pr.  Co.  1st  Cons.  5s,  1921 No 

Manhattan  Beach  Estates  Co.  1st  6s,  1917 Yes 

Manhattan  Beach  Estates  Co.  2nd  6s,  1917 Yes 

Manhattan  Malting  Co.  Bonds  Yes 

Manhattan  Railway  Co.  Cons.   4s,   1990 Yes 

Manila  Elect.  R.  R.  &  Ltg.  Corp.  1st  &  Col.  Tr.  5s,  1953 Yes 

Manila  R.  R—  Southern  Lines  1st  4s,  1939 Yes 

Manila  Suburban  Rys.  Co.  1st  5s,  1946 Yes 

Manistee  &  Northeastern  R.  R.  Co.  1st  5s,  1938 Yes 

Manistique  Lt.  &  Pr.  Co.  1st  5s,  1924 Yes 

Manita  Sugar  Co.  1st  6s,  1916 No 

Manitoba  Provincial  4s,  1930 No 

Manitoba  &  Southwestern  Ry.  30-yr.  4s,  1929 No 

Manitou  &  Pike's  Peak  Ry.  1st  5s,  1926 Yes 

Manitou  &  Pike's  Peak  Ry.  Co.  Ref.  5s '. Yes 

Manitoulin  &  No.  Shore  Ry.  Co.  1st  5s,  1961 No 

Manitowoc  Gas  Co.  1st  5s,  1924 Yes 

Manitowoc,  Green  Bay  &  Northwestern  Ry.  Co.  1st  3^s,  1941 No 


MAN-MAR 

Manitowoc  &  Northern  Tract.  Co.  1st  5s,  1927 Yes 

Mankata  &  New  Ulm  1st  3%s,  1929 No 

Mankato  Gas  &  Elec.  Co.  1st  5s,  1920 Yes 

Mankato  Gas  &  Elec.  Lt.  Co.  Cons.  &  Ref .  5s Yes 

Mankato  Spinning  &  Knitting  Co.  1st  6s,  1923 No 

Manley  Moore  Lumber  Co.  1st  6s Yes 

Manley  Moore  Lumber  Co.  1st  6s,  1917 Yes 

Manor  R.  R.  &  Trust  Co.  3%%  Cert.  Ind No 

Mansfield  Ry.,  Lt.  &  Pr.  Co.  Gen.  5s,  1918 Yes 

Manufacturers'  Club  of  Phila.  30-yr.  5s,  1940 Yes 

Manufacturers  Co.  Col.  5s,  1916 Yes 

Manufacturers   Credit  Co.   Bonds Yes 

Manufacturers'  Lt.  &  Ht.  Co.  1st  6s,  Ser.  1915 Yes 

Manufacturers'  Lt.  &  Ht.  Co.  Col.  Tr.  6s,  1913-20 Yes 

Manufacturers  Water  Co.  1st  5s,  1939 Yes 

Maple  Chair  Co.  1st  6s,  1916 Yes 

Maple  Square  Institution  1st  6s,  1917 No 

Maplewood  Hotel  Co.   6s Yes 

Maquoketa  Lt.  &  Ht.  Co.  1st  5s No 

March  Oil  Co.  1st  6s Yes 

Mardo  Realty  Co.  2nd  5s,  1918 No 

Marin  City  Development  Co.  Bonds Yes 

Marin  Water  &  Power  Co.  1st  5s,  1948 Yes 

Marine  Realty  &  Impt.  Co.  6s Yes 

Marinette  City  Water  Co.  1st  5s No 

Marion,  Bluff.  &  East'n  Trac.  Co.  1st  5s,  1937 No 

Marion  City  Ry.  1st  6s,  1915 Yes 

Marion  Gas  Co.  6s,  1930 No 

Marion  Railway,  Lt.  &  Pr.  Co.  1st  5s,  1924 Yes 

Marion  Water  Co.  1st  &  Ref.  5s Yes 

Maritime  Bldg.  Co.  2nd  5s Yes 

Market  Bldg.  Co.  1st  5s,  1923 No 

Market  Street  Cable  Co.  1st  6s,  1915 Yes 

Market  Street  Elevated  Pass.  Ry.  Co.  Equip.  5s,  1921 Yes 

Market  Street  Elevated  Pass.  Ry.  Co.  1st  4s,  1955 Yes 

Market  Street  Ry.  Co.  Cons.  5s,  1924 No 

Markleton  Hotel  Co.  1st  5s,  1930 No 

Markt  &  Hammacher  Co.  6s,  1926 Yes 

Markt  &  Hammacher  Co.  6s,  1961 Yes 

Marlborough  Gas  Light  Co.  5s,  1933 No 

Marlborough  &  Westborough  Street  Ry.  5s,  1921 No 

Marlouise  Apartments  1st  6s Yes 

Marmet  Coal  Co.  1st  6s,  1911-31 Yes 

Marnet  Mining  Co.  1st  6s,  1921 Yes 

Marquette  &  Bessemer  Dock  &  Nav.  Co.  1st  41/£s,  1933 Yes 

Marquette  &  Bessemer  Dock  &  Nav.  Co.  Deb.  5s,  1935 No 

Marquette  City  &  Presque  Isle  Ry.  1st  5s,  1923 No 

Marquette  Co.  Gas  &  Elec.  Co.  1st  6s,  1930 Yes 

Marquette  Gas  Light  Co.  1st  5s,  1926 Yes 

Marquette  Gas  Light  Co.  Cons.  5s Yes 

Marquette,  Houghton  &  Ontonagon  R.  R.  Co.  1st  6s,  1925 No 

Marquette  &  Southeastern  Ry.  Co.  1st  5s,  1933 Yes 

Marquette  Third  Vein  Coal  Mining  Co.  1st  6s Yes 

Marseilles   Co.   1st   6s Yes 

Marseilles  Land  &  Water  Power  1st  5s.  1927 No 

Marseilles  Water  &  Light  Co.  1st  5s,  1924 No 

Marshall  Apartments  1st  Ser.  5s Yes 

Marshall  &  East  Texas  Ry.  1st  5s No 

Marshall-Huschart  Machinery  Co.  6s,  1922 Yes 

Marshall  Lt.,  Ht.  &  Pr.  Co.  1st  5s,  1935 Yes 

91 


MAR-MEA 

Martha  Washington  Gold  Min.  Co.  1st  6s Yes 

Martin   (H.  J.)   Forging  Co.  Bonds No 

Martinsburg  &  Charleston  (W.  Va.)  Gas  &  Water  Co.  6s Yes 

Martinsville  Lt,  Ht.  &  Pr.  Co.  6s No 

Maryland  Club  1st  41/£s,  1941 Yes 

Maryland,  Delaware  &  Virginia  Ry.  Co.  4%  Cert.  Ind No 

Maryland,  Delaware  &  Virginia  Ry.  Co.  1st  5s,  1955 Yes 

Maryland  Electric  Rys.  1st  5s,  1931 Yes 

Maryland-George's  Creek  Coal  Co.  1st  6s,  1932 Yes 

Maryland  Ice  Cream  &  Fruit  Products  Co.  Gen.  6s,  1928 Yes 

Maryland  Medical  College  2nn  5s,  1920 Yes 

Maryland  &  Pennsylvania  R.  R.  Eq.  5s,  1915-23,  Ser.  1,  2,  3 Yes 

Maryland  &  Pennsylvania  R.  R.  Co.  Conv.  6s,  1923 Yes 

Maryland  &  Pennsylvania  R.  R.  Inc.  Cum.  4s,  1951 Yes 

Maryland  &  Pennsylvania  R.  R.  1st  4s,  1951 Yes 

Maryland  &  Pennsylvania  Term.  Ry.  1st  5s,  1936 Yes 

Maryland  Smokeless  Coal  Co.  1st  6s No 

Maryland  Steel  Co.  of  Bait.  Co.  1st  5s,  1922 Yes 

Marysville  Canal  &  Improvement  Co.,  Ltd.,  1st  6s Yes 

Marysville  Canal  &  Improvement  Co.,  Ltd.,  Col.  Tr Yes 

Marysville  &  Colusa  Branch  1st  5s,  1941 Yes 

Marysville  Dredging  Co.  6s,  1915 No 

Mason  City  &  Clear  Lake  R.  R.  1st  6s,  1917 Yes 

Mason  City  &  Clear  Lake  R.  R.  Gen.  6s,  1932 Yes 

Mason  City  &  Clear  Lake  Trac.  Co.  1st  6s,  1932 No 

Mason  City  &  Ft.  Dodge  R.  R.  Co.  1st  4s,  1955 Yes 

Mason  Valley  Mines  Co.  1st  Conv.  6s,  1915 Yes 

Mason  Valley  Mines  Co.  Conv.  6s,  1920 Yes 

Masonic  Fraternity  Temple  Ass'n  1st  4s,  1932 No 

Masonic  Temple  Association  1st  5s,  1917 No 

Masonic  Temple  Association  of  Flint  Bonds Yes 

Masonic  Temple  Delta  Lodge  1st  5s,  1927 No 

Masonic  Temple  of  Owensboro  1st  5s,  1923 Yes 

Masonic  Temple  of  Owensboro  2nd  6s,  1923 Yes 

Massachusetts  Co.   (The)   Col.  Tr.  5s,  1937 Yes 

Massachusetts  Electric  Co.'s  Col.  5%  Notes,  1915 No 

Massachusetts  Gas  Cos.  S.  F.  41/£s,  1929 No 

Massachusetts  Gas  Cos.  Deb.  4^s,  1931 No 

Massee  &  Felton  Lumber  Co.  Bonds Yes 

Massillon  &  Cleveland  R.  R.  Co.  1st  Ext.  5s No 

Massillon  Electric  &  Gas  Co.  1st  5s,  1948 Yes 

Massillon  Iron  &  Steel  Co.  Col.  6s,  1914 Yes 

Massillon  Rolling  Mill  Co.  1st  6s,  1919 Yes 

Massillon  Telephone  Co.  1st  5s,  1920 No 

Massillon  Water  Supply  Co.  1st  5s,  1923 Yes 

Masters-Ewoldt  Lumber  Co.   Bonds Yes 

Mater  Doloroso  Roman  Catholic  Church  1st  5s,  1932 No 

Mather  Humane  Stock  Trans.  Co.  5%  Notes,  1917,  Ser.  "2" Yes 

Mather  Humane  Stock  Trans.  Co.  5%  Notes,  1921,  Ser.  "U" Yes 

Matheson  Lead  Co.  5s Yes 

Matthews-Laing,  Ltd.,  1st  6s,  1921 No 

Mattoon  Clear  Water  Co.  1st  &  Ret  5s,  1923 Y*s 

Mattoon  Gas  Light  &  Coke  Co.  1st  5s,  1922 Yes 

Maumee  Valley  Elec.  Co.  1st  6s,  1940 Yes 

Maumee  Valley  Ry.  &  Lt.  Co.  1st  4M»s,  1922 Yes 

May  Building  Co.  1st  6s,   1915-1923 No 

May  Building  Co.  2nd  6s No 

Mays  Consolidated  Oil  Co.  1st  6s Yes 

Mayfield  Home  Telephone  Co.  1st  6s No 

Meadow  Brook  Club   1st  4s Yes 

02 


MEA-MER 

Meadow  Lands  Coal  Co.  1st No 

Meadow  Lands  Coal  Co.  2nd   Nc 

Meadow  Marble  Co.  6s No 

Meadville,  Conneaut  Lake  &  Linesville  R.  R.  1st  5s,  1921 No 

Mecca  Building  Co.  6s,  1915  &  1918 Yes 

Mechanical  Rubber  Co.  1st  6s,  1918 No 

Mechanics  &  Dealers  Exchange  6s No 

Medina  Gas  &  Fuel  Co.  Bonds Yes 

Meister  Coal  Co.  Bonds No 

Memphis  Consolidated  Gas  &  Elec.  Co.  Cons.  5s,  1943 Yes 

Memphis,  Dallas  &  Gulf  R.  R.  Col.  Tr.  Notes Yes 

Memphis,  Dallas  &  Gulf  R.  R.  1st  &  Ref.  6s,  1943 Yes 

Memphis  Hotel  Co.  5s   Yet 

Memphis  &  Lake  View  Ry.  1st  5s,  1933 Yes 

Memphis  Light  &  Power  Co.  1st  5s,  1931 Yes 

Memphis  Street  Ry.  Cons.  5s,  1945 Yes 

Memphis  Telephone  Co.  5s,  1936 Yes 

Memphis  Union  Station  Co.  5%  Notes Ye3 

Memphis  Union  Station  Co.  1st  4s,  1959 No 

Memphis,  Paris  &  Gulf  R.  R.  1st  6s,  1928 Yes 

Memphis,  Paris  &  Gulf  R.  R.  1st  6s,  1929 Yes 

Memphis  Street  Ry.  Deb.  6%  Notes,  1915 Yes 

Menasha  Paper  Co. — Ashland   Bonds    Yes 

Menasha  Paper  Co. — Ladysmith  Bonds    Yes 

Menasha  Printing  Co.  Bonds Ye? 

Mendocino  Redwood  Co.  1st  6s Yes 

Mendota  Realty  Co.  (The)   1st No 

Menlo  Country  Club  Bonds No 

Menominee  Gas  Co.  1st  5s,  1940 No 

Menominee  &  Marinette  Lt.  &  Trac.  Co.  2nd  5s,  1923 Yes 

Menominee  &  Marinette  Lt.  &  Trac.  Co.  3rd  5s,  1925 Yea 

Menominee  Water  Works  Co.  1st  5s No 

Mentone  Power  Co.  1st  5s,  1931 Yes 

Mentor  Land  Co.  1st  6s No 

Menzies  Bay  Timber  Co.,  Ltd.,  1st  6s,  1913-15 Yes 

Mercantile  Club  Bonds STes 

Mercer  Co.  Traction  Co.  5s,  1944 Yes 

Merchants  Bridge  Co.  1st  5s,   1929 No 

Merchants  Coal  Co.  of  Penn.  1st  5s,  1924 No 

Merchants  Coal  Co.  of  Penn.   5s,  1959 Yes 

Merchants  Coal  Co.  of  W.  Va.  Tunnelton  5s,  1926 No 

Merchants  Cold  Storage  Co.   1st  5s Yes 

Merchants  Elec.  Co.  1st  5s,  1929 Yes 

Merchants  Elec.  Lt,  Ht.  &  Pr.  Co.  5s,  1983 Yes 

Merchants  Exchange  Bonds   No 

Merchants  Fireproof  Building  Co.  1st  6s,  1947 Yes 

Merchants  Heat  &  Light  Co.  Ref.   5s,   1922 Yes 

Merchants  Heat  &  Light  Co.  1st  Ref.  5s,  1928 No 

Merchants  Ice  &  Coal  Co.  Bonds Yes 

Merchants  Ice  &  Cold  Storage  Co.  6s No 

Merchants  &  Miners  Trans.  Co.  Equip.  5s,  1915 5Tes 

Merchants  &  Miners  Trans.  Co.  1st  4s,  1915 Yes 

Merchants  &  Miners  Trans.  Co.  Pre.  Deb.  6s,  1915 Yes 

Merchants  &  Miners  Trans.  Co.  Deb.  4s,  1932 Ye«- 

Merchants  Power  Co.  1st  5s,  1940 Ye«* 

Merchants'  Refrigerating  Co.  1st  Ser.  6s,  1913-27 Yes 

Merck  &  Co.  Deb.  6s Yes 

Meredith  Electric  Light  Co.  1st  5s,  1922 Yes 

Meriden  Southington  &  Compounce  Ry.  Co.  1st  5s,  1928 No 

Meriden  Horse  R.  R.  Co.  Cons.  5s,  1924 Yes 

93 


MER-MIC 

Meridian  Lt.  &  Ry.  Co.  1st  5s,  1944 No 

Meridian  Lt.  &  Ry.  Co.  S.  F.  5s,  1945 Yes 

Meridian  Terminal  Co.  1st  4s,  1955 Yes 

Merion  Cricket  Club  Gold  Assn.  1st  &  Reg.  5s Yes 

Merion  &  Radnor  Gas  &  Elec.  Co.  1st  5s,  1954 Yes 

Meritas  Mills  1st  6s,  1923 Yes 

Merrifield  Bldgs.  Trust  4%s,  1925 Yea 

Merrill  City  Water  Works  Co.  1st  5s No 

Merrill  &  Ring  Logging  Co.  1st  Ser.  6s,  1910-20 Yes 

Merrill  &  Ring  Lumber  Co.,  Ltd.,  1st  5y2s,  1923 Yes 

Mesaba  Ry.  1st  5s,  1932 Yes 

Mesta  Machine  Co.  1st  5s Yes 

Mesta  Machine  Co.  2nd,   1934    Ye«i 

Metropolitan  Associates  of  N.  Y.  6s,  1922 No 

Metropolitan  Bldg.   Co.   Bonds,   1937 No 

Metropolitan  Coal  Co.  1st  4%s,  1931 Yes 

Metropolitan  Electric  Co.  1st  5s,  1939 Yes 

Metropolitan  Gas  Corp.  1st  5s,  1941 Yes 

Metropolitan  R.  R.  Co.  (Washington)  1st  5s,  1925 Yea 

Metropolitan  Realty  Co.  Bonds,  1922 No 

Metropolitan  Redwood  Lumber  Co.  1st  6s,  1914-21 Yes 

Metropolitan  Street  Ry.  Co.  (Kansas  City)  Impt.  6%  Notes Yes 

Metropolitan  Street  Ry.  Cons.  5s,  1913 No 

Metropolitan  Tel.  &  Tel.  Co.  1st  5s,  1918 No 

Metropolitan  West  Side  Elevated  Ry.  Ext.  4s,  1938 Yes 

Metropolitan  West  Side  Elevated  Ry.  1st  4s,  1338 Yes 

Metropolis  Improvement  Co.  3-yr.  6%  Notes Yes 

Mexia  Compress  Co.  1st  6s No 

Mexican  Central  Ry.  5%  Equip.  Notes Yes 

Mexican  Central  Ry.  Co.,  Ltd.,  Equip.  &  Col.  5s,  1st  Ser Yes 

Mexican  Central  Ry.  Co.,  Ltd.,  Pri.  Cons.  5s,  1939 No 

Mexican  International  R.  R.  Co.  P.  L.  4^s,  1947 Yes 

Mexican  International  R.  R.  Co.  1st  Cons.  4s,  1977 Yes 

Mexican  Iron  &  Steel  Co.  1st  Cons.  5s,  1930 Yes 

Mexican  Mineral  Ry.  1st  6s,  1919 Yes 

Mexican  Northern  Ry.  Co.  1st  6s,  1930 Yes 

Mexican  Petroleum  Co.,  Ltd.,  Conv.  1st  L.  &  Ref.  6s,  1921 Yes 

Mexican  Petroleum  Co.  (Cal.)  20-Yr.  6s,  1930 Yes 

Mexican  Tel.  &  Tel.  Co.  1st  5s,  1925 No 

Mexican  Tel.  &  Tel.  Co.  1st  Ref.  &  Ext.  5s,  1930 Yes 

Mexico  Power  Co.  1st  6s,  1913-20 Yes 

Mexico  Transportation  Co.  1st  5s,  1959 No 

Meyer-Bannerman  Real  Estate  Co.  1st  5s Yes 

Meyer  &  Co.  (John  H.)   6s,  1918 Yes 

Miami  Coal  Co.  1st  6s No 

Miami  Copper  Co.  1st  Conv.  6s,  1920 Yes 

Miami  Gas  Co.  1st  5s,  1942 Yes 

Miami  Paper  Co.  1st  6s,  1913-22 Yes 

Miami  Telephone  Co.  Bonds No 

Miamisburg  &  Germantown  Traction  Co.  1st  5s,  1922 Yes 

Michigan  Auxiliary  Fire  Alarm  Co.  Bonds No 

Michigan  Avenue  Co.  1st  5s No 

Michigan  Avenue  Trust  1st  5s Yes 

Michigan  Brewery  Bonds Yes 

Michigan  Central  R.  R.  Deb.  4s,  1929 Yes 

Michigan  Central  R.  R.  1st  3^s,  1952 Yes 

Michigan  Central  R.  R.— Det.  &  Bay  City  1st  5s,  1931 No 

Michigan  Central  R.  R.— Grand  Riv:  Vy.  1st  4s,  1959 Yes 

Michigan  Central  R.  R.— Jack.,  Lans.  &  Sag.  1st  3^s.  1951 Yes 

Michigan  Central  R.  R.— Joliet  &  No.  Ind.  1st  4s,  1957 Yes 

94 


MIC-MIL 

Michigan  Central  R.  R.— Kal.  &  So.  Haven  1st  5s,  1939 Yes 

Michigan  Central  R.  R.— Mich.  Air  ine  1st  4s,  1940 Yes 

Michigan  City  Gas  &  Elec.  Lt.  Co.  1st  &  Cons.  5s,  1937 Yes 

Michigan  City  &  No.  Indiana  Gas  Co.  1st  5s,  1933 Yes 

Michigan  Copper  &  Brass  Co.  Bonds No 

Michigan  Idaho  Lumber  Co.  Sec.  6%  Notes No 

Michigan  Limestone  &  Chemical  Co.  1st  6s Yes 

Michigan  Northern  Power  Co.  1st  5s,  1941 Ye* 

Michigan  Power  Co.  Col.  6%  Notes Yes 

Michigan  Power  Co.  1st  5s,  1911-35 Yes 

Michigan  Power  Co.  1st  6s,  1930 Yes 

Michigan  State  Tel.  Co.  1st  5s,  1924 Yes 

Michigan  Steamship  Co.  Bonds  Yes 

Michigan  Telephone  Co.   1st  5s,  1917 No 

Michigan  Traction  Co.  1st  5s,  1921 Yes 

Michigan  Traction  Extension  Co.  1st  5s,  1923 Yes 

Michigan  United  Rys.  1st  &  Ref.  5s,  1936 Yes 

Michoacan  Power  Co.  1st  6s,  1913-37 Yes 

Mid  City  Realty  Co.  1st  5s Yes 

Middle  West  Utilities  Co.  Col.  6%  Notes,  1916 Yes 

Middleboro,  Wareham  &  Buzzard's  Bay  Street  Ry.  1st  4s,  1921 No 

Middlesex  Banking  Co.  1st  R.  E.  5s No 

Middlesex  &  Boston  Street  Ry.  1st  &  Ref.  4^s,  1932 Yes 

Middlesex  Elec.  Lt.  &  Pr.  Co.  1st  5s,  1955 Yes 

Middlesex  &  Monmouth  Elec.  Lt,  Ht.  &  Pr.  Co.  1st  5s Yes 

Middlesex  School  ist  4s,  1925 Yes 

Middlesex  &  Somerset  Trac.  Co.  1st  5s,  1950 No 

Middlesex  Valley  R.  R.  Co.  1st  5s,  1942 No 

Middlesex  Water  Co.  1st  5s,   1917 Yes 

Middlesex  Water  Co.  Cons.  5s,  1950 Yes 

Middletown  Gas  Light  Co.  1st  5s No 

Middletown  Horse  R.  R.  1st  5s,  1914 Yes 

Middletown  &  Swatara  Cons.  Water  Co.  Bonds Yes 

Middletown  &  Unionville  R.  R.  Co.  1st No 

Midland  Bldg.  Co.  1st  5s Yes 

Midland  Coal  Co.  1st  5s,  1921 Yes 

Midland  Cold  Storage  Co.  1st  5s Yes 

Midland  Continental  R.  R.  6%  Notes,  1915 Yes 

Midland  Continental  R.  R.  1st  5s,  1952 Yes 

Midland  Counties  Coal  Co.  Gen.  6s No 

Midland  Counties  Gas  &  Elec.  Co.  1st  6s,  1932 Yes 

Midland  Counties  Public  Service  Corp.  1st  &  Ref.  6s No 

Midland  Farms  Co.  1st  6s,  1914-22 No 

Midland  Nov.   Co.  Bonds Yes 

Midland  R.  R.  Co.  of  N.  J.  1st  5s,  1940 Yes 

Midland  Terminal  Ry.  Co.  1st  5s,  1925 Yes 

Midland  Valley  R.  R.  Co.  1st  5s,  1943 Yes 

Midland  Valley  R.  R.  Adj.  Inc.  5s,  1953,  "A"  &  "B" Yes 

Midland  Valley  R.  R.  Co.  Gen.  Mtge.  Bonds,  1960 Yes 

Midland  Water,  Light  &  Ice  Co.  B.onds No 

Midlothian  Country  Club  1st  5s Yes 

Midway  Gas  Co.  1st  6s,  1913-26 Yes 

Midwest  Hotel  Co.  Bonds Yes 

Midwest  Oil  Co.  6%  Notes Ye* 

Mi  Favorita  Cigar  Co.  Bonds Yes 

Mifflin   Co.  1st  5s,  1936 Yes 

Miles  Lee  Realty  Co.  1st  6s Yes 

Milford,  Attleborough  &  Woonsocket  Ry.  1st  5s,  1919 No 

Milford  Electric  Lt.  &  Pr.  Co.  1st  5s,  1929 Yes 

Milford,  Holliston  &  Framingham  St.  Ry.  5s,  1918 No 

95 


MIL-MIN 

Milford  Light  &  Power  Co.  1st  5s,  1938 Yes 

Milford  &  Uxbridge  Street  Ry.  1st  5s,  1918 No 

Milford  Water  Co.  1st  5s,  1918   No    • 

Milford  Water  Co.  Ref.  5s,  1939 Yes 

Milinokett  Steamship  Co.  Bonds Yes 

Military  Post  Street  Ry.  1st  Mtge.  Bonds No 

Mill  River  Electric  Lt.  Co.  1st  6s,  1923 No 

Mill  Valley  &  Mt.  Tern.  Ry.  S.  F.  5s,  1928 No 

Mill  Valley  &  Mt.  Tarn.  Scenic  Ry.  1st  5s,  1929 No 

Millard  Lumber  Co.  1st  6s Yes 

Millen  &  Southwestern  Ry.  1st  5s,  1955 Yes 

Miller  Steamship  Co.  1st  5s No 

Miller  &  Vidor  Lumber  Co.  1st  6s,  1922 Yes 

Mills  Building  Co.  (Topeka,  Kan.)  1st  6s Yes 

Mills  Building  Co.  (St.  Louis)   1st  5s Yes 

Millvale,  Etna  &  Sharps.  Ry.  Co.  1st  5s,  1923 Yes 

Millvale  Mfg.  Co.  5s Yes 

Milner  Land  Co.  Bonds Yes 

Milstead  Manufacturing  Co.  1st  6s No 

Milton  Light  &  Power  Co.  1st  5s,  1917 No 

Milwaukee  Boston  Store  &  The  Herz.-Phillipson  Co.  Bonds No 

Milwaukee  Country  Club  Bonds Yes 

Milwaukee-Downer  Co.  Bonds No 

Milwaukee  Elec.  Ry.  &  Lt.  Co.  1st  5s,  1926 Yes 

Milwaukee  Elec.  Ry.  &  Lt.  Co.  Ref.  &  Ext.  4y2s,  1931 Yes 

Milwaukee  Elec.  Ry.  &  Lt.  Co.  Gen.  &  Ref.  5s,  1951 Yes 

Milwaukee  Gas  Light  Co.  1st  4s,  1927 Yes 

Milwaukee  Golf  Club  Bonds Yes 

Milwaukee  Grans  &  Feed  Co.  Bonds Yes 

Milwaukee,  L.  S.  &  West.  Ry.  Cons.  6s,  1921 No 

Milwaukee,  L.  S.  &  West.  Ry.  Ext.  &  Impr.  5s,  1929 No 

Milwaukee,  L.  S.  &  West.  Ry. — Ashland  Div.  1st  6s,  1925 No 

Milwaukee,  L.  S.  &  West.  Ry.— Marshfield  Ext.  1st  5s,  1922 No 

Milwaukee,  L.  S.  &  West.  Ry.  Co.— Michigan  Div.  1st  6s,  1924 No 

Milwaukee  Lt.,  Ht.  &  Trac.  Co.  1st  5s,  1929 Yes 

Milwaukee  Lt.,  Ht.  &  Trac.  Co.  Ref.  &  Ext.  5s,  1937 Yes 

Milwaukee  Medical  College  Bonds Yes 

Milwaukee  Northern  Ry.  1st  5s,  1931 Yes 

Milwaukee  &  Northern  R.  R.  Co.  Cons.  4^s,  1934 No 

Milwaukee  &  Northern  R.  R.  Co.  1st  4^s,  1934 Yes 

Milwaukee,  Sparta&  Northwestern  Ry.  1st  4s,  1947 Yes 

Milwaukee  &  State  Line  Ry.  Co.  1st  3%s,  1941 No 

Mineral  Fuel  Co.  S.  F.  5s,  1943 Yes 

Mineral  Range  R.  R.  Co.  Gen.  4s  ,1951 No 

Minneapolis  Chamber  of  Commerce,  41/£s Yes 

Minneapolis  Gas  Light  Co.  1st  Gen.  (now  1st)  5s,  1930 Yes 

Minneapolis  General  Electric  Co.   5s,  1934 Yes 

Minneapolis,  Lyndale  &  Minnetonka  Ry.  Co.  &  Minneap.  Str.  Ry. 

1st  Con.  5s,  1919..  Yes 

Minneapolis  &  Pacific  Ry.  1st  4s,  1936 No 

Minneapolis  &  St.  Louis  R.  R.  Co.  Car  Tr.  5s,  Ser.  "A,"  1919 Yes 

Minneapolis  &  St.  Louis  R.  R.  Co.  Car  Tr.  5s,  Ser.  "B,"  1920 Ye3 

Minneapolis  &  St.  Louis  R.  R.  Co.  Eq.  Tr.  "C"  5%  Notes,  1922 Yes 

Minneapolis  &  St.  Louis  R.  R.  Co.,  6%  Notes,  1916 Yes 

Minneapolis  &  St.  Louis  Ry.  Co.  Pacific  Ext.  1st  6s,  1921 *ssr*0 

Minneapolis  &  St.  Louis  Ry.  Co.  1st  7s,  1927 No 

Minneapolis  &  St.Louis  R.  R.  Co.  1st  Cons.  5s,  1934' xes 

Minneapolis  &  St.  Louis  R.  R.  Co.  1st  &  Ref.  4s,  1949 Yes 

Minneapolis  &  St.  Louis  R.  R.  Co.  Ref.  &  Ext.  5s,  1962 Yes 

96 


MIN-MIS 

Minneapolis,  St.  Paul  &  Sault  Ste.  Marie  Ry.  5%  Equ.  Notes,  "A," 

1917..  Yes 
Minneapolis,  St.  Paul  &  Sault  Ste.  Marie  Ry.   4%%  Equ.  Notes, 

"B,"  1920..  Yes 
Minneapolis,  St.  Paul  &  Sault  Ste.  Marie  Ry.  iy2%  Equ.  Notes, 

"C,"  1921  Yes 

Minneapolis,  St.  Paul  &  Sault  Ste.  Marie  Ry.  4%s,  "D,"  1922 Yes 

Minneapolis,  St.  Paul  &  Sault  Ste.  Marie  Ry.  Co.  4%s,  "E,"  1923.. Yes 
Minneapolis,  St.  Paul  &  Sault  Ste.  Marie  Ry.  Equ.   Ser,  "F"   5s, 

1914-23..  No 
Minneapolis,  St.  Paul  &  Sault  Ste.  Marie  Ry.  Co.  1st  Cons.  4s,  1938  Yes 

Minneapolis,  St.  Paul  &  Sault  Ste.  Marie  Ry.  Co.  2nd  4s,  1949 Yes 

Minneapolis,  St.  Paul  &  Sault  Ste.  Marie  Ry.  Co.  &  Central  Term. 

Ry.  Co.  1st  Chicago  Term  4s,  1941..  Yes 

Minneapolis  &  St.  Paul  Suburban  Ry.  Co.  1st  5s,  1924 Yes 

Minneapolis,  Sault  Ste.  Marie  &  Atlantic  Ry.  1st  4s,  1926 ino 

Minneapolis  St.  Ry.  Co.  2nd   6s Yes 

Minneapolis  St.  Ry.  Co.  1st  Cons.  5s,  1919 Yes 

Minneapolis  Street  Ry.  &  St.  Paul  City  Ry.  Jt.  Cons,  5s,  1928 Yes 

Minneapolis  Union  Ry.  Co.  1st  5s  &  6s,  1922 No 

Minnesota  Brush  Electric  Co.  1st  5s,  1934 Yes 

Minnesota  Gas  &  Electric  Co.  1st  6s No 

Minnesota  &  Iowa  Ry.  1st  3^s,  1924 No 

Minnesota  &  Ontario  Power  Co.  1st  6s,  1928 Yes 

Minnesota  &  South  Dakota  Ry.  Co.  1st  3%s,  1935 No 

Minnesota  Transfer  Ry.  1st  4s  &  5s,  1916 No 

Minnesota-Wisconsin  Power  Corporation,  1st  5s,  1931 Ye3 

Minot  Light  &  Telephone  Co.  Gen.  6s,  1926 Yes 

Minot  Light  &  Telephone  Co.  1st  6s No 

Minster  Water  Works  Co.   6s No 

Miramichi  Lumber  Co.  Richards  Mtge.  Bonds Yea 

Mission  Consolidated  Realty  Co.  1st  6s No 

Mission  Mining  Co.   Bonds Yes 

Mission  Transportation  &  Refining  Co.  1st  5s Yes 

Mississippi  Central  R.  R.  Co.  1st  5s,  1949 Yes 

Mississippi  Glass  Co.  1st  6s,  1924 Yes 

Mississippi  River  &  Bonne  Terre  Ry.  Co.  5%  Equ.  Notes,  1916 Yes 

Mississippi  River  &  Bonne  Terre  Railway  1st  5s,  1931 Yes 

Mississippi  River  Power  Co.  Deb.  Notes,  6%,  1919 No 

Mississippi  River  Power  Co.  1st  5s,  1951 Yes 

Mississippi  Valley  Gas  &  Electric  Co.  Coll.  Tr.  5s,  1922 No 

Mississippi  Valley  Portland  Cement  Co.  1st  5s,  1929 Yes 

Missoula  Gas  Co.  1st  6s No 

Missouri  Edison  Electric  Co.  1st  Cons.  5s,  1927 Yes 

Missouri  Edison  Electric  Co.  Ref.  &  Ext.  4%s,  1931 Yes 

Missouri-Edison  Light  &  Power  Co.  2nd  6s,  1921 Yes 

Missouri  Electric  R.  R.  Co.  (St.  Louis)  1st  5s,  1918 Yes 

Missouri  Gas  &  Electric  Service  Co.  6%  Deb Yes 

Missouri  Ice  &  Cold  Storage  Co.  5s,  1923 No 

Missouri  &  Illinois  Bridge  Belt  R.  R.  Cons.  4s,  1951 Yes 

Missouri,  Kansas  &  Eastern  Ry.  Co.  1st  5s,  1942 Yes 

Missouri,  Kansas  &  Eastern  Ry.  Co.  2nd  5s,  1942 Yes 

Missouri  &  Kansas  Interurban  Ry.  1st  5s,  1956 Yes 

Missouri,  Kansas  &  Oklahoma  R.  R.  Co.  1st  5s,  1942 Yes 

Missouri  &  Kansas  Tel.  Co.  1st  5s,  1929 No 

Missouri,  Kansas  &  Texas  Ry.  Co.  Equip.  Tr.  5s,  1923 Ye3 

Missouri,  Kansas  &  Texas  Ry.  Co.  Equip.    Tr.  Ser.  "A"  5s No 

Missouri,  Kansas  &  Texas  Ry.  Co.  5s,  1915 Yes 

Missouri,  Kansas  &  Texas  Ry.  Co.    Gen.  4y2s,  1936 Yes 

Missouri,  Kansas  &  Texas  Ry.  Co.  Cons.  5s,  1940 Yes 

97 


MIS-MOL 

Missouri,  Kansas  &  Texas  Ry.  Co.  1st  Ext.  5s,  1944 Yes 

Missouri,  Kansas  &  Texas  Ry.  Co.  1st  4s,  1990 No 

Missouri,  Kansas  &  Texas  Ry.  Co.  2nd  4s,  1990 No 

Missouri,  Kansas  &  Texas  Ry.  Co.  1st  &  Ref.  4s,  2004 Yes 

Missouri,  Kansas  &  Texas  Ry.  Co.,  St.  Louis  Div.,  1st  Ref.  4s,  2001.  Yes 

Missouri,  Kansas  &  Texas  Ry.  Co.  of  Texas  1st  5s,  1942 Yes 

Missouri  &  North  Arkansas  R.  R.  Co.  5%  Rec.  Cert,  1915 No 

Missouri  &  North  Arkansas  R.  R.  5%  Rec.  Cert.,  1916 No 

Missouri  &  North  Arkansas  R.  R.  1st  4s,  1956 No 

Missouri,  Oklahoma  &  Gulf  Ry.  2nd  5s,  1925 Yes 

Missouri,  Oklahoma  &  Gulf  Ry.  Co.  1st  5s,  1944 Yes 

Missouri,  Oklahoma  &  Gulf  R.  R.  Co.  1st  5s,  1961 Yes 

Missouri  Pacific  Ry.  Co.   Equip.   Tr.,   Ser.  G,  H,   I  &   1  &  2,   5s, 

1915-21..  Yes 

Missouri  Pacific  Ry.  Co.  Ext.  6%  Notes,  1915 No 

Missouri  Pacific  Ry.  Co.  Trust  Ind.  5s,  1917 Yea 

Missouri  Pacific  Ry.  Co.  Cons.  1st  6s,  1920 No 

Missouri  Pacific  Ry.  Co.  1st  Coll.  5s,  1920 No 

Missouri  Pacific  Ry.  Co.  2nd  5s,  1938 Yes 

Missouri  Pacific  Ry.  Co.  3rd  Ext.  4s,  1938 No 

Missouri  Pacific  Ry.  Co.  Loan  4s,  1945 Yes 

Missouri  Pacific  Ry.  Co.  1st  &  Ref.  5s,  1959 Yes 

Missouri  Pacific  Ry.  Co.  (Lexington  Div.),  1st  5s,  1920 No 

Missouri  Public  Utilities  Co.  1st  5s,  1933 No 

Missouri  River  Electric  &  Power  Co.  6%  Notes,  1921 Yes 

Missouri  River  Electric  &  Power  Co.  Ref.  &  Ext.  5s Yes 

Missouri  River  Power  Co.  1st  6s,  1920 Yes 

Missouri  Valley  Cold  Storage  Co.   Bonds No 

Missouri  Valley  Light  &  Power  Co.  1st  6s,  1913-1918 Yes 

Mitchell-Lewis  Motor  Co.  6%  Notes  of  1914 Yes 

Mitchell  Power  Co.  1st  6s,  1929 No 

Mobile  &  Bay  Shore  Ry.  Co.  1st  6s,  1949 No 

Mobile  &  Birmingham  R.  R.  Co.  Prior  Lien  5s,  1945 Yes 

Mobile  &  Birmingham  R.  R.  Co.  1st  4s,  1945 Yes 

Mobile  Electric  Co.  1st  5s,  1946 Yes 

Mobile  Gas  Co.  Deb.  6s,  1921 Yes 

Mobile  Gas  Co.  1st  5s,  1924 Yes 

Mobile  Light  &  R.  R.  Co.  1st  5s,  1937 No 

Mobile  Light  &  R.  R.  Co.  Cons.  5s,  1941 Yes 

Mobile  &  Montgomery  41/£s,  1945 No 

Mobile  &  Ohio  R.  R.  Co.  5%  Equip.  Notes Yes 

Mobile  &  Ohio  R.  R.  Co.  Equip.  "A"  5s,  1919 Yes 

Mobile  &  Ohio  R.  R.  Co.  Equip.  "B"  5s,  1919 Yes 

Mobile  &  Ohio  R.  R.  Co.  Equip.  "D"  4s,  1915 Yes 

Mobile  &  Ohio  R.  R.  Co.  Equip.  "E"  4^s,  1916 Yes 

Mobile  &  Ohio  R.  R.  Co.  Equip.  "F"  4^s,  1922 Yes 

Mobile  &  Ohio  R.  R.  Co.  Equip.  "G"  5s Yes 

Mobile  &  Ohio  R.  R.  Co.  1st  Term.  &  Col.  Tr.  5s,  1921 Yes 

Mobile  &  Ohio  R.  R.  Co.  1st  6s,  1927 No 

Mobile  &  Ohio  R.  R.  Co.  1st  Extended  6s,  1927 No 

Mobile  &  Ohio  R.  R.  Co.  Gen.  4s,  1938 No 

Mobile  &  Ohio  R.  R.  Co.— Montgomery  Div.  1st  5s,  1947 No 

Mobile  &  Ohio  R.  R.  Co.— St.  Louis  Div.  5s,  1927 Yes 

Mobile  Street  R.  R.  1st  6s,  1923 No 

Mobile  Terminal  &  Ry.  Co.  6%  Notes Yes 

Mobile  Terminal  &  Ry.  Co.  1st  6s,  1935 Yes 

Mohawk  Hydro-Electric  Co.  1st  6s,  1940 • Yes 

Mohawk  &  Malone  Ry.  Co.  1st  4s,  1991 Yes 

Mohawk  &  Malone  Ry.  Co.  Cons.  3^s,  2002 Yes 

Moline  Wagon  Co.  6s,  1922 Yes 


MON-MON 

Monacacy  Valley  R.  R.  1st  5s,  1920 No 

Monaghan  Mills  (Greenville,  S.  C.)  Bonds Yes 

Monarch  Lumber  Co.  1st  6s Yes 

Monmouth  County  Electric  Co.  1st  4s,  1951 No 

Monmouth  County  Water  Co.  1st  5s,  1937 Yes 

Monmouth  Gas  &  Electric  Co.  1st  &  Ref.  5s,  1929 No 

Monmouth  Lighting  Co.  1st  5s,  1942 Yes 

Monmouth  Public  Service  Co.  Cons.  5s,  1929 No 

Monon  Coal  Co.  1st  5s,  1936 Yes 

Monongahela  Light  &  Power  Co.  1st  5s,  1949 Yes 

Monongahela  R.  R.  Co.  1st  3%s,  1942 Yes 

Monongahela  River  Consolidated  Coal  &  Coke  Co.  Ind.  5s,  1917 No 

Monongahela  River  Consolidated  Coal  &  Coke  Co.  1st  6s,  1949 No 

Monongahela  River  R.  R.  1st  5s,  1919 Yes 

Monongahela  River  R.  R.  Co.  Coal  5s,  1945 Yes 

Monongahela  Street  Ry.  Co.  1st  5s,  1928 Yes 

Monongahela  Southern  R.  R.  Co.  1st  5s,  1955 Yes 

Monongahela  Valley  Traction  Co.  1st  &  Ref.  5s,  1942 Yes 

Monongahela  Valley  Traction  Co.  1st  5s,  1942 Yes 

Monongahela  Valley  Water  Co.  5s No 

Monroe  Binder  Board  Co.  Bonds Yes 

Monroe  Body  Co.  Bonds  Yes 

Monroe  Electric  Co.  1st  6s Yes 

Monroe  Gas  &  Electric  Light  Co.  1st  5s,  1923 No 

Monroe  Gas  Light  &  Fuel  Co.  1st  5s,  1921 No 

Monroe  Gas  Light  &  Fuel  Co.  1st  6s,  1921 No 

Monroe  Glass  Co.  1st  6s   Yes 

Monroe  R.  R.  1st  4s,  1980 Yes 

Monroe  Water  Co.  5s,  1939  Yes 

Monsies  Bay  Timber  Co.  1st  6s Yes 

Montana  Central  Ry.  Co.  1st  5s  &  6s,  1937 No 

Montana  Coal  &  Iron  Co.  5s,  1942 Yes 

Montana  Independent  Telephone  Co.  1st  5s,  1926 Yes 

Montana  Power  Co.  1st  &  Ref.  6s,  1943 No 

Montana  Power  Transmission  Co.  1st  5s,  1933 Yes 

Montana  Water  Co.  1st  6s,  1933 Yes 

Montana,  Wyoming  &  Southern  Equip.  5s,  Ser.  "A,"  1912-1916 Yes 

Montana,  Wyoming  &  Southern  1st  5s,  1939 Yes 

Montauk  Extension  R.  R.  Co.  1st  5s,  1945 No 

Montauk  Steamboat  Co.,  Ltd.,  4%  Cert,  of  Ind.,  1916 No 

Montauk  Steamboat  Co.,  Ltd.,  1st  6s,  1926 No 

Montauk  Water  Co.  1st  5s,  1945 No 

Montclair  Water  Co.  1st  5s,  1946 Yes 

Montclair  Water  Co.  P.  M.  5s,  1958 Yes 

Monte  Cristo  Oil  &  Development  Co.  Bonds Yes 

Monte  Vista  Light,  Heat  &  Power  Co.  1st  6s No 

Monterey  &  Pacific  Grove  Ry.  Co.  1st  6s,  1937 Yes 

Montgomery  County  Passenger  Ry.  1st  6s,  1923 No 

Montgomery  &  Erie  R.  R.  Co.  1st  Ext.  5s,  1926 No 

Montgomery  &  Erie  R.  R.  Co.  2nd  Ext.  5s,  1927 No 

Montgomery  Hotel  Co.  1st  5s  No 

Montgomery  Light  &  Power  Co.  1st  Pref.  5s,  1947 Yes 

Montgomery  Light  &  Power  Co.  Non-Pref.  5s,  1947. . , Yes 

Montgomery  Light  &  Traction  Co.  1st  &  Ref.  5s,  1942 Yes 

Montgomery  Light  &  Water  Co.  1st  Cons.  5s,  1943 Yes 

Montgomery  Street  Ry.  1st  6s,  1923 No 

Montgomery  Ward  &  Co.  5s No 

Montour  R.  R.  Co.  1st  5s,  1963 Yes 

Montoursville  Passenger  Ry.  1st  5s,  1938 Yes 

99 


MON-MOU 

Montreal  Light,  Heat  &  Power  Co.  1st  &  Coll.  Tr.  4V2s,  1932 No 

Montreal  Light,  Heat  &  Power  Co.— Lachine  Div.  5s,  1933 No 

Montreal  &  Province  Line  Ry.  1st  5s,  1950 Yes 

Montreal  Steel  Works,  Ltd.,  1st  6s,  1940 No 

Montreal  Tramways  Co.  1st  &  Ref.  5s,  1941 No 

Montreal  Tramways  &  Power  Co.  3-yr.  6%  Notes,  1915  (Jan.) No 

Montreal  Tramways  &  Power  Co.  3-yr.  Coll.  6%  Notes,  1915  (Apr.)  No 

Montville  Street  Ry.  Co.  1st  5s,  1920 Yes 

Moolah  Temple  Assn.  1st  5s,  1933 Yes 

Moore  &  Scott  Ship  &  Dock  Co.  Bonds No 

Morehead  &  North  Fork  R.  R.  1st  5s,  1958 Yes 

Morenci  Telephone  Co.  1st  6s No 

Morgan  &  Fentress  Ry.  Co.  6s,  1934 No 

Morgan's  Louisiana  &  Texas  R.  R.  &  Steamship  Co.  1st  7s,  1918 No 

Morgan's  Louisiana  &  Texas  R.  R.  &  Steamship  Co. — Alexandria 

Ext.  6s,  1920..  No 

Morgantown  &  Kingwood  R.  R.  Car  Tr.  5s,  1915 Yes 

Morgantown  &  Kingwood  R.  R.  1st  6s,  1922 Yes 

Morgantown  &  Kingwood  R.  R.  1st  5s,  1935 Yes 

Morgantown  Post  Co.  Bonds  No 

Morgantown  Wheeling  Ry.   Co.   Bonds No 

Morley  Cypress  Co.  Bonds  Yes 

Morningside  Electric  Street  Ry.  Co.  1st  5s,  1935 Yes 

Morris  &  Company  1st  4%s,  1939 Yes 

Morris  County  Traction*  Co.  1st  5s,  1935 No 

Morris  County  Traction  Co.  Gen.  5s,  1948 No 

Morris  &  Essex  R.  R.  Co.  1st  Cons.  7s,  1915 Yes 

Morris  &  Essex  R.  R.  Co.  1st  Ref.  3%s,  2000 Yes 

Morris  Run  Coal  Mining  Co.  1st  6s,  1910-1919 Yes 

Morris  Run  Coal  Mining  Co.  1st  &  Coll.  6s,  1919 No 

Morris  &  Somerset  Electric  Co.  1st  5s,  1940 Yes 

Morristown  &  Erie  R.  R.  1st  5s,  1923 Yes 

Mortgage  Bond  Co.  of  New  York  4s,  1925 Yes 

Mortgage  Bond  Co.  of  New  York  5s,  1912-1932 Yes 

Mortgage  Bond  Co.  of  New  York  4s,  1906-1966 Yes 

Mortgage  Securities  Co.   (New  Orleans)   Bonds Yes 

Morton  Butler  Timber  Co.  1st  6s Yes 

Morton  Salt  Co.  1st  5s Yes 

Mosely  Hotel  Co.  1st  5s Yes 

Mosida  Fruit  Lands  Co.  Bonds Yes 

Mosler  Safe  Co.  1st  5s,  1915 Yes 

Motor  Van  Corporation  1st  6s,  1919 Yes 

Moulton  Irrigated  Lands  Co.  1st  6s,  1913-1922 No 

Mound   Coal   Co.   Bonds No 

Moundsville  Water  Works  Co.  1st  5s,  1942 No 

Mount  Baker  Timber  Co.  1st  6s,  1912-1924 Yes 

Mount  Carmel  Light  &  Water  Co.  1st  5s,  1931 No 

Mount  Clemens  Gas  Co.  1st  5s,  1931 Yes 

Mount  Desert  Nurseries  5s,  1914 No 

Mount  Hood  R.  R.  1st  6s,  1927 Yes 

Mount  Olivet  Incline  Ry.  1st  6s Yes 

Mount  Penn  Gravity  R.  R.  1st  Ext.  4y2s,  1922 Yes 

Mount  Penn  Gravity  R.  R.  Co.  2nd  Ext.  4V2s,  1922 Yes 

Mount  Pleasant  Gas  Light  Co.  Notes Yes 

Mount  Pleasant  Gas  Light  Co.  6s Yes 

Mt.  Pulaski  Electric  Light  Co.  1st  6s No 

Mount  Vernon  Electric  Light  &  Power  Co.  1st  5s,  1024 No 

Mount  Vernon  Water  Works  Co.  1st  5s No 

Mount  Vernon-Woodberry  Cotton  Duck  Co.  1st  5s,  1949 Yes 

Mount  Washington  Electric  Light  &  Power  Co.  1st  6s,  1915 Yes 

100 


MOU-MYS 

Mount  Washington  Street  Ry.  1st  5s,  1933 Yes 

Mount  Whitney  Power  &  Electric  Co.  1st  6s.  1939 Yes 

Mount  Zion  Hospital  1st  5s,  1936 Yes 

Mountain  City  Warehouse  Co.  (Greenville,  S.  C.)  Bonds Yes 

Mountain  Home  Telephone  Co.  Gen.  5s,  1938 Yes 

Mountain  Supply  Ditch  Co.  Ref.  Bonds No 

Mowbray  &  Robinson  Co.  1st  6s Yes 

Muegge  Natatorium  &  Gym.  Co.  (St.  Louis,  Mo.)  Bonds No 

Muehlebach  Estate  Co.  (Kansas  City,  Mo.)   1st  5^s Yes 

Muncie  Electric  Light  Co.  1st  5s,  1932 Yes 

Muncie,  Hartford  &  Ft.  Wayne  Ry.  Co.  1st  5s Yes 

Muncie  &  Union  City  Traction  Co.  1st  5s,  1936 Yes 

Muncie  Water  Works  Co.  5s,  1939 No 

Municipal  Gas  &  Electric  Co.  1st  4y2s,  1942 No 

Municipal  Service  Co.  Coll.  Tr.  5s,  1932 Yes 

Municipal  Utilities  Co.  1st  Coll.  5s,  1933 Yes 

Munising  Railway  Co.  1st  4s,  1925 Yes 

Munro   (Norman  L.)  Estate  2nd  5s Yes 

Murat  Temple  Association,  Indianapolis,  Bonds No 

Murphysboro  Water  Works,  Elec.  &  Gas  Light  Co.  1st  5s,  1928 Yes 

Muscatine,  North  &  South  Ry.  1st  5s,  1935 No 

Muscatine  North  &  South  Syndicate  6%  Col.  Td.  Notes Yes 

Muskegon,  Grand  Rapids  &  Indiana  R.  R.  Co.  1st  5s,  1926 Yes 

Muskogee  City  Bridge  Co.  1st  5s,  1942 No 

Muskogee  Electric  &  Gas  Co.  1st  Deb.  5s,  1924 Yes 

Muskogee  Electric  &  Traction  Co.  1st  5s,  1934 Yes 

Muskogee  Gas  Co.  1st  6s  No 

Muskogee  Gas  &  Electric  Co.  1st  Ref.  5s,  1926 Yes 

Muskogee  Ice  &  Power  Co.  1st  5s,  1924 Yes 

Muskogee  Wholesale  Grocer  Co.  1st  6s Yes 

Mutual  Brewing  Co.  6s,  1933 Yes 

Mutual  Drug  Co.  Deb.  6s Yes 

Mutual  Electric  Light  Co.  1st  5s,  1934 Yes 

Mutual  Fuel  Gas  Co.  1st  5s,  1947 Yes 

Mutual  Insurance  Co.  4s  &  5s  No 

Mutual  Investment   Co.   Bonds    No 

Mutual  Light  &  Water  Co.  1st  5s,  1928 No 

Mutual  Light  &  Water  Co.  1st  &  Ref.  5s,  1945 Yes 

Mutual  Realty  Co.   (St.  Louis)   1st  5s Yes 

Mutual  Steamship  Co.  Bonds   Yes 

Mutual  Telephone  Co.,  Ltd.,  1st  6s,  1924 No 

Mutual  Terminal  Co.  of  Buffalo  1st  4s,  1924 Yes 

Mutual  Union  Telegraph  Co.  1st  5s,  1941 No 

Myersville  &  Catoctin  Ry.  1st  5s,  1929 No 

Myles  Salt  Co.  1st  6s Yes 

Mystic  Valley  Street  Ry.  Co.  1st  5s,  1919 No 

Mystic  Valley  Water  Co.  1st  5s,  1928 Yes 


101 


NAD-NAS 


N 

[This    space   for   your    personal    memoranda] 


If 

Nadeau  Extension  Co.   Gs Yes 

Nahant  Club  4s  No 

Nahant  &  Lynn  Street  Ry.  Co.  1st  5s,  1925 Yes 

Nansemond  Water  Co.  1st  Gs,  1919 No 

Nanticoke  Power  Co.  1st  5s   Yes 

Nantucket  Cranberry  Co.  Bonds  No 

Napanee  Water  Works  Co.  1st  6s No 

Narragansett  Electric  Lighting  Co.  Conv.  Deb.  4s,  1916 Yes 

Narragansett  Pier  Electric  Light  &  Power  Co.  1st  5s. No 

Nashua  River  Paper  Co.  6s,  1934 No 

Nashua  Street  Ry.  Co.  1st  4s,  1931 Yes 

Nashville,  Chattanooga  &  St.  L.  Ry.  Co.  1st  Cons.  5s  &  4s,  1928 No 

Nashville,  Chatt.  &  St.  L.  Ry.  Co.— Centreville  Br.  1st  6s,  1923 . .  No 
Nashville,  Chatt.  &  St.  L.  Ry.  Co.— Fayette  &  McMinnville  Brs.  1st 

6s,  1917..  No 

Nashville,  Chattanooga  &  St.  L.  Ry.  Co.— Jasp.  Br.  Ext.  1st  6s,  1923  No 

Nashville  Chattanooga  &  St.  L.  Ry.  Co.— Lebanon  Br.  1st  6s,  1917.  No 

Nashville,  Chattanooga  &  St.  L.  Ry.  Co.— Tracy  Cit.  Br.  1st  6s,  1917  No 

Nashville  &  Edgefield  Street  R.  R.  Co.  1st  6s,  1917 No 

Nashville  &  Edgefield  Street  R.  R.  Co.  Cons.  6s,  1920 No 

Nashville,  Florence  &  Sheffield  Ry.  Co.  1st  5s,  1937 No 

Nashville  Gas  &  Heating  Co.  1st  5s,  1937 Yes 

Nashville  Ry.  &  Light  Co.  1st  Cons.  5s,  1953 Yes 

Nashville  Ry.  &  Light  Co.  Ref.  &  Ext.  5s,  1958 Yes 

Nashville  Street  Ry.  1st  5s,  1925 No 

Nashville  Terminal  Co.   (Nashville,  Tenn.)   5s Yes 

Nassau  County  Water  Co.  1st  5s,  1923 Yes 

Nassau  Electric  R.  R.  Co.  1st  5s,  1944 Yes 

Nassau  Electric  R.  R.  Co.  1st  Cons.  4s,  1951 Yes 

Nassau  Light  &  Power  Co.  1st  5s,  1927 Yes 

102 


Nassau  Mills  Corporation  1st  6s Yes 

Nassau  Mills  Corporation  Deb.  6s No 

Nassau  &  Suffolk  Lighting  Co.  1st  5s,  1935 Yes 

National  Arts  Club  Bonds  Yes 

National  Bridge  Co.  of  Canada,  Ltd.,  1st  6s,  1951 ,. .  No 

National  Brick  Co.  of  Laprairie,  Ltd.,  1st  5s,  1951 No 

National  Car  Wheel  Co.  1st  6s   Yes 

National  Clay  Products  Co.  1st  6s,  1933  Yes 

National  Coal  Co.  1st  6s   Yes 

National  Coal  &  Iron  Co.  Bonds  No 

National  Compress  Co.   (of  Texas)   1st  6s No 

National  Conduit  &  Cable  Co.  1st  5s Yes 

National  Drug  Co.  1st  6s,  1921 No 

National  Electrolytic  Co.   1st  5s,   1919 Yes 

National  Enameling  &  Stamping  Co.  1st  5s,  1929 Yes 

National  Fibre  Board  Co.  5s,  1921 No 

National  Pireproofing  Co.  1st  &  Coll.  Tr.  5s Yes 

National  Folding  Box  &  Paper  Co.  1st  5s,  1925 Yes 

National  Gas,  Electric  Light  &  Power  Co.  Coll.  Tr.  6s,  1931 Yes 

National  Gas  Governor  Co.  Conv.  6s,  1922 Yes 

National  Ice  &  Cold  Storage  Co.  1st  6s,  1942 Yes 

National  Light,  Heat  &  Power  Co.  Coll.  5s,  "A" Yes 

National  Light,  Heat  &  Power  Co.  Coll.  Tr.  Ser.  "B"  5s,  1919 Yes 

National  Light,  Heat  &  Power  Co.  Coll.  Tr.  Ser.  "C"  5s,  1920 Yes 

National  Light,  Heat  &  Power  Co.  6%  Sec.  Notes,  1914 No 

National  Light, ^Heat  &  Power  Co.  6%  Notes,  1918 No 

National  Lumber  &  Creosoting  Co.  Bonds  Yes 

National  Malting  Co.  6s,  1918   Yes 

National  Metals  Co.  1st  6s   Yes 

National  Milling  &  Chemical  Co.  1st  6s,  1926 Yes 

National  Railroad  Co.  of  Mexico  Prior  Lien  4^s,  1926 Yes 

National  Railroad  Co.  of  Mexico  1st  Cons.  4s,  1951 Yes 

National  Railways  of  Mexico  6s,  1913 Yes 

National  Railways  of  Mexico  6s,  1915 Yes 

National  Railways  of  Mexico  Prior  Lien  4y2s,  1957 Yes 

National  Railways  of  Mexico  Gen.  4s,  1977 Yes 

National  Safe  Deposit  Co.  1st  4s No 

National  Screw  &  Bolt  Co.  5s,  1932 Yes 

National  Sewing  Machine  Co.  1st  6s,  1918 Yes 

National  Silica  Co.  Bonds Yes 

National  Starch  Co.  Deb.  5s,  1930 No 

National  Steamship  Co.   1st  5s    Yes 

National  Sugar  Mfg.  Co.  1st  6s,  1933 No 

National  Sugar  Mfg.  Co.  2nd  4s,  1933 No 

National  Tube  Co.  1st  5s,  1952 Yes 

National  Wafer  Co.  1st  5s,  1937 Yes 

Natoma  Development  Co.  1st  6s,  1917 Yes 

Natoma  Land  &  Mining  Co.  6s,  1914-1927 Yes 

Natomas  Consolidated  of  California  1st  6s,  1930 Yes 

Natomas  Consolidated  of  California  2nd  6s,  1940 Yes 

Naugatuck  R.  R.  Deb.  3y2s,  1930 No 

Naugatuck  R.  R.  1st  4s,  1954 Yes 

Naylor  &  Jones  1st  6s,  1914 No 

Nazareth  Cemnet  Co.  1st  5s , Yes 

Nazareth  Electric  Light,  Heat  &  Power  Co.  1st  5s,  1927 Yes 

Nebo  Coal  Co.  1st  6s,  192'8 No 

Nebraska,  Kansas  &  Southern  Ry.  Co.  1st  6s,  1958 No 

Nebraska  Power  Co.  6s Yes 

Neef  Bros.  Brewing  Co.  Bonds   Yes 

Neild  Manufacturing  Corporation  1st  5s,  1930 Yes 

103 


NEL-NEW 

Nelson  &  Albemarle  Ry.  1st  6s,  1915 No 

Nelson  Creek  Coal  Co.  1st  6s,  1930 No 

Neponset  Land  &  Live  Stock  Co.  1st  6s Yes 

Nester  Lumber  Co.  1st  6s  Yes 

Netherlands  Farms  Co.  1st  6s,  1933 Yes 

Nevada-California-Oregon  Ry.  1st  5s,  1919 Yes 

Nevada-California  Power  Co.  1st  6s,  1927 Yes 

Nevada  Central  R.  R.  1st  5s,  1938 No 

Nevada  Copper  Belt  R.  R.  Co.  1st  6s,  1919 No 

Nevada  County  Electric  Power  Co.  1st  6s,  1928 No 

Nevada  County  Traction  Co.  1st  5s,  1931 No 

Nevada  Douglas  Copper  Co.  Bonds No 

Nevada  Gas  Co.  1st  6s No 

Nevada  Gas  Co.  Bonds  (Mercantile  Tr.  Co.,  S.  Fr.) Yes 

Nevada  Northern  Ry.  1st  5s,  1925 Yes 

Nevada  Power,  Light  &  Water  Co.  1st  6s,  1932 No 

Nevada  Sugar  Co.  Bonds  Yes 

Neversink  Distilling  Co.  6s   No 

Neversink  Mountain  Ry.  1st  4s,  1931 Yes 

New  Albany  Street  Ry.  Co.  1st  5s,  1927 Yes 

New  Albany  Water  Works  1st  5s,  1924 Yes 

New  Albany  Water  Works  1st  Cons.  5s,  1934 Yes 

New  Amsterdam  Gas  Co.  1st  Cons.  5s,  1948 Yes 

New  Bedford  Cotton  Mills  Corporation  1st  5s,  1929 Yes 

New  Bedford,  Middleboro  &  Brockton  Street  Ry.  1st  5s,  1920 No 

New  Bedford  &  Onset  Street  Ry.  1st  5s,  1922 No 

New  Britain  Gas  Light  Co.  1st  5s,  1926 Yes 

New  Brunswick  Light,  Heat  &  Power  Co.  4s,  1939 No 

New  Canaan  (Conn.)  Water  Co.  1st  5s,  1915 Yes 

New  Castle  City  Water  Co.  1st  5s No 

New  Castle  Electric  Co.  5s,  1927 Yes 

New  Castle  Light,  Heat  &  Power  Co.  1st  5s,  1929 Yes 

New  Castle  Light  &  Power  Co.  1st  6s,  1913-22 Yes 

New  Castle  &  Shenango  Valley  R.  R.  Co.  1st  6s,  1917 No 

New  Castle  Traction  Co.  1st  5s,  1927 Yes 

New  Chester  Water  Co.  1st  5s,  1943 Yes 

New  Comerstown  Water  Co.  1st  5%s No 

New  Departure  Mfg.  Co.  1st  6s,  1921 No 

New  Dominion  Copper  Co.,  Ltd.,  Inc.  6s,  1919 Yes 

New  England  Brick  Yards  Co.  1st  5s Yes 

New  England  Co.  1st  iV2s No 

New  England  Co.  1st  &  Ref.  5s,  1954 Yes 

New  England  Cotton  Yarn  Co.  1st  5s,  1929 Yes 

New  England  Electric  Securities  Co.  Coll.  Tr.  5s,  1932 Yes 

New  England  Investment  &  Security  Co.  Notes,  1924 Yes 

New  England  Lime  Co.  1st  6s,  1922 Yes 

New  England  Navigation  Co.  3-yr.  5%  Notes,  1917 No 

New  England  Navigation  Co.  6%  Coll.  Notes,  1917 No 

New  England  Navigation  Co.  Deb.  4s,  1955 Yes 

New  England  Power  Co.  1st  5s,  1951 Yes 

New  England  R.  R.  Cons.  4  &  5s,  1945 No 

New  England  Tel.  &  Tel.  Co.  6th  Ser.  Deb.  5s,  1915 No 

New  England  Tel.  &  Tel.  Co.  7th  Ser.  Deb.  5s,  1916 No 

New  England  Tel.  &  Tel.  Co.  8th  Ser.  Deb.  5s,  1919 No 

New  England  Tel.  &  Tel.  Co.  9th  Ser.  Deb.  4s,  1930 No 

New  Englnnd  Tel.  &  Tel.  Co.  10th  Ser.  Deb.  5s,  1932.-. No 

New  England  Zinc  Corporation  6s,  1916 Yes 

New  Gas  Light  Co.  (Janesville,  Wis.)  1st  5s,  1934 Yes 

New  Haven  &  Centerville  Street  Ry.  1st  5s,  1933 No 

New  Haven  &  Derby  R.  R.  Cons.  5s,  1918 No 

104 


NEW-NEW 

New  Haven  Hotel  Co.  2nd  6s,  1916  Yes 

New  Haven  &  Northampton  Co.  Ref.  Cons.  4s,  1956 Yes 

New  Haven  &  Northampton  Co.  Ref.  4s,  1956 Yes 

New  Haven  Street  Ry.  1st  5s,  1913 No 

New  Haven  Street  Ry.  Cons.  5s,  1914 No 

New  Haven  Water  Co.  Conv.  Deb.  4s,  1910-15 No 

New  Haven  Water  Co.  Conv.  4%s,  1962 No 

New  Hotel  Co.   5s    No 

New  Illinois  Athletic  Club  &y2a No 

New  Imperiale  Realty  Co.  Cons.  5s,  1930 Yes 

New  Jersey  Company  1st  6s   Yes 

New  Jersey  Dry  Dock  &  Transportation  Co.  Bonds,  1934 No 

New  Jersey  Gas  Co.  1st  5s,  1940   Yes 

New  Jersey  &  Hudson  River  Ry.  &  Ferry  Co.  1st  4s,  1950 Yes 

New  Jersey  Junction  R.  R.  Co.  1st  Cur.  4s,  1986 No 

New  Jersey  &  New  York  R.  R.  Co.  Gen.  5s,  1933 No 

New  Jersey  &  New  York  R.  R.  Co.  2nd  5s,  1985. No 

New  Jersey  &  Pennsylvania  Traction  Co.  1st  4s,  1932 Yes 

New  Jersey  Steamboat  Co.  5s   No 

New  Jersey  Steel  Co.  1st  6s,  1925  Yes 

New  Jersey  Zinc  Co.  1st  4s,  1926  Yes 

New  Kensington  Bridge  Co.  5s,  1929 No 

New  Livingston  Coal  Co.  1st  6s,  1937 No 

New  London  &  East  Lyme  Street  Ry.  1st  5s,  1935 Yes 

New  London  Gas  &  Electric  Co.  1st  5s,  1927 No 

New  London  Gas  &  Electric  Co.  2nd  5s,  1929 No 

New  London  Gas  &  Electric  Co.  1st  Cons.  &  Ref.  5s,  1933 Yes 

New  London  Marine  Iron  Works  Co.  1st  6s,  1936 Yes 

New  London  Northern  R.  R.  Co.  1st  4s,  1940 Yes 

New  London  Steamboat  Co.  1st  6s,  1916 No 

New  London  Street  Ry.  1st  5s,  1923 No 

New  Long  Distance  Telephone  Co.   1st  5s,  1923 No 

New  Mexico-Colrado  Coal  &  Mining  Co.  1st  Coll.  Tr.  5s . .  .• Yes 

New  Mexico  Railway  &  Coal  Co.  1st  &  Coll.  Tr.  5s,  1947 Yes 

New  Mexico  Railway  &  Coal  Co.  1st  &  Cons.  &  Coll.  Tr.  5s,  1951  Yes 

New  Midland  Power  &  Traction  Co.  1st  6s Nc 

New  Milford  Electric  Light  Co.  1st  5s,  1930 No 

New  Milford  Power   Co.   1st   5s,    1932 Yes 

New  Monarch  Mining  Co.  1st  6s No 

New  Netherland  Theatre  Co.  Gen.  6s Yes 

New  Niquero  Sugar  Co.  1st,  1933 Yes 

New  Orleans  &  Carrollton  R.  R.  Co.  Cons.  5s,  1933 No 

New  Orleans  City  &  Lake  R.  R.  Co.  1st  5s,  1943 Yes 

New  Orleans  City  Ry.  Gen.  4-5s,  1943 Yes 

New  Orleans  Cold  Storage  &  Warehouse  Co.  1st  6s,  1922  &  1924 . .  No 

New  Orleans  Delta  Drainage  Co.  1st  6s Yes 

New  Orleans  Great  Northern  R.  R.  Co.  Equip.  5s,  1917-1918 Yes 

New  Orleans  Great  Northern  R.  R.  1st  5s,  1955 ■ Yes 

New  Orleans,  Mobile  &  Chicago  Ry.  Co.  Equip.  5%  Notes Yes 

New  Orleans,  Mobile  &  Chicago  R.  R.  Co.  1st  &  Ref.  5s,  1960...  Yes 

New  Orleans  &  Northeastern  R.  R.  Co.  Prior  Lien  6s,  1915 Yes 

New  Orleans  &  Northeastern  R.  R.  Co.  Gen.  41/2S,  1952 Yes 

New  Orleans  &  Northeastern  R.  R.   Co.  Inc.  4%s,   1952 Yes 

New  Orleans  Power  House  Co.,  Ltd.,  1st  Power  House  5s,  1943..  Yes 

New  Orleans  Ry.  &  Light  Co.  Deb.  6s,  1916 Yes 

New  Orleans  Ry.  &  Light  Co.  Gen.  4%s,  1935 Yes 

New  Orleans  Ry.  &  Light  Co.  Ref.  &  Gen.  5s,  1949 Yes 

New  Orleans  Stock  Exchange  1st  5s,  1924 Yes 

New  Orleans  Terminal  Co.  1st  4s,  1953 Yes 

New  Orleans,  Texas  &  Mexico  R.  R.  Co.  "B"  5s,  1923 Yes 

105 


NEW-NEW 

New  Orleans,  Texas  &  Mexico  R.  R.  Co.  Pullman  Equip.  5s. Yes 

New  Orleans  Traction  Co.,  Ltd.,  1st  6s,  1917 Yes 

New  Riding  Club  2nd  5s,  1934 Yes 

New  River  Company  1st  &  Coll.  Tr.   5s,   1934 Yes 

New  River  Lumber   Co.   Bonds Yes 

New  River  &  Pocahontas  Cons.  Coal  Co.  Car  Tr.  5s,  1911-20 Yes 

New  Scollay   Building   Trust   1st  4y2s No 

New  State  Telephone  Co.  1st  6s No 

New  Telephone  Co.  of  Indianapolis  1st  5s,  1918 Yes 

New  Telephone  Co.  of  Indianapolis  1st  Cons.  5s.  1920 Yes 

New  Trinidad  Lake  Asphalt  Co.,  Ltd.,  1st  Deb.  6s,  1930 No 

New  Union  Telephone  Co.  of  Glens  Falls  1st  5s,  1926. Yes 

"New  Way"  Motor  Co.    (Lansing,  Mich.)    1st  6s Yes 

New  Werner  Co.  1st  6s,   1925 No 

New  Williamsburg  &  Flatbush   1st  4y2s,  1941 No 

New  York  Air  Brake  Co.  1st  Conv.  6s,  1928 Yes 

New  York  Arch.  Terra  Cotta  Co.  6%  Notes,  1915 Yes 

New  York  Arch.  Terra  Cotta  Co.  1st  6s,  1935 Yes 

New  York  Arch.  Terra  Cotta  Co.  3rd  Ser.  6%  Notes No 

New  York  Bay  Extension  R.  R.  Co.  1st  5s,  1943 No 

New  York  Bay  R.  R.  1st  4s,  1948 Yes 

New  York  Belting  &  PackiDg  Co.  5%  Deb.,  1917. Yes 

New  York,  Brook.  &  Manhattan  Beach  Ry.  1st  Cons.  5s,  1935 Yes 

New  York  Business  Buildings  Corporation  6s Yes 

New  York  Butchers  Dressed  Meat  Co.  1st  6s,  1915 Yes 

New  York  Central  &  H.  R.  R.  R.  Co.  Equip.  Tr.  41/2s,  1914-28 Yes 

New  York  Central  &  Hudson  River  R.  R.  Co.  4y2s,  1915 No 

New  York  Central  &  H.  R.  R.  R.  Co.  Deb.  4s,  1934 Yes 

New  York  Central  &  H.  R.  R.  R.  Co.  Deb.  4s,  1942 Yes 

New  York  Central  &  H.  R.  R.  R.  Co.  1st  3y2s,  1997 Yes 

New  York  Central  &  H.  R.  R.  R.  Co.  Ref.  &  Imp.  4V2s,  Ser.  "A".  No 
New  York  Central  &  H.  R.  R.  R.  Co.— Boston  &  Albany  4V2s,  1927  No 
New  York  Central  &  H.  R.  R.  R.  Co.— Lake  Shore  Coll.  Tr.  31>^s, 

1998..  Yes 
New  York  Central  &  H.  R.  R.  R.  Co.— Michigan  Central  Coll.  Tr. 

3V2s,  1998..  Ye? 
New  York  Central  &  H.  R.  R.  R.  Co.— Spuyten  Duyvil  &  Pt.  Mor- 
ris R.  R.  1st  3V2s,  1959..  Yes 

New  York  Central  Lines,  Equip.  Tr.  5s,  1922 No 

New  York  Central  Lines,  Equip.  Tr.  4y>s,  1925 No 

New  York  Central  Lines  Equip.  Tr.  4y2s,  1927 No 

New  York,  Chicago  &  St.  Louis  R.  R.  Co.  Deb.  4s,  1931 Yes 

New  York,  Chicago  &  St'.  Louis  R.  R.  Co.  1st  4s,  1937 Yes 

New  York  Coal  Co..  1st  6s,  1917 Yes 

New  York  Coal  Co.  Gen.  5s,  1952 Yes 

New  York  Connecting  R.  R.  1st  4y2s,  1953 No 

New  York  &  Cuba  Mail  Steamship  Co.  1st  5s,  1932 Yes 

New  York  Dock   Co.  1st   4s,   1951 Yes 

New  York  &  East  River  Gas  Co.  1st  5s,  1944 No 

New  York  &  East  River  Gas  Co.  1st  Cons.  5s,  1945 No 

New  York  Edison  Co.  1st  Conv.  5s Yes 

New  York  Elevated  R.  R.  Co.  Deb.  5s,  1916 No 

New  York  &  Erie  R.  R.  Co.  1st  Ext.  4s,  1947 Yes 

New  York  &  Erie  R.  R.  Co.  2nd  5s,  1919 No 

New  York  &  Erie  R.  R.  Co.  3rd  Ext.  4y2s,  1923 No 

New  York  &  Erie  R.  R.  Co.  4th  Ext.  5s,  1920 No 

New  York  &  Erie  R.  R.  Co.  5th  Ext.  4s,  1928 i No 

New  York  Fire  Protecting  Co.  1st  4s,  1954 Yes 

New  York  &  Flushing  R.  R.  Co.  1st  6s,  1920 No 

New  York  Gas,  Elec.  Light,  Heat  &  Power  Co.  Coll.  5s Yes 

106 


NEW-NEW 

New  York  Gas,  Elec.  Light,  Heat  &  Power  Co.  1st  5s,  1948 Yes 

New  York  Gas,  Elec.  Light,  Heat  &  Power  Co.  P.  M.  4s,  1949 Yes 

New  York  Glucose  Co.  1st  6s,  1926 No 

New  York  &  Greenwood  Lake  Ry.  Co.  Prior  Lien  5s,  1946 Yes 

New  York  &  Harlem  R.  R.  Co.  Ref.  (now  1st)  3%s,  2000 Yes 

New  York  &  Hoboken  Ferry  Co.  Gen.  5s,  1946 No 

New  York  Interurban  Water  Co.   1st  5s,   1931 Yes 

New  York  &  Jersey  R.  R.  Co.  1st  5s,  1932 Yes 

New  York  Knife  Co.  1st  6s,  1930 Yes 

New  York,  Lackawanna  &  Western  Ry.  Co.  1st  6s,  1921 Yes 

New  York,  Lackawanna  &  Western  Ry.  Co.  Constr.  5s,  1923 Yes 

New  York,  Lackawanna  &  Western  Ry.  Co.  Term.  &  Imp.  4s,  1923  Yes 
New  York,  Lake  Erie  &  Western  Coal  &  R.  R.  Co.  1st  6s,  1922. . .  No 
New  York,  Lake  Erie  &  Western  Docks  &  Imp.  Co.   1st  Ext.  5s, 

1943..   Yes 
New  York,  Lake  Erie  &  Western  Railroad  Co.  1st  Cons.  7s,  1920.  No 
New  York  &  Long  Branch  R.  R.  Co.  Gen.  (now  1st)  5s  &  4s,  1941  Yes 

New  York  &  Long  Island  Traction  Co.  1st  i%8,  1942 No 

New  York  Municipal  Ry.  Co.  1st  5s,  1966 Yes 

New  York  &  New  England  Cement  &  Lime  Co.  1st  6s Yes 

New  York,  New  Haven  &  Hartford  R.  R.  Co.  1-yr.  5%  Notes,  1913  No 
New  York,  New  Haven  &  Hartford  R.  R.  Co.  Deb.  10-yr.  4s,  1914  Yes 
New  York,  New  Haven  &  Hartford  R.  R.  Co.  1-yr.  5%  Notes,  1915  No 
New  York.  New  Haven  &  Hartford  R.  R.  Co.  European  Loan,  1922.  Yes 

New  York,  New  Haven  &  Hartford  R.  R.  Co.  Deb.  4s,  1947 No 

New  York,  New  Haven  &  Hartford  R.  R.  Co.  Deb.  3%s,  1947 No 

New  York,  New  Haven  &  Hartford  R.  R.  Co.  Conv.  Deb.  6s,  1948. .  No 

New  York,  New  Haven  &  Hartford  R.  R.  Co.  Deb.  3y2s,  1954 Yes 

New  York,  New  Haven  &  Hartford  R.  R.  Co.  Deb.  4s,  1955 No 

New  York,  New  Haven  &  Hartford  R.  R.  Co.  Deb.  3^s,  1956 Yes 

New  York,  New  Haven  &  Hartford  R.  R.  Co.  Deb.  4s,  1956 No 

New  York,  New  Haven  &  Hartford  R.  R.  Co.— Harlem  &  Pt.  Chester 

4s,  1954..  Yes 

New  York  &  New  Jersey  Ferry  Co.  2nd  5s,  1946 No 

New  York  &  New  Jersey  Telephone  Co.  Gen.  1st  5s,  1920 No 

New  York  &  New  Jersey  Water  Co.  1st  5s,  1920 Yes 

New  York  &  New  Jersey  Water  Co.  1st  Cons.  4s Yes 

New  York  News  Bureau  Assoiation  Ref.  Coll.  6s,  1941 Yes 

New  York  &  North  Shore  Traction  Co.  1st  5s,  1947 Yes 

New  York  &  Northern  Ry.  Co.  1st  5s,  1927 No 

New  York,  Ontario  &  Western  Ry.  Co.  4%s  Equip.  "A"  &  "B,"  1920 

&  1916..  No 

New  York,  Ontario  &  Western  Ry.  Co.  Equip.  4^s,  Ser.  "C" No 

New  York,  Ontario  &  Western  Ry.  Co.  1st  Lien  5%  Notes,  1915 Yes 

New  York,  Ontario  &  Western  Ry.  Co.  Gen.  4s,  1955 Yes 

New  York,  Ontario  &  Western  Ry.  Co.  Ref.  4s,  1992 Yes 

New  York,  Penna.  &  Ohio  R.  R.  Co.  Reorg.  Prior  Lien  4^s,  1935..  No 
New  York  &  Pennsylvania  Telephone  &  Telegraph  Co.  1st  5s,  1926.  No 
New  York  &  Pennsylvania  Telephone  &  Telegraph  Co.  Gen.  4s,  1929  No 

New  York,  Philadelphia  &  Norfolk  R.  R.  Co.  1st  4s,  1939 Yes 

New  York,  Philadelphia  &  Norfolk  R.  R.  Co.  Inc.  4s,  1939 Yes 

New  York,  Philadelphia  &  Norfolk  R.  R.  Co.  Stock  Tr.  4s,  1948 Yes 

New  York  &  Porto  Rico  Steamship  Co.  of  Maine  1st  5s,  1932 Yes 

New  York  &  Porto  Rico  Steamship  Co.  of  Maine  Coll.  Tr.  5s Yes 

New  York  Press  Club  2nd  5s  Yes 

New  York,  Providence  &  Boston  R.  R.  Gen.  4s,  1942 No 

New  York  &  Putnam  R.  R.  Co.  1st  Cons.  4s,  1993 Yes 

New  York  &  Queens  Co.  Ry.  1st  6s,  1922  (Steinway  Ry No 

New  York  &  Queens  Co.  Ry.  1st  Cons.  4s,  1946 Yes 

New  York  &  Queens  Elec.  Light  &  Power  Co.  1st  Cons.  5s,  1930.    5Tes 

107 


NEW-NIA 

New  York  &  Queens  Gas  Co.  1st  &  Gen.  5s,  1934 Yes 

New  York  R.  R.  &  Steamboat  Terminal  Co.  1st  6s,  1928 Yes 

New  York  Railways  Co.  1st  Real  Est.  &  Ref .  4s,  1942 Yes 

New  York  Railways  Co.  Adj.  5s,  1942 Yes 

New  York  &  Richmond  Gas  Co.  1st  5s,  1921 Yes 

New  York  &  Rockaway  Beach  Ry.  Co.  1st  5s,  1927 Yes 

New  York  &  Rockaway  Beach  Ry.  Co.  2nd  5s,  1927 No 

New  York  Short  Line  R.  R.  Co.  1st,  1957 Yes 

New  York  &  Stamford  Ry.  Co.  1st  5s,  1931 No 

New  York  &  Stamford  Ry.  Co.  1st  &  Ref.  4s,  1958 Yes 

New  York  State  Rys.  1st  Cons.  41/2s,  Ser.  "A,"  1962 Yea 

New  York  Steam  Co.  1st  Ref.,  1914-1940 \es 

New  York  Suburban  Gas  Co.  1st  5s,  1949 Yes 

New  York,  Susq.  &  Western  R.  R.  4%%  Equip.  Tr.  "A,"  1921 Yes 

New  York,  Susquehanna  &  Western  R.  R.  Co.  1st  Ref.  5s,  1937 ...  No 

New  York,  Susquehanna  &  Western  R.  R.  Co.  2nd  4V2s,  1937 No 

New  York,  Susquehanna  &  Western  R.  R.  Co.  Gen.  5s,  1940 No 

New  York,  Susquehanna  &  Western  R.  R.  Co.  Term.  5s,  1943 Yes 

New  York  Telephone  Co.  1st  &  Gen.  41/£s,  1939 Yes 

New  York  Times  Co.  Gen.  6s,  1930 Yes 

New  York,  Westchester  &  Boston  Ry.  Co.  1st  4^8,  Ser.  1,  1946..  Yes 

New  York  &  Westchester  Lighting  Co.  Deb.  5s,  1954 Yes 

New  York  &  Westchester  Lighting  Co.  Gen.  Bonds,  2004 Yes 

Newark  Consolidated  Gas  Co.  Cons.  5s,  1948 No 

Newark  Gas  Co.  1st  6s,  1944 Yes 

Newark  &  Marion  Ry.  1st  5s,  1945 Yea 

Newark  Passenger  Ry.  1st  Cons.  5s,  1930 Yes 

Newark  Plaster  Co.  1st  6s,  1921 Yes 

Newbern  Gas  Co.  of  N.  C.  5s Yes 

Newburgh  Electric  Ry.  1st  5s,  1944  Yes 

Newburgh  Light,  Heat  &  Power  Co.  Deb.  8s,  1918 No 

Newburgh  Light,  Heat  &  Power  Co.  1st  5s,  1921 Yes 

Newburgh  &  Orange  Lake  R.  R.  1st  5s,  1944 Yes 

Newman  Realty  Co.  (Joplin,  Mo.)  1st  5y2s Yes 

Newport  &  Cincinnati  Bridge  Co.  Gen.  41/2s,  1945. Yes 

Newport  &  Dayton  Str.  Ry.  1st  6s,  1917 No 

Newport  &  Fall  River  Street  Ry.  1st  5s,  1918 Yes 

Newport  &  Fall  River  Street  Ry.  Plain  4&S,  1954 Yes 

Newport  &  Fall  River  St.  Ry.  Cons.  4%s,  1954 Yes 

Newport  Illuminating  Co.  2nd  6s,  1925 Yes 

Newport  Mining  Co.  6%  Ser.  Notes No 

Newport  &  New  England  Cement  &  Lime  Co.  1st  6s Yes 

Newport  News  &  Hampton  Ry.,  Gas  &  Electric  Co.  1st  &  Ref No 

Newport  News  Light  &  Water  Co.  1st  5s,  1942. No 

Newport  News  &  Old  Point  Ry.  Co.  1st  5s,  1938 Yes 

Newport  News  &  Old  Point  Ry.  &  Elec.  Co.  1st  5s,  1938 Yes 

Newport  News  &  Old  Point  Ry.  &  Electric  Co.  Gen.  5s,  1941 Yes 

Newport  News  Shipbuilding  &  Dry  Dock  Co.  Gen.  5s,  1903-1953 . .  No 

Newport  News  Shipbuilding  &  Dry  Dock  Co.  1st  5s,  1990 No 

Newport  &  Providence  Ry.  Co.  1st  5s,  1932 Yes 

Newport  &  Richford  R.  R.  Co.  1st  5s,  1941 No 

Newport  &  Sherman's  Valley  R.  R.  1st  5s Yes 

Newport  &  Sherman's  Valley  R.  R.  2nd  4s,  1921 Yes 

Newport  &  Sherman's  Valley  R.  R.  Ref.  5s,  1938 Yes 

News  Publishing  Co.  1st  5s Yes 

Newtown  Ry.  Co.  1st  5s,  1924 No 

Nezperce  &  Idaho  R.  R.  Co.  1st  6s ". Yes 

Niagara  County  Home  Telegraph  Co.  1st  5s,  1923 No 

Niagara  &  Erie  Power  Co.  1st  5s,  1941 Yes 

Niagara  Falls  &  Clifton  Susp.  Bridge  Co.  5s Yes 

108 


NIA-NOR 

Niagara  Falls  Gas  &  Electric  Co.  1st  5s Yes 

Niagara  Falls  Hydraulic  Power  &  Mfg.  Co.  P.  M.  4s,  1920 Yes 

Niagara  Falls  Power  Co.  1st  5s,  1932 5Tes 

Niagara  Falls  Power  Co.  Ref .  &  Gen.  6s,  1932 Yes 

Niagara  Falls  Water  Works  Co.  1st  5s,  1926 Yes 

Niagara  Gorge  R.  R.  Co.  1st  5s,  1927 Yes 

Niagara  Junction  Ry.   1st  5s,   1922 Yes 

Niagara  Light,  Heat  &  Power  Co.  1st  5s,  1922 No 

Niagara  Light,  Heat  &  Power  Co.  Cons.  &  Ref.  5s,  1925 Ye 

Niagara,  Lockport  &  Ontario  Power  Co.  6%  Sec.  Notes,  1914 Yes 

Niagara,  Lockport  &  Ontario  Power  Co.  1st  5s,  1954 Yes 

Niagara  Paper  Mills  1st  6s,  1919 Yes? 

Niagara  Power  Land  Co.  6s,  1913 Yep 

Niagara  Transit  Co.  1st  5s Yes 

Nichols  Copper  Co.  Deb.  6s,  1932 Yes 

Nieman  Table  Co.  Building  6s No 

Niles  Gas  Light  Co.  1st  5s,  1936 Ye* 

Nipe  Bay  Company  1st  6%  Notes,  1914 Yeb 

Nipe  Bay  Co.  Deb.  6s,  1917 Yes 

Nodaway  Valley  R.  R.  Co.  1st  7s,  1920 Yes 

Noiseless  Typewriter  Co.  1st  6s Yes 

Norfolk  &  Atlantic  Terminal  Co.  1st  5s,   1929 Yes 

Norfolk  &  Carolina  R.  R.  Co.  1st  5s,  1939 No 

Norfolk  &  Carolina  R.  R.  Co.  2nd  5s,  1946 No 

Norfolk  Central  Street  Ry.  1st  5s,  1918 No 

Norfolk  County  Water  Co.  1st  5s,  1929 Yes 

Norfolk  County  Water  Co.  Gen.  5s,   1941 Yes 

Norfolk  &  New  Brunswick  Hosiery  Co.  Bonds No 

Norfolk  Oil  Co.   1st  5%fl No 

Norfolk  &  Portsmouth  Belt  Line  R.  R.  Co.  1st  5s,  1938 Yes 

Norfolk  &  Portsmouth  Traction  Co.  1st  5s,  1936 Yes 

Norfolk  Ry.  &  Light  Co.  1st  Cons.  5s,  1949 Yes 

Norfolk     &  Southern  R.  R.  Ser.  "A"  Equip.  Tr.  Cert No 

Norfolk  &  Southern  R.  R.  Co.  1st  5s,  1941 Yes 

Norfolk  &  Southern  R.  R.  Co.  1st  Gen.  5s,  1954 Ye^ 

Norfolk  &  Southern  R.  R.  Co.  1st  &  Ref.  5s,  1961 Yes 

Norfolk  Street  Railway  Co.  1st  Cons.  5s,  1944 Yes 

Norfolk  Suburban  Street  Ry.  Co.  1st  5s,  1914 No 

Norfolk  Terminal  Ry.  Co.  1st  4s,  1961 Yes 

Norfolk  Terminal  &  Transportation  Co.  1st  5s,  1948 Yes 

Norfolk  Warehouse  Association   1st   5s Yes 

Norfolk  Warehouse  Corporation  Cons.  5s Yes 

Norfolk  &  Washington  Steamboat  Co.  Ser.  4s No 

Norfolk  &  Washington  Steamboat  Co.  1st  5s,  1931 No 

Norfolk  &  West.  Ry.  Co.  Equ.  Tr.  Cert.   Ser.  C,  D,  E,  F,  G,  H,  J 

&  K  4s,  1915-16..  Yes 
Norfolk  &  West.  Ry.  Co.  Eq.  Tr.  Cert.  Ser.  L,  M,  N  &  O  4s,  1916-17  Yes 

Norfolk  &  Western  R.  R.  Co.  Gen.  6s,  1931 Yes 

Norfolk  &  Western  Ry.  Co.  Conv.  Deb.  4s,  1932 Yes 

Norfolk  &  Western  Ry.  Co.  Conv.  4s,  1932 Yes 

Norfolk  &  Western  R.  R.  Co.  Imp.  &  Ext.  6s,  1934. Yes 

Norfolk  &  Western  Ry.  Co.  Conv.  4^s,  1938 Yes 

Norfolk  &  Western  Ry.  Co.  Div.  1st  Lien  &  Gen.  4s,  1944 Yes 

Norfolk  &  Western  Ry.  Co.  1st  Cons.  4s,  1996 Ye3 

Norfolk  &  Western  R.  R.  Co.,  New  River  Div.,  1st  6s,  1932 Yes 

Norfolk  &  West.  Ry.  &  Pocahontas  C.  &  C.  Co.  Equip.  4s,  1914..  No 
Norfolk  &  West.  Ry.  Co.— Pocahontas  Coal  &  Coke  Co.  P.  M.  Jt. 

4s,  1941..  Ye-' 

Norman  Interurban  Ry.  Co.  1st  5s,  1933 Yes 

Normandie  Park  Co.  1st  6s,  1916 Yes 

109 


NOR-NOR 

Norristown  &  Main  Line  Connecting  R.  R.  Co.  1st  4s,  1952 Yes 

Norristown  Passenger  Ry.  1st  6s,  1923 Yes 

Norristown  Transit  Co.   1st  5s Yes 

North  American  Oil   Cons.   1st  6s les 

North  American   Steamship   Co.   Bonds Yes 

North  Carolina  Electric  &  Power  Co.  5s,  1940 Yes 

North  Carolina  Public  Service  Co.  1st  &  Ref.  5s,  1934 Yes 

North  Coast  Water   Co.   Bonds No 

North  Channel   Club   Bonds Yes 

North  Fork  Coal  Co.  1st  P.  M.  S.  F Yes 

North  Hudson  County  Ry.  Co. — Weehawken  Ext.  5s,   1915 Yes 

North  Hudson  County  Ry.  Co.  Imp.  5s,  1924 Yes 

North  Hudson  County  Ry.   Co.  Cons.  5s,   1928 No 

North  Hudson  Light,  Heat  &  Power  Co.  5s,  1938 Yes 

North  Jersey  &  Pocono  Mountain  Ice  Co.  1st  5s,  1919 Yes 

North  Jersey  Rapid  Transit  Co.  1st  5s,  1960 Yes 

North  Jersey  Street  Ry.   Co.   1st  4s,   1948 Yes 

North  Michigan  Water  Co.  1st  6s,  1933 Yes 

North  Packing  &  Provision  Co.  1st  5s,  1915 Yes 

North  Pennsylvania  R.  R.  Co.  Funding  Loan  4s,  1928 Yes 

North  Pennsylvania  R.  R.  Co.  1st  4s,  1936 Yes 

North  Pennsylvania  R.  R.  Co.  Gen.  3.3s,  1953.... Yes 

North  Poudre  Irrigation  Co.  1st  6s,  1919 No 

North  Poudre  Irrigation  Co.  2nd  6s,  1924 No 

North  River  Ry.  1st  5s,  1952 Yes 

North  Sacramento  Land  Co.  1st  6s,  1917 Yes 

North  Shore  Electric  Co.  1st  5s,  1922 Yes 

North  Shore  Electric  Co.  1st  &  Ref.  5s,  1940 Yes 

North  Shore  Gas  Co.  1st  5s,  1937 Yes 

North  Shore  &  Western  Ry.  Co.  (Chicago)  1st  5s,  1927 Yes 

North  Springfield  Water  Co.  1st  5s,  1928 Yes 

North  Ward  Realty  Co.  5s,  1915-18 Yes 

Northwestern  Telephone  Co.  1st  5s Yes 

North  Western  Union  Ry.  1st  7s,  1917 No 

North  Wisconsin  Ry.  Co.  1st  6s,  1930 No 

Northampton,  Easton  &  Washington  Traction  Co.  5s,  1950 Yes 

Northampton,  Easton  &  Washington  Traction  Co.  Ref.  &  Cons.  5s.  Yes 

Northampton  Electric  Lighting  Co.  1st  5s,  1927 Yes 

Northampton  Traction  Co.  1st  5s,  1933 i  es 

Northampton  Traction  Co.  Ref.  &  Cons.  5s Yes 

Northeast  Harbor  Water  Co.  1st  5s,  1935 Yes 

Northeast  Pennsylvania  R.  R.  Co.  1st  5s,  1920 Yes 

Northeastern  R.  R.  Co.  Cons.  6s,  1933 Yes 

Northern  Alabama  Gas  Co.  1st  5s,  1924 Yes 

Northern  Alabama  Ry.  1st  5s,   1928 No 

Northern  Cal.  Power  Co.  Consol.  Ser.  "A"  Deb.  6s,  1915 Yes 

Northern  California  Power  Co.  5-yr.  6%  Notes,  Ser.  "B,"  1917...   Yes 

Northern  California  Power  Co.  Consolidated  1st  5s,  1932 Yes 

Northern  California  Power  Co.  Consolidated  Ref.  &  Cons.  5s,  1948  Yes 

Northern  California  Ry.  Co.  1st  5s,  1929 No 

Northern  Central  Gas  Co.  1st  &  Ref.  5s,  1962 Yes 

Northern  Central  Ry.  Co.  Cons.  Gen.  4V2s,  "E,"  1925 Ye3 

Northern  Central  Ry.  Co.  2nd  5s,  "A"  &  "B,"  1926 Yes 

Northern  Coal  &  Dock  Co.  1st  &  Ref.  6s,  1927 Yes 

Northern  Coal  &  Dock  Co.  P.  M.  Bonds Yes 

Northern  Coal  &  Dock   Co.   1st   5s Yes 

Northern  Colorado  Coal  Co.  1st  6s,  1933 ." Yeo 

Northern  Colorado  Power  Co.  2nd  yr.  Coll.  6%  Notes Yes 

Northern  Colorado  Power  Co.   1st  5s,   1928 Yes 

Northern  Connecticut  Light  &  Power  Co.  1st  5s,  1946 Yes 

110 


NOR-NOR 

Northern  Electric  Co.  1st  5s,   1955 Yes 

Northern  Electric  Ry.   Co.   Notes Yes 

Northern  Electric  Ry.  Co. — Marys.  &  Colusa  Branch  1st  5s,  1941..  Yes 

Northern  Electric  Ry.  1st  Cons.  5s,   1947 Yes 

Northern  Electric  Street  Ry.  Co.  1st  5s,  1957 No 

Northern  Engineering  Works  Bonds Yes 

Northern  Heating  &  Electric  Co.  1st  5s,  1920 Yes 

Northern  Idaho  &  Montana  Power  Co.  1st  6s,  1949 Yes 

Northern  Illinois  Light  &  Traction  Co.  1st  5s,  1923 Yes 

Northern  Indiana  Gas  &  Electric  Co.  1st  Ref.  5s,  1929 Yes 

Northern  Indiana  Railway  Co.  1st  Cons.  5s,  1936 Yes 

Northern  Lakes  Steamship  Co.  1st  5s,  1921 Yes 

Northern  Maine  Seaport  R.  R.  &  Terminals  1st  5s,  1935 Yes 

Northern  Massachusetts  Street  Ry.  1st  &  Ref.  5s,  1943 Yes 

Northern  Mississippi  River  Power  Co.  1st  5s,  1938 No 

Northern  National  Bank  Equip.  5s,  1917 Yes 

Northern  New  York  Utilities,  Inc.,  Bonds Yes 

Northern  Ohio  Ry.  Co.  1st  5s,  1945 Yes 

Northern  Ohio  Traction  Co.  1st  Cons.  5s,  1919 ¥es 

Northern  Ohio  Traction  &  Light  Co.  Coll.  Tr.  6s,  1911-1918 Yes 

Northern  Ohio  Traction  &  Light  Co.  1st  Cons.  4s-5s,  1933 Yes 

Northern  Pacific  Ry.  Co.  Prior  Lien  4s,  1997 Yes 

Northern  Pacific  Ry.  Co.  Gen.  Lien  3s,  2047 Yes 

Northern  Pacific— Gt.  Northern,  Joint  C,  B.  &  Q.  Coll.  4s,  1921...  Yes 

Northern  Pacific  Ry.  Co.,  St.  Paul-Duluth  Div.,  4s,  1996 Yes 

Northern  Pacific  Terminal  Co.  1st  6s,  1933 Yes 

Northern  Public  Service  Co.  1st  &  Ref.  6s,  1932 Yes 

Northern  Pyrites   Co.      Bonds Yes 

Northern  R.  R.  of  New  Jersey  1st  6s,  1917 No 

Northern  R.  R.  of  New  Jersey  Gen.  4^s,  2000. Yes 

Northern  Railway  Co.  1st  5s,  1938 No 

Northern  Ry.  of  Costa  Rica  1st  5s,  1915 Yes 

Northern  States  Power  Co.  Coll.  6%  Notes,  1917 No 

Northern  Texas  Electric  Co.  Ft.  Worth  So.  Tract.  5%  Notes,  1914.  Yes 

Northern  Texas  Electric  Co.  Coll.  5s,  1940 Yes 

Northern  Texas  Traction  Co.  1st  5s,  1933 Yes 

Northern  Union  Gas  Co.  1st  5s,  1927 Yes 

Northern  Westchester  Lighting  Co.  1st  Cons.  5s,  1958 Yes 

Northumberland  County  Gas  &  Electric  Co.  1st  5s,  1946 Yes 

Northwest  Light  &  Power  Co.  1st  6s,  1933 Yes 

Northwestern  Coal  Ry.  1st  5s,  1923 No 

Northwestern  Consolidated  Milling  Co.  Bonds Yes 

Northwestern  Debenture  Bond  Co.   5s Yes 

Northwestern  Elevated  R.  R.  6%  Equip.  Notes Yes 

Northwestern  Elevated  R.  R.  1st  5s,  1941 Yes 

Northwestern  Gas  Light  &  Coke  Co.  5%  Notes,  1917 Yes 

Northwestern  Gas  Light  &  Coke  Co.  1st  6s,  1915 Yes 

Northwestern  Gas  Light  &  Coke  Co.  Cons.  5s,  1928 Yes 

Northwestern  Iron  Co.  1st  5s Yes 

Northwestern  Ohio  Ry.  &  Power  Co.  1st  5s,  1932 No 

Northwestern  Pacific  R.  R.  Co.  1st  &  Ref.  5^s,  1957 Yes 

Northwestern  Pennsylvania  Ry.  Coll.  Tr.  6s,  1918 Yes 

Northwestern  Pennsylvania  Ry. — Erie  Div.  1st  5s,  1947 Yes 

Northwestern  Pennsylvania  Ry.  Co. — Erie  Div.  2nd,  1947 Yes 

Northwestern  Pennsylvania  Ry.  Co. — So.  Div.  1st  5s,  1914 Yes 

Northwestern  R.  R.  of  S.  C.  Equip.  Tr.  5s,  1915-1919 No 

Northwestern  R.  R.  Co.  of  S.  C.  Gen.  1st  4s,  1949. Yes 

Northwestern  R.  R.  Co.  of  S.  C.  1st  Cons.  4s  &  5s,  1964 No 

Northwestern  Telegraph  Co.  1st  4M>s,  1934 Y/es 

Northwestern  Terminal  Ry.   1st  5s,   1926 Yes 

111 


NOR-OAK 

Norton  Co.  1st  5s,  1935 Yes 

Norton  Transit   Co.    Bonds Yes 

Norton  Water  Co.  1st  5s,  1932 Yes 

Norwalk  Gas  &  Electric  Co.  1st  6s,  1920 Yes 

Norwalk  Steel  Co.   1st  4y2s,   1929 Yes 

Norwich  Gas  &  Electric  Co.  1st  5s,  1931 Yes 

Norwich  Gas  &  Electric  Co.  Ref .   5s,  1949 Yes 

Norwich  Street  Ry.  1st  5s,  1923 No 

Norwich  &  Westerly  Traction  Co.  1st  5s,  1932 Ye  * 

Norwich  &  Worcester  R.  R.  Deb.   4s,   1927 No 

Norwood  &  Montreal  R.  R.  Co.  1st  5s,  1916 No 

Norwood  &  St.  Lawrence  R.  R.  Co.  1st  5s,  1932 Yes 

Number  1465  Broadway  Co.  1st  6s Yes 

Nyack  Gas  Light  &  Fuel  Co.  1st  5s,  1918 No 

Nye   Park   Company   6s No 


0 

[This   space  for  your   personal   memoranda] 


0 

Oahu  Ry.  &  Land  Co.  Cons.  5s,  1927 Yes 

Oahu  Sugar  Co.,  Ltd.,  5s,  1916-26 No 

Oak  Lane  Water  Co.  1st  6s,  1919 Yes 

Oak  Ridge  Oil  Co.  Bonds Yes 

Oakdale  Baking  Co.  1st  6s Yes 

Oakdale  &  McDonald  Street  Ry.  1st  5s,  1936. Yes 

Oakland   &  Antioch  Ry.   1st  5s,   1940 Yes 

Oakland,  Antioch  &  Eastern  Ry.  1st  5s,  1941 Yes 

Oakland  Gas  Light  &  Heat  Co.  5s,  1916 No 

Oakland  Hotel  Co.  1st  6s,  1940 Yes 

Oakland  Music  Hall  Co.  (Chic.)  1st  5s,  1930 ' No 

Oakland  Rys.  Col.  6%  Notes,  1914 Yes 

Oakland,  San  Leandro  &  Hayward  Elec.  Ry.  1st  6s,  1922 No 

Oakland  Traction  Co.  Equip.  6s,  1914-19 No 

112 


OAK-OHI 

Oakland  Traction  Consolidated  Gen.  Cons.  5s,  1933 No 

Oakland  Traction  Co.  Gen.  Cons.  5s,  1935 No 

Oakland  Transit  Co.  1st  Cons.  6s,  1918 No 

Oakland  Transit  1st  Cons.  5s,   1931 No 

Oakland  Transit  Consolidated  Cons.  1st  5s,  1932 No 

Oakland  Water  Co.  1st  5s,  1915 Yes 

Oakley  Foundry  &  Engineering  Co.  Bonds Yes 

Oakwood  Club  1st  Cons.  4s Yes 

Oberlin  Gas  &  Electric  Co.  1st  6s,  1925 No 

Oberlin  Gas  &  Elec.  Co.  1st  Cons.  6s,  1931 No 

Oberlin  Thelephone  Co.  1st  6s Yes 

Occidental  Realty  Co.  1st  4%8,  1926 No 

Ocean  Electric  Ry.  1st  5s,  1918 No 

Ocean  Freight  Line,  Ltd.,  1st  Marine  Equip.  5s,  1915-22 Yes 

Ocean  Freight  Line  Inc.  5s,  1923 Yes 

Ocean  Steamship  Co.  of  Savannah  1st  5s,  1920 No 

Oceanic  Steam  Navigation  Co.,  Ltd.,  Deb.  4%s,  1922 No 

Oceanic  Steamship    Co.    5s,   1924 Yes 

Oconee  River  Mills  1st  6s No 

Octave  Mines  Co.  1st  7s Yes 

Octavia  Apartment  Co.,  Ltd.  (New  Orl.),  1st  7s,  1927 Yes 

O'Day  Investment  Co.  1st  6s No 

O'Gara  Coal  Co.  1st  5s,  1955 Yes 

O'Neill  Implement  Co.  1st  Serial  6s No 

Odd  Fellows  Association  Inc.  Ref .  3s No 

Odd  Fellows  Temple  Association  Bonds Yes 

Oelwein  Gas  &  Power  Co.  1st  6s,  1930 No 

Oelwein  Light,  Heat  &  Power  Co.  1st  6s No 

Ogden  Gas  Co.  1st  5s,  1945 Yes 

Ogden  Portland  Cement  Co.   1st  7s Yes 

Ogden  Union  Railway  &  Depot  Co.  1st  5s,  1918 No 

Ogdensburg  &  Lake  Champlain  Ry.  1st  4s,  1948 Yes 

Ogdensburg  Terminal  Co.  1st  5s Yes 

Ogilvie  Flour  Mills  Co.,  Ltd.,  1st  Ser.  "C"  6s,  1932 No 

Ohio  Belt  Ry.  1st  5s,  1943 Yes 

Ohio  Central  Traction  Co.  1st  5s,  1919 No 

Ohio  Central  Traction  Co.  Cons.  5s,  1923 Yes 

Ohio  Connecting  Ry.  Co.  Bonds Yes 

Ohio  Connecting  Ry.  1st  4s,  1943 Yes 

Ohio  Electric  Ry.  Car  Tr.  Series  "A"  5s,  1911-20 Yes 

Ohio  Electric  Ry.  Car  Tr.    Series   "B,"   1912-21 Yes 

Ohio  Electric  Ry.  Car   Tr.    Series   "C,"   1912-22 Yes 

Ohio  Electric  Ry.  Equip.   Tr.   Series   "D" Yes 

Ohio  Electric  Ry.  1st   &  Ref.   5s,   1930 Yes 

Ohio  Electric  Ry.  Co.  2nd  &  Gen.  5s,  1942 Yes 

Ohio  Fuel  Oil  Co.  Bonds Yes 

Ohio  Fuel  Supply  Co.  Deb.  6s,  1927 Yes 

Ohio,  Indiana  &  Western  Ry.  1st  Pref .  5s,  1938 Yes 

Ohio  &  Kentucky  Ry.  Co.  1st  5s,  1926 } No 

Ohio  Light  &  Power  Co.  1st  5s,  1941 Yes 

Ohio  &  Little  Kanawha  R.  R.  1st  5s,  1950 No 

Ohio  Quarries  Co.  1st   6s \  es 

Ohio  River  Bridge  &  Ferry  Co.  1st  5s No 

Ohio  River  Electric  Ry.  &  Power  Co.  1st  5s,  1925 Yes 

Ohio  River  R.  R.  1st  5s,  1936 Yes 

Ohio  River  R.  R.   Gen.  5s,  1937 Yes 

Ohio  River  &  Western  Ry.  1st  4s No 

Ohio  Traction   Co.   5s,   1936 Yes 

Ohio  Valley  Electric  Ry.   Col.  5s,   1961 No 

Ohio  Valley  Water  Co.  1st  5s,  1954 Yes 

113 


OHI-ONT 

Ohio  Water  Co.  Col.  Tr.  4s,  1931 Yes 

Oil  City  Boiler  Works  1st  6s Yes 

Oil  Fields  of  Mexico  Co.  Conv.  Deb.  6s,  1922 Yes 

Oil  Well  Supply  Co.  1st  5s,  1925 , Yes 

Oklahoma  Central  Ry.  1st  5s,  1945 No 

Oklahoma  Electric  Terminal  Co.  1st  5M2S,  1915 Yes 

Oklahoma  Gas  &  Electric  Co.  Deb.  6s,  1922 No 

Oklahoma  Gas  &  Electric  Co.  1st  5s,  1929 Yes 

Oklahoma  Natural  Gas  Co.  1st  6s,  1917 Yes 

Oklahoma  Ry.  Co.  Col.  Tr.  6s,  1916 Yes 

Oklahoma  Ry.  1st  &  Ref.  5s,  1941 Yes 

Okolona  Industrial  School  6s,  1922 No 

Olcott  Falls  Co.  1st  5s,  1919 Yes 

Old  Club,   St.  Clair  Flats,  Mich.  Bonds Yes 

Old  Colony  Gas.  Co.  1st  5s,  1931 Yes 

Old  Colony  R.  R.   4s,   1924 No 

Old  Colony  R.  R.  30-yr.  4s,  1925 No 

Old  Colony  R.  R.   8£b,   1932 No 

Old  Colony  R.  R.  50-yr.  4s,  1938 No 

Old  Colony  Street  Ry.  Ref.  4s,  1954 No 

Old  Dominion  Iron  &  Nail  Works  1st  6s,  1919 Yes 

Old  Dominion  Iron  &  Nail  Works  Cons.  6s,  1932 Yes 

Old  Dominion  Steamship  Co.  Gen.  5s,  1927 Yes 

Old  Dominion  Terminal  Co.  1st  5s Yes 

Old  Mission  Portland  Cement  Co.  Bonds Yes 

Old  Point  Comfort  Imp.  Co.  Bonds No 

Olean  Electric  Light  &  Power  Co.  1st  5s,  1951 Yes 

Olean  Street  Ry.  1st  5s,  1929 Yes 

Olean  Street  Ry.  1st  Ext.  5s,  1931 Yes 

Olean  Street  Ry.  (Bolivar  Ext.)    1st  5s,  1931 Yes 

Oley  Valley  Ry.  Co.  30-yr.  4^s,  1931 Yes 

Olympia  Gas  Co.  1st  5s,  1945 Yes 

Olympia  Water  Works  Co.  1st  5s,  1926 Yes 

Olympic  Power  Co.  1st  Serial  6s Yes 

Omaha  Auditorium   Co.    1st   5%8 No 

Omaha  &  Council  Bluffs  Ry.  &  Bridge  1st  Cons.  5s,  1928 Yes 

Omaha  &  Council  Bluffs  Str.  Ry.  1st  Cons.  5s,  1928 Yes 

Omaha  Electric  Light  &  Power  Co.  1st  5s,  1933 Yes 

Omaha  Gas  Co.  1st  Cons.  5s,   1917 No 

Omaha  Gas  Manufacturing  Co.  1st  6s,  1914 Yes 

Omaha  Ice  &  Cold  Storage  Co.  1st  6s No 

Omaha  &  Lincoln  Ry.  &  Light  Co.  1st  5s,  1938 No 

Omnibus  Cable  Co.  1st  6s,  1018 No 

Onaway  Electric  Light  &  Power  Co.  Bonds Yes 

Oneida  Coal  Co.  1st  6s No 

Oneonta  Light  &  Power  Co.  1st  5s,  1922 Y  es 

Onondaga  Annex  Corp.  1st  6s,  1929 Yes 

Onset  Water  Co.  1st  6s,  1915 No 

Ontario  Apartment  House  1st  5s No 

Ontario  Building  Co.   2nd  6s Yes 

Ontario  Light  &  Traction  Co.  1st  3V2S,  1927 No 

Ontario  Motor  Co.   1st  6s Yes 

Ontario  &  Northern  Ry.  Co.  Col.  Tr.  Notes Yes 

Ontario  &  Northern  Ry.  Co.  Bonds Yes 

Ontario  Paper  Co.  Div.  6% Yes 

Ontario  Power  Co.  6%  Notes,  1915 Yes 

Ontario  Power  Co.  of  Niagara  Falls  Deb.  6s,  1921. . . ." Yes 

Ontario  Power  Co.  of  Niagara  Falls  1st  5s,  1943 Yes 

Ontario  &  Saw  Antonio  Heights  R.  R.  1st  6s,  1935 No 

Ontario  Street  Land  Co.  1st  6s Yes 

114 


ONT-OZA 

Ontrio  Transmission  Co.,  Ltd.,  1st  5s,  1945 Yes 

Opelousa,  Gulf  &  Northeastern  Ry.  1st  5s,  1956 Yes 

Orange  County  Lighting  Co.  5s,  1925 No 

Orange  County  Lighting  Co.  Cons.  6s,  1925 No 

Orange  County  Traction  Co.  1st  &  Ref.  5s,  1960 Yes 

Orange  Distilled  Water  Ice  Co.  1st  5s Yes 

Orange  &  Passaic  Valley  Ry.  1st  5s,  1938 Yea 

Oregon  &  California  R.  R.  1st  5s,  1927 •  •  No 

Orange  Electric  Ry.  1st  5s,  1933 Yes 

Oregon  Gas  &  Electric  Co.  1st  6s,  1935 No 

Oregon  Nursery   Co.   1st  7s,   1920 Yes 

Oregon  R.  R.  &  Navigation  Co.  Cons.  4s,  1946 Yefe 

Oregon  Short  Line  R.  R.  Ref.   Col.   4s,   1929 Yes 

Oregon     Short  Line  R.  R.  Cons.  1st  5s,   1946 Yes 

Oregon  Short  Line  R.  R.  Non-Cum-  Inc.   "A"   5s No 

Oregon  Short  Line  R.  R.  Non-Cum.   Inc.   "B"   4s No 

Oregon  Short  Line  R.  R.  1st  &  Cons.  4s,  1960 Yes 

Oregon  Short  Line  Ry.  1st  6s,  1922 No 

Oregon- Washington  R.  R.  &  Navigation  1st  &  Ref.  4s,  1961 Yes 

Oregon-Washington  Timber  Co.    i~,t   Serial   6s ?%» 

Oregon- Washington  Timber  Co.  2nd  Serial  6s Yes 

Orient  Coke  Co.  1st  5s,  1924 Ys3 

Orleans  County  Quarry  Co.  1st  6s,  1926 Yea 

Oro  Eletric  Corp.  1st  6s,  1951 Yes 

Oro  Loma  Farms   Co.   Bonds Yes 

Oro  Water,  Light  &  Power  Co.  1st  6s,  1925 Yes 

Orono  Pulp  &  Paper  Co.  1st  5s Yes 

Orono  Water  Co.  1st  4%s,  1925 No 

Oroville  Orange  &  Olive  Groves  1st  6%  Notes No 

Orpheum-Theater  &  Realty  Co.  1st  6s,  1938 No 

Oshkosh  Gas  Light  Co.  5s,  1932 Yes 

Oshkosh  Water  Works  Co.  1st  5s,  1922 No 

Oskaloosa  Traction  &  Light  Co.  1st  5s,  1923 No 

Oswego  R.  R.  Bridge  Co.  1st  6s,  1915 No 

Oswego  &  Rome  R.  R.  1st  7s,  1915 No 

Oswego  &  Rome  R.  R.  2nd  5s,  1915 No 

Oswego  &  Syracuse  R.  R.  Const.  5s,  1923 Yes 

Otho  Development  &  Power  Co.  6s,  1919 Yes 

Otis  Elevator  Co.  Deb.   5s,  1920 Yes 

Otis  Steel  Co.   6%   Notes,  1919 Yes 

Otis  Steel  Co.  1st  5s,  1955 Yes 

Ottawa  Electric  Ry.  1st  4s,  1922 No 

Ottawa  Investment  Co.  Bonds Yes 

Ottawa  Water  Co.  1st  6s No 

Ottumwa  Ry.  &  Light  Co.  1st  &  Ref.  5s,  1924 Yes 

Ottumwa  Traction  &  Light  Co.  1st  5s,  1921 No 

Ouray  Electric  Power  &  Light  Co.  1st  5s Yes 

Overgrade  Bridge  Co.  1st  5s,  1928 Yes 

Overholt  Coal  &  Coke  Co.  1st  6s No 

Overton   Co.    Bonds No 

Owensboro  City  R.  R.  Gen.  6s,  1923 Yes 

Owensboro  City  R.  R.  1st  5s,  1933 Yes 

Owners  Realty  Co.  5s,  1916 No 

Owosso  Sugar  Co.  1st  6s,  1919   Yes 

Owyhee  Ditch   Co.   5s No 

Owyhee  Land  &  Irrigation  Co.  Bonds No 

Ozark  &  Cherokee  Central  Ry.  1st  5s,  1913 Yes 

Ozark  Land  &  Lumber  Co.  1st  Serial  6s Yes 

Ozark  Land  &  Lumber  Co.  2nd  Serial  6s Yes 

Ozark  Power  &  Water  Co.  1st  5s Yes 

118 


PAB-PAC 


P 
[This   space  for  your   personal   memoranda] 


P 

Pabst  Brewing  Co.  1st  4s Yes 

Pacific  Alaska  Navigation  Co.  1st  5s,  1923 No 

Pacific  Bridge  Co.   (Portland,  Ore.)   1st  6s x ss 

Pacific  Car  &  Equipment  Co.  1st  6s Yes 

Pacific  Coast  Biscuit  Co.  1st  6s,  1919 No 

Pacific  Coast  Co.  Serial  5%  Notes Yes 

Pacific  Coast  Co.  5s,  1946 Yes 

Pacific  Coast  Match  Co.  1st  7s,  1922 Yes 

Pacific  Coast  Power  Co.  1st  5s,  1940 Yes 

Pacific  Coast  Steel  Co.  1st  6s,  1931 ISO 

Pacific  &  Eastern  Ry.  1st  6s,  1937 Yes 

Pacific  Electric  Ry.  1st  5s,  1942 No 

Pacific  Electric  Ry.  Co.  Ref .  5s,  1961 Yes 

Pacific  Gas  &  Electric  Co.  1st  6s,  1931 Yes 

Pacific  Gas  &  Electric  Co.  Gen.  &  Ref.  5s,  1942 Yes 

Pacific  Gas  &  Improvement  Co.   1st  4s,  1930 No 

Pacific  Guano  &  Fertilizer  Co.   Bonds No 

Pacific  &  Idaho  Northern  Ry.  Co.  2nd  5s,  1937 No 

Pacific  &  Idaho  Northern  Ry.  1st  5s,  1949 No 

Pacific  Light  &  Power  Co.  1st  5s,  1942 No 

Pacific  Light  &  Power  Corp.  Col.  Tr.  6s,  1915 No 

Pacific  Light  &  Power  Corp.  1st  &  Ref.  5s,  1951 Yes 

Pacific  Lime  &  Gymsum  Co.  Bonds Yes 

Pacific  Lumber  Co.  1st  6s,   1917-28 Yes 

Pacific  Portland  Cement  Co.  Cons.  6s,  1927 No 

Pacific  Power  Co.  1st  6s,  1925 Yes 

Pacific  Power  &  Light  Co.  1st  &  Ref.  5s,  1930 Yes 

Pacific  R.  R.  Co.  (of  Mo.)  1st  Ext.  4s,  1938 .. No 

Pacific  R.  R.  (of  Mo.)   2nd  Ext.  5s,  1938 Yes 

Pacific  R.  R.  Co.   (of  Mo.)  Carondalet  Br.  1st  Ext.  iV2s No 

Pacific  R.  R.  Co.  (of  Mo.)  St.  Louis  City  Real  Estate  5s No 

116 


PAC-PAS 

Pacific  Sugar  Mill  1st  6s,  1932 No 

Pacific  Telephone  &  Telegraph  Co.  1st  &  Col.  5s,  1937 Yes 

Pacific  Transport  Co.  Bonds Yes 

Pacific  Union  Club  Series  "A"  Bonds Yes 

Pacific  Union  Club  Series  "B"  Bonds Yes 

Pacific  Union  Club    (Old)    Bonds No 

Pacific  Warehouse  Co.  Bonds,  1919 No 

Pacific  Wharf  &  Storage  Co.  6s,  1929 Yes 

Packard  Electric    Co.    6s Yes 

Packard  Motor  Car  Co.   5s,  1916 Yes 

Paducah  City  Ry.  Co.  1st  6s,  1932 Yes 

Paducah  Home  Telephone  &  Telegraph  Co.  1st  5s,  1930 Yes 

Paducah  Street  Ry.  1st  6s,  1920 Yes 

Paducah  Street  Ry.  1st  6s,  1923 Yes 

Paducah  Traction  &  Light  Co.  Col.  Tr.  5s,  1935 Yes 

Paducah  Water  Co.   Impt.  5s,  1952 Yes 

Paepcke  Leicht  Lumber  Co.  6s,  1917 Yes 

Page  Woven  Wire  Fence  Co.  1st  5s,  1922 Yes 

Paint  Creek  Collieries  Co.  1st  5s,  1956 Yes 

Paint  Township  Water  Co.  1st  5s Yes 

Palace  Hotel  Co.  (San  Fran.)   1st  6s,  1927 No 

Palatka  Water  Works  1st  6s,  1918 No 

Palestine  Light  Heat  &  Power  Co.  5s,  1946 Yes 

Palestine  Water  Works  Co.  6s No 

Palmer  Union  Oil  Co.  20-Yr.  6s,  1931 Yes 

Palo  Alto  Gas  Co.  Bonds. No 

Palos  Coal  &  Coke  Co.  Bonds No 

Pan-American  Co.  Col.  Tr.  6s,  1914 No 

Pan-American  R.  R.  1st  5s,  1934 Yes 

Pan-American  R.  R.  Gen.  5s,  1937 Yes 

Pan-American  Trans-Continental  Ry.   Deb.   5s Yes 

Pan  Handle  Traction  Co.  1st  5s,  1932 No 

Pana  Gas  &  Electric  Co.  1st  5s,  1935 Yes 

Panama  Realty  Co.  1st  6s,  1939 Yes 

Panhandle  Lumber  Co.  1st  6s,  1911-21 Yes 

Paragould  Southeastern  Ry.  1st  &  Ref.  5s,  1944 No 

Pardee  Works   (The  C.)   1st  5s,  1931 Yes 

Paris  &  Mt.  Pleasant  Ry.  1st  6s,  1932 Yes 

Paris  Mountain  Water  Co.  1st  6s,  1915 Yes 

Paris  Mountain  Water  Co.  Cons,  4%s,  1931 Yes 

Paris  Mountain  Water  Co.  Gen.  4%s,  1939 Yes 

Paris  Transit  Co.  1st  5s,  1943 Yes 

Park  Fire  Proof  Storage  Co.  1st  6s No 

Park  &  Ocean  R.  R.  1st  6s,  1914 No 

Park  Ridge  Country  Club  6s,  1926 No 

Park  Square  Theatre  Co.  2nd  5s,  1932 No 

Park  &  Tilford  Deb.  6s,  1936 Yes 

Parker  Mills  1st  5s,  1932 Yes 

Parkersburg  Gas,  Electric  Light  &  Street  Ry.  1st  5s,  1938 Yes 

Parkersburg,  Marietta  &  Interurban  Ry.  Cons.  5s,  1942 Yes 

Parkersburg,  Marietta  &  Interurban  Ry.  Marietta  Div.  6s,  1942 . . .  Yes 

Parr  Shoals  Power  Co.  1st  5s,  1952 Yes 

Parrall  &  Durango  R.  R.  Co.  Bonds Yes 

Parsons  Pulp  &  Lumber  Co.  1st  6s,  1924 Yes 

Parsons  Water  Supply  &  Power  Co.,  1st  6s,  1922 No 

Pasadena  &  Mt.  Lowe  Ry.  1st  4s,  1930 No 

Pasadena  Rapid  Transit  Co.  1st  6s,  1942 Yes 

Pascagoula  Street  Ry.  &  Power  Co.  1st  5s,  1929 No 

Pascoag  Water  Co.  1st  5s,  1923 Yes 

Paso  Real  Fruit  Co.  1st  6s No 

117 


PAS-PEN 

Passaic  Lighting  Co.  5s,  1925 No 

Passaic  &  Newark  Elec.  Traction  Co.  1st  5s,  1937 Yes 

Passaic  Water  Co.  1st  4s,  1920 Yes 

Passaic  Water  Co.  1st  5s,  1937 Yes 

Passaic  Water  Co.  2nd  5s,  1937 Yes 

Passaic  Water  Co.  Pur.  Money  5s,  1958 Yes 

Passenger  &  Belt  Ry.  Co.   (Lex.,  Ky.)   1st  6s,  1916 No 

Patchogue  Gas  Co.  1st  5s,   1933 No 

Patchogue  Mfg.  Co.  1st  6s Yos 

Paterson  Extension  R.  R.  1st  5s,  1950 Yes 

Paterson  &  Passaic  Gas  &  Elec.  Co.  1st  Cons.  5s,  1949 No 

Paterson  Ry.  Co.  Cons.  6s,  1931 xes 

Paterson  Ry.   Gen.   5s,   1944 No 

Paterson  &  State  Line  Traction  Co.  5s,  1964 No 

Paucatuck  Valley  Street  Ry.  1st  5s Yes 

Paul  Smith's  Electric  Light,  Power  &  R.  R.  1st  5s,  1936 Yes 

Pawtucket  Electric  Co.   1st  5s,   1916 Yes 

Pawtucket  Electric  Co.  Cons.  5s,  1938 Yes 

Pawtucket  Gas   Co.    (N.   J.)    1st  Col.  4s,   1932 Yea 

PiwtiinlTnt.  Valley   Electric  Ry.   1st  5s,   1933 No 

gnnrtuffkfr*  Valley  Electric  St.  Ry.  1st  5s,  1918 \es 

Pawtucket  Valley  R.  R.  1st  4s,  1925 No 

Paxtang  Consolidated  Water  Co.  1st  5s,  1926 Yes 

Peabody-Alward  Coal  Mining  Co.  Ref.   5s Yes 

Peace  River  Phosphate  Mining  Co.  1st  Cons.  6s Yes 

Peavey  Steamship  Co.   1st  5s   (A.   &  O.) No 

Peavey  Steamship  Co.  1st  5s   (F.  &  A.) No 

Peavey  Steamship  Co.  1st  5s  (M.  &  S.) No 

Pecatonica  River  Power  Co.   1st  6s Yes 

Pecos  Irrigation  Co.  Prior  Lien  6s No 

Pecos  &  Toyah  Lake  Irrigation  Co.  Bonds Yc 

Pecos  Valley  Gas  &  Electric  Co.  1st  5s,  1932 No 

Peden  Iron  &  Steel  Co.  1st  6s Yet: 

Peekskill  Light  &  R.  R.  Co.  1st  5s,  1920 Yes 

Peerless  Motor  Car  Co.  1st  Serial   6s Yes 

Pekin  Water  Works  Co.  I  st  Ref.  5s Yes 

Pembroke  Realty  Co.  Deb.  6s Yes 

Pendennis    Club    Bonds Yes 

Penfield  Coal  &  Coke  Co.  Bonds % No 

Penhurst   Park   Co.    6s No 

Peninsula  Telephone  Co.  1st  5s,  1922 Yes 

Peninsula  Telephone  Co.  1st  6s,  1931 No 

Peninsular  Paper    Co.    Bonds Yes 

Peninsular  Power  Co.  1st  6s Ye? 

Penmans,  Ltd.,  1st  5s,  1926 No 

Penn  Allen  Cement  Co.  1st  6s Yea 

Penn  Central  Light  &  Power  Co.  1st  &  Ref.  5s,  1950. Yes 

Penn  Central  Light  &  Power  Co.  1st  &  Cons.  6s,  1963 No 

Penn  Electric  Service  Co.  1st  Mtge.  Bonds Ye<- 

Penn  Iron  &  Coal  Co.  1st  5s,  1917 Yes 

Penn  Mary  Coal  Co.  1st  5s,  1939 Yes 

Penn  Public    Service   Co.    1st   5s,    1962 Yes 

Penn  Street  Ry.  Co.  1st  5s,  1922 Yes 

Penn  Timber  Co.  Bonds Yes 

Pennsylvania  Building  Co.  1st  &  Ref.  4^s,  1951 Yes 

Pennsylvania  Cement  Co.  1st  5s - ' Yes 

Pennsylvania  Central  Brewing  Co.  1st  6s,  1927 Yes 

Pennsylvania  Coal  &  Coke  Co.  Series  "A"  5s,  1932 Yes 

Pennsylvania  Co.  Series  "A"    Trust   31/&s,   1937 Yes 

Pennsylvania  Co.  Series  "B"  Trust  3J/2S,  1941 Yes 

118 


PEN-PEO 

Pennsylvania  Co.  Series  "C"  Trust  3%s,  1942 Yes 

Pennsylvania  Co.  Series  "D"  Trust  3%8,  1944 Yes 

Pennsylvania  Co.  Series   "E"   Trust   4s,    1952 Yes 

Pennsylvania  Co.  3*/2%  Guar.  Tr.  Ctfs.,  Series  "F" Ye* 

Pennsylvania  Co.  iV2  Gold  Loan  of  1906 Yes 

Pennsylvania  Co.  Gold  Loan  Col.  3V2s,  1916 Yes 

Pennsylvania  Co.  1st  4^s,  1921 Yes 

Pennsylvania  Co.  French  Loan  3% %  Ctfs.,  1921 Yes 

Pennsylvania  Co.  15-25-yr.  Col.  Gold  Loan  4s,  1931.... Yes 

Pennsylvania  Lighting  Co.   1st  5s,   1940 Yes 

Pennsylvania  Light,  Heat  &  Power  Co.  1st  6s,  1916 No 

Pennsylvania  &  Mahoning  Valley  Ry.  1st  Ref .  5s,  1922 Ye~ 

Pennsylvania  &  Maryland  St.  Ry.   1st  5s,  1928 No 

Pennsylvania,  Monongahela  &  Southern  R.  R.  1st  4s,  1948.......  Yes 

Pennsylvania  &  N.  Y.  Canal  &  R.  R.  Co.  Cons.  4s,  4V2s  &  5s,  1939.  Yes 

Pennsylvania  &  Northwestern  R.  R.  Gen.  5s,  1930 Yes 

Pennsylvania  &  Ohio  Ry.  Co.  1st  5s,  1921 No 

Pennsylvania  &  Ohio  Ry.  Co.  Gen.  5s,  1926 No 

Pennsylvania  &  Ohio  Ry.— Jefferson  Div.  1st  5s,  1922 No 

Penna. — Ontario  Transportation  Co.  1st  5s,  1917 Yes 

Penn.  R.  R.  Gen.  Freight  Equip.  Tr.  4s,  "A"  to  "Y,"   (1906) Yes 

Penn.  R.  R.  Gen.  Freight  Equip.  Tr.  4s,  "A"  to  "I,"   (1907) Yes 

Penn.  R.  R.  Gen.  Freight  Equip.  Tr.  4s,  "A"  to  "K,"   (1910) Yes 

Penn.  R.  R.  Gen.  Freight  Equip.  Tr.  4s,  "A"  to  "G,"  (1912) Yes 

Penn.  R.  R.  Gen.  Freight  Equip.  4V2s,  "A"  to  "T,"    (1913) Yes 

Penn.  R.  R.— Penn.  Steel  Equip.  Impt.  "A"  to  "K"  4s Yes 

Penn.  R.  R.— Penn.  Steel  Freight  Car  Tr.  "A"  to  "G"  4s  (1905) . .  Yes 
Penn.  R.  R— Penn.  Steel  Freight  Car  Tr.  "H"  to  "K,"  4s  (1905) .  Yes 
Penn.  R.  R.— Penn.  Steel  Roll'g  Stock  "H"  to  "K"  Equip.  4s  (1905)  Yes 

Pennsylvania  R.  R.  Co.  Conv.   3V2s,  1915 Yes 

Pennsylvania  R.  R.  Cons.  5s,  4s  &  3V2s  (1919,  1943,  1945,  1948) Yes 

Pennsylvania.  R.  R.  1st  Real  Estate  4s,   1923 Yea 

Pennsylvania  Shafting  Co.  Bonds,  1937 Yes 

Pennsylvania  Soap  Co.  1st  5s,  1921 Yes 

Pennsylvania  Soap   Co.  Inc.   5s,  1921 Yes 

Pennsylvania  Steamship    Co.   Bonds Yes 

Pennsylvania  Steel  Co.  1st  5s,  1917 Yss 

Pennsylvania  Steel  Co.  Cons.  6s,  1925 Yes 

Pennsylvania  Steel  Co.  Col.  5s,   1943 Yes 

Pennsylvania  Steel  Co.— Cornwall  Col.  5s,  1932 Yes 

Pennsylvania  Steel  Co.  &  Maryland  Steel  Co.  Cons.  &  Col.  6s Yes 

Pennsylvania  Steel  Co.  of  Pa.  Coke  Oven  1st  41^s,  1915 Yes 

Pennsylvania  Tunnel  &  Terminal  R.  R.  Co.  Ind.  Ctfs.,  1914 No 

Pennsylvania  Utilities  Co.  1st  Cons.,  1943 No 

Pennsylvania  Water  Co.  1st  5s,  1916 Yes 

Pennsylvania  Water  Co.  2nd  5s,  1929 Yes 

Pennsylvania  Water  Co.  Col.  &  Gen.  5s,  1940 Yes 

Pennsylvania  Water  &  Power  Co.  1st  5s,  1940 Yes 

Penobscot  &  Atlantic  R.  R.  1st  6s,  1921 Yes 

Penobscot  Chemical  Fibre  Co.  1st  6s Yes 

Penobscot  Shore  Line  R.  R.  1st  4s,  1920 No 

Pensacola  Electric  Co.  Conv.  6%   Notes,   1916 No 

Pensacola  Electric  Co.  1st  5s,   1931 Yes 

Pensacola  Gas  Co.  (Florida)   1st  5s,  1934 Yes 

Pensacola  Hotel  Co.  Bonds Yes 

Penn  Yan  Telephone  Co.  1st  6s,  1923 Yes 

People's  Brewing  Co.  1st  6s,  1939 Yes 

People's  Coal  Co.  1st  6s,  1913-20 Yes 

People's  Electric  Street  Ry.  (Rochester,  Pa.)  2nd  6s,  1915 Yes 

People's  Elevating  Co.   5s,  1939 Yes 

119 


PEO-PER 

People's  Gas  Co.  (Pottstown)  1st  5s,  1920 Yes 

People's  Gas  &  Electric  Co.   (Bloomington)   1st  Mtge.,  1934 Yes 

People's  Gas  &  Electric  Co.  (Mason  City)  1st  Ref.  5s,  1916 Yes 

People's  Gas  &  Electric  Co.  (Oswego)  1st  5s,  1930 No 

People's  Gas  &  Electric  Co.  Gen.  6s,  1931 Yes 

People's  Gas,  Electric  &  Heating  Co.  5s Yes 

People's  Gas  Light  &  Coke  Co.  1st  Cons.  6s,  1943 Ye? 

People's  Gas  Light  &  Coke  Co.  Ref.  5s,  1947 Yes 

People's  Home  Telephone  Co.  (Gainesville)  1st  6s,  1924 Yes 

People's  Ice  Co.  1st  6s,  1922 Yes 

People's  Incandescent  Light  Co.  1st  5s,  1920 Yes 

People's  Light  Co.  1st  5s,  1929 Yes 

People's  Light,  Heat  &  Power  Co.  1st  5s,  1930 No 

People's  Light,  Power  &  Ry.  Co.  1st  6s,  1917 No 

People's  Passenger  Ry.  1st  4s,  1935 Yes 

People's  Passenger  Ry.  4%  Stock  Tr.  Ctfs.,  1943 Yes 

People's  Passenger  Ry.  Extended  2nd  5s,  1961 Yes 

People's  Passenger  Ry.  Cons.  Ext.   4s,   1962 Yes 

People's  R  .R.   Co.  1st  5s,   1921 No 

People's  Ry.  Co.   (Ohio)   1st  5s,  1927 No 

People's  Ry.  Co.— White  Line  1st  5s,   1925 No 

People's  Service  Co.  1st  6s,  1933 No 

People's  Street  Ry.  of  Luzerne  Co.  1st  6s,  1918 Yes 

People's  Street  Ry.  of  Luzerne  Co.  Gen.  6s,  1921 Ye? 

People's  Street  Ry.   Co.   1st  5s,   1928 No 

People's  Telephone  Co.  Bonds,  1929 Yes 

People's  Traction  Co.  1st  5s,  1922 Yes 

People's  Traction  Co.  of  Phila.  4%  Stock  Tr.  Ctfs.,  1943 Yes 

People's  Water  Co.  (Oskaloosa)  1st  5s Yes 

People's  Water  Co.  Gen.  5s,  1937 Yes 

People's  Water  &  Light  Co.  6s Ye? 

Peoria  &  Eastern  Ry.  Co.  Inc.  4s,  1990 No 

Peoria  &  Eastern  Ry.  Co.  1st  Cons.  4s,  1940 Yes 

Peoria  Gas  &  Electric  Co.  1st  5s,  1923 Yes 

Peoria  Light  Co.  Col.  Tr.  5s,  1936 Yes 

Peoria  &  Northwestern  Ry.   Co.  1st  3%s,   1926 No 

Peoria  &  Pekin  Union  Ry.  2nd  4%s,  1921 Yes 

Peoria  &  Pekin  Union  Ry.  1st  6s,  1921 Ye* 

Peoria  &  Pekin  Union  Ry.  Deb.  5s,  1923 No 

Peoria  &  Pekin  Union  Ry.  Deb.  5s,  1930 No 

Peoria  Ry.   Co.  1st  &  Ref.  5s,  1907-26 Yes 

Peoria  Ry.  Terminal  Co.  1st  4s,  1937 Yes 

Peoria  Ry.  Terminal  Co.  1st  &  Ref.  4%s,  1941 Yes 

Peoria  Water  Works  Co.  Pur.  Mon.  5s,  1943 No 

Peoria  Water  Works  Co.  1st  Cons.  4s,  1948 Yes 

Peoria  Water  Works  Co.  Prior  Lien  5s,  1948 Yes 

Peoria  Water  Works  Co.  Deb.  4s,  1950 Yes 

Pere  Marquette  R.  R.  Amer.  Car  &  Fdry.  Equip.  6s Yes 

Pere  Marquette  R.  R.,  Amer.  Loco.  "A"  5%  Notes,  1913 No 

Pere  Marquette  R.  R.  Amer.  Locomotive  5%  Notes,  Series  "B"...  No 

Pere  Marquette  R.  R.  C.  H.  &  D.  Kleybolte  4%%  Notes,  1916 Yes 

Pere  Marquette  R.  R.  Equip.  4^s,  5s  &  6s,  1914-21 Yes 

Pere  Marquette  R.  R.  Equip.  5%  Notes,  1912 No 

Pere  Marquette  R.  R.  Equitable  Tr.  Equip.  5%  Notes,  1913 Yes 

Pere  Marquette  R.  R.  Old  Col.  Tr.  6%  Notes No 

Pere  Marquette  R.  R.  Pullman  Equip.  "C,"  1915 No 

Pere  Marquette  R.  R.  Pullman  Equip.  5%  Notes,  1919 ■.  Yes 

Pere  Marquette  R.  R.  4%%  Rec.  Ctfs.,  1914 No 

Pere  Marquette  R.  R.  5%  Rec.  Ctfs.,  1915 jno 

Pere  Marquette  R.  R.  6%  Deb.,  1912 Yes 

120 


PER-PHI 

Pere  Marquette  R.  R.  Col.  6%  Notes,  1913 Yes 

Pere  Marquette  R.  R.  5-Yr.  Col.  6s,  1916 YTes 

Pere  Marquette  R.  R.  1st   4s,    1920 £° 

Pere  Marquette  R.  R.  1st   6s,    1920 No 

Pere  Marquette  R.  R.  Co.   Col.   Tr.  4s,  1923 Yes 

Pere  Marquette  R.  R.  1st   4s,   1943 • Yes 

Pere  Marquette  R.  R.  Cons.  4s,   1951 Yes 

Pere  Marquette  R.  R.  Ref.  4s,  1955 *es 

Pere  Marquette  R.  R.  Imp.  &  Ref.  Gen.  5s,  1961 Yes 

Pere  Marquette  R.  R—  Lake  Erie  Div.  4%s,  1932 Yes 

Perfection  Filler  Co.  1st  6s Yes 

Perkiomen  R.  R.  Co.  1st  Serial  5s,  1918 Yes 

Perkiomen  R.  R.  2nd  Serial  5s,  1918 ^es 

Perry  Street  Ry.  1st  5s,  1920. Ye° 

Peru  American  Gas  Co.  1st  6s,  1916 Yes 

Peru  Gas  Co.  1st  Ref.  6s,  1959 Yes 

Peru  Heating  Co.  1st  5s No 

Peskind  (Arnold)   6s Yes 

Petaluma  &  Santa  Rosa  Ry.  2nd  6s,  1915 Yes 

Petaluma  &  Santa  Rosa  Ry.  1st  5s,  1924 Yes 

Peterborough  &  Hillsborough  R.  R.  1st  4%s,  1917 No 

Petersburg  Gas  Co.  1st  5s,  1931 Yes 

Petersburg  R.  R.  1st  "A"  5s,  1926 No 

Petersburg  R.  R.  2nd  "B"  6s,  1926 . .  No 

Petersburg  R.  R.   Cons.    (Class  "A")    5s,   1926 No 

Petersburg  R.  R.  Co.  Cons.   (Class  "B")   6s,  1926 No 

Philadelphia  &  Baltimore  Central  R.  R.  1st  4s,  1951 Yes 

Philadelphia,  Baltimore  &  Washington  R.  R.  Deb.  4s,  1915-24....   Yes 

Philadelphia,  Baltimore  &  Washington  R.  R.  1st  4s,  1943 Yea 

Philadelphia  Brewing  Co.  Ext.  5s,   1918 Yes 

Philadelphia  Bourse  1st  5s,  1918 No 

Philadelphia  &  Chester  Valey  R.  R.  1st  Pref .  4s,  1938 Yes 

Philadelphia  &  Chester  Valley  R.  R.  Non-Pref.  3s,  1938 Yes 

Philadelphia  City  Passenger  Ry.  Deb.  5s,  1935 Yes 

Philadelphia  City  Passenger  Ry.  1st  4s,  1960 Ye.? 

Philadelphia  Clay  Co.  Bonds,   1925 No 

Philadelphia  Company  Conv.  5s,  1914 Yes 

Philadelphia  Company  Conv.  5s,  1919 Yes 

Philadelphia  Company  Conv.  Deb.  5%  Notes,  1922 Ye? 

Philadelphia  Company  1st  &  Coll.  Tr.  5s,  1949 Ye3 

Philadelphia  Company  Cons.  &  Coll.  Tr.  5s,  1951.... Yes 

Philadelphia  &  Darby  Ry.  Co.  1st  4s,  1927 Yef. 

Philadelphia  &  Delaware  County  R.  R.  1st  5s,  1925 Yes 

Philadelphia  Electric  Co.  5%  Certs.,  1948 No 

Philadelphia  Electric  Co.  Coll.  Tr.  4%  Certs.,  1949 No 

Philadelphia  &  Erie  R.  R.  Co.  Gen.  (now  1st)  4s,  5s  &  6s,  1920 . .  No 

Philadelphia  &  Frankford  R.  R.  Co.  1st  4s,  1922 Yes 

Philadelphia  &  Garretsford  Street  Ry.  Co.  1st  5s,  1955 Yes 

Philadelphia,  Harrisburg  &  Pittsburgh  R.  R.  Co.  1st  5s,  1925 Yes 

Philadelphia,  Newtown  &  New  York  R.  R.  Co.  1st  5s  &  3s,  1942..  Yes 

Philadelphia  Rapid  Transit  Co.  Equip.  Tr.  "A"  5s Yes 

Philadelphia  Rapid  Transit  Co.  Eq.  Tr.  Ser.  "B"  5s,  1925 Yes 

Philadelphia  Rapid  Transit  Co.  Equip.  Tr.  Ser.  "C,"  1914-25 Ye* 

Philadelphia  Rapid  Transit  Co.  Coll.  Tr.  5s,  1957 Yes 

Philadelphia  Rapid  Transit  Co.  S.  F.  5s,  1962 Yes 

Philadelphia  Railways    Co.    1st    5s,    1941. Yes 

Phila.  &  Reading  Coal  &  Iron  Co.— Phila.  &  Reading  R.  R.  Coll. 

Tr.  4s,  1932..  Yes 

Philadelphia  &  Reading  R.  R.  Co.  Ext.  1st  5s,  1933 Yes 

Philadelphia  &  Reading  R.  R.  Co.  Imp.  4s,  1947 Yes 

121 


PHI-PIT 

Phila.  &  Reading  R.  R.  Co.— Del.  Riv.  Term.  1st  5s,  1942 Yes 

Phila.  &  Reading  R.  R.  Co.— Del.  Riv.  Term.  Ext.  P.  M.  1st  5s,  1942  Yes 
Phila.  &  Reading  R.  R.  &  Phila.  &  Reading  Coal  &  Iron  Co.  Cons. 

4s,  1937..  Yes 

Philadelphia  &  Reading  R.  R.  Co.  Terminal  1st  5s,  1941 Yes 

Philadelphia  Roll  &  Machine  Co.  1st  5s,  1932 Yes 

Philadelphia  Suburban  Gas  Co.  5s,  1919 Yes 

Philadelphia  Suburban  Gas  Co.  5s,  1931 Yes 

Philadelphia  Suburban  Gas  &  Electric  Co.  1st  &  Ref.  5s,  1960 Yes 

Philadelphia  Traction   Co.   Coll.   4s,   1917 Yes 

Philadelphia  &  West  Chester  Traction  Co.  1st  5s,  1918 Yes 

Philadelphia  &  West  Chester  Traction  Co.  Gen.  4s,  1954 Yes 

Philadelphia  &  West  Chester  Traction  Co.  Stock  Tr.  5s Yes 

Philadelphia  &  Western  Ry.   Co.   1st  5s,   1960 Yes 

Philadelphia  &  Willow  Grove  St.  Ry.  Co.  1st  4V2s,  1934 Yes 

Philadelphia  &  Willow  Grove  Street  Ry.  Co.  2nd  Ext.  4s,  1960 ...  Yes 

Philadelphia,  Wilmington  &  Bait.  R.  R.  Stock  Tr.  Ctfs.  4s,  1921..  Yes 

Philadelphia,  Wilm.  &  Bait.  R.  R.  Co.  Plain  4s,  1917-22-26-32 Yes 

Philippine  Ry.  S.  F.  4s,  1937 Yes 

Philippine  Telephone  &  Telegraph  Corp.  1st  5s  &  6s,  1955 Yes 

Philipse  Manor  Co.  5s Yes 

Phillips   (T.  W.)   Gas  &  Oil  Co.  6s,  1920 Ye3 

Phillips  Sheet  &  Tin  Plate  Co.  1st  5s,  1922 Yes 

Phillips  Water  Co.   1st  5s,   1916 Yes 

Phoenix  Bridge  &  Iron  Works,  Ltd.,  1st  6s,  1948 No 

Phoenix  Club  of  Detroit  Bonds No 

Phoenix  Iron  Works  Co.  5s Yes 

Phoenix  Properties   Co.   1st  Inc.   5s Yes 

Phoenix  Refining  Co.   Deb.  6s No 

Phosphate  Mining  Co.  Bonds No 

Pierce-Arrow  Motor  Co.  6s Yes 

Pierce  County  Gas  Co.  Ref.  5s,  1926 Ye* 

Piercefield  Paper  Co.  20-yr.,  1919 Yes 

Piermont  Paper  Co.  6s,  1920 Yes 

Pigeon  River  Railway  Co.  1st  5s Yes 

Pillsbury  Washburn  Flour  Mills  Co.  1st  Deb.  5s,  1939 No 

Pima  Land  &  Water  Co.  1st  Farm  Mtge.  6s Yet, 

Pine  Bluff  Arkansas  River  Ry.  1st  5s,  1928 No 

Pine  Bluff  Co.  1st  5s,  1942 Yes 

Pine  Bluff  Natural  Gas  Co.  1st  6s Yes 

Pine  Bluff  &  Western  R.  R.  Co.  1st  5s,  1923 * Yes 

Pine  Creek  Railway  Co.  1st  6s,  1932 Yes 

Pinellas  Realty  &  Sugar  Cane  Co.  1st  7s Yes 

Pioneer  Coal  Co.  1st  5s,  1925 Yes 

Pioneer  Mill  Co.,  Ltd.,  1st  5s,  1922 No 

Pioneer  Mining,  Milling,  Power  &  Tunnel  Co.  Bonds Ye° 

Pioneer  Pole  &  Shaft  Co.   (Piqua,  O.)   1st  6s,  1923 No 

Piqua  Home  Telephone  Co.  1st  5s No 

Piqua  &  Troy  Branch  R.  R.  Co.  1st  4s,  1939 Yes 

Piscataquis  Divisional  1st  4s,  1918  (see  International  Paper  Co.) . .  No 

Pitcairn  &  Wilmerding  Street  Ry.  Co.  1st  5s,  1931 Yes 

Pittock  Block  Inc.  Bonds Yes 

Pittsburgh,  Allegheny  &  Manchester  Tract.  1st  5s,  1930 Yes 

Pittsburgh  &  Allegheny  Telephone  Co.  1st  5s,  1949 Yes 

Pittsburgh  &  Beaver   Street  Ry.   1st   5s,   1958 Yes 

Pittsburg,  Bessemer  &  Lake  Erie  R.  R.  Deb.  5s,  1919 Yes 

Pittsburgh,  Bessemer  &  Lake  Erie  R.  R.  Co.  Cons.  1st  5s,  1947. ..  Yes 

Pittsburgh  &  Birmingham  Traction  Co.  1st  5s,  1929 Yes 

Pittsburgh  Brewing  Co.  1st  6s,  1949 Yes 

Pittsburgh  &  Butler  Street  Ry.  Co.  1st  5s,  1935 Yes 

122 


PIT-PIT 

Pittsburgh,  Canonsburg  &  Washington  Ry.  1st  5s,  1937 Yea 

Pittsburgh  &  Castle  Shannon  R.  R.  1st  6s,  1923 Yes 

Pittsburgh  &  Charleroi  Street  Ry.  1st  5s,  1932 Yes 

Pittsburgh,  Chartiers  &  Youghiogheny  Ry.  Co.  Gen.  4s,  1932 Yes 

Pittsburgh,  Cincinnati,  Chicago  &  St.  Louis  Ry.  Co.  Cons.  4^s,  4s 

&  3s,   1940-63..  Yes 

Pittsburgh,  Cleveland  &  Toledo  R.  R.  Co.  1st  6s,  1922 Yea 

Pittsburgh  Coal  Co.    Equip.    41/2S Yes 

Pittsburgh  Coal  Co.  1st  5s,  1904-54 Yes 

Pittsburgh  Coal  Co.  of  Pa.  Deb.  5s,  1931 Yes 

Pittsburgh  Coal  Co.  of  Pa.,  Midland  Coal  Co.  Pur.  1st  5s,  1932 Yes 

Pittsburgh  Coal  Co.  of  Pa.,  Shaw  Coal  Co.  Pur.  1st  5s,  1935 Yes 

Pittsburgh  Coal,  Dock  &  Wharf  Co.  1st  5  4/10s,  1929 No 

Pittsburgh,  Crafton  &  Mansfield  Street  Ry.  1st  5s,  1924 Yes 

Pittsburgh  Crucible  Steel  Co.  1st  5s,  1916-1945 Yes 

Pittsburgh-Dolores  Mining  Co.  1st  6s,  1916 Yes 

Pittsburgh  &  Eastern  Coal  Co.  1st  5s No 

Pittsburgh  &  Erie  Coal  Co.  1st  4%s Yes 

Pittsburgh,  Harmony,  Butler  &  Newcastle  Ry.  1st  5s,  1936 Yes 

Pittsburgh-Harmony  Co.  Bonds  No  . 

Pittsburgh-Idaho  Co.  Bonds   No 

Pittsburgh  Incline  Plane  Co.  1st  6s,  1919 Yes 

Ptitburgh  Incline  Plane  Co.  2nd  6s  Yes 

Pittsburgh  Junction  R.  R.  1st  6s,  1922 Yes 

Pittsburgh  Junction  R.  R.  2nd  5s,  1922 Yes 

Pittsburgh  &  Kansas  City  Ry.  Co.  Bonds No 

Pittsburgh  &  Lake  Erie  R.  R.  Co.  1st  6s,  1928 No 

Pittsburgh  &  Lake  Erie  R.  R.  Co.  2nd  5s,  1928 No 

Pittsburgh  Lamp,  Brass  &  Glass  Co.  1st  6s,  1917 Yes 

Pittsburgh  Lamp,  Brass  &  Glass  Co.  2nd  6s,  1917 No 

Pittsburgh  &  Lehigh  Dock  Co.  1st  6s Yes 

Pittsburgh,  Lisbon  &  Western  Ry.  1st  5s,  1926 No 

Pittsburgh,  Lisbon  &  Western  R.  R.  1st  4s,  1952 Yes 

Pittsburgh,  McKeesport  &  Youghiogheny  R.  R.  Co.  1st  6s,  1932 Yes 

Pittsburgh,  McKeesport  &  Youghiogheny  R.  R.  Co.  2nd  6s,  1934 Yes 

Pittsburgh,  New  Castle  &  Lake  Erie  R.  R.  1st  4s,  1917 Yes 

Pittsburgh,  Ohio  Valley  &  Cincinnati  R.  R.  Co.  1st  5s Yes 

Pittsburgh,  Painesville  &  Fairport  Ry.  Terminal  5s,  1916 Yes 

Pittsburg  Pipe  Line  Construction  Co.  6%  Guar.  Notes    1922 Yes 

Pittsburgh  Rys.  Co.  5%  Notes,  1915 Yes 

Pittsburgh  Rys.  Co.  5%  Notes,  1922 Yes 

Pittsburgh  Rys.  Co.  Inc.  Debs.,  1953 Yes 

Pittsburgh  Rys,  Co.  Gen.  5s,  1953 Yes 

Pittsburgh,  Shawmut  &  Northern  R.  R.  Co.  5%  Rec.  Ctfs.,  1915 Yes 

Pittsburgh,  Shawmut  &  Northern  R.  R.  Co.  Ref.  1st  4s,  1952 Yes 

Pittsburgh  &  Shawmut  R.  R.  Co.  Equip.  Tr.  5s,  1913  to  1922 Yes 

Pittsburgh  &  Shawmut  R.  R.  Co.  Coll.  6%  Notes,  1917 No 

Pittsburgh  &  Shawmut  R.  R.  Co.  1st  5s,  1959 Yes 

Pittsburgh,  Shenango  &  Lake  Erie  R.  R.  Co. — Butler  Equ.  Tr.  5s, 

1921..  Yes 

Pittsburgh,  Shenango  &  Lake  Erie  R.  R.  Co. — Greenv.  Equ.  Tr.  5s..  Yes 

Pittsburgh,  Shenango  &  Lake  Erie  R.  R.  Co.  1st  5s,  1940 Yes 

Pittsburgh,  Shenango  &  Lake  Erie  R.  R.  Co.  Cons.  1st  5s,  1943 Yes 

Pittsburgh  Steamship  Co.  1st  5s,  1915 Yes 

Pittsburgh  Stove  &  Range  Co.  1st  5s,  1924 Yes 

Pittsburgh  Terminal  R.  R.  &  Coal  Co.  1st  5s,  1942 Yes 

Pittsburgh  Terminal  R.  R.  &  Coal  Co.  1st  Cons.  4V2s,  1945 Yes 

Pittsburgh  Terminal  Warehouse  &  Transfer  Co.  1st  Ref.  (now  1st) 

5s,  1936..  Yes 

Pittsburgh  Traction  Co.  1st  5s,  1927 Yes 

123 


PIT-POR 

Pittsburgh,  Virginia  &  Charleston  Ry.  Co.  1st  4s,  1943 Yes 

Pittsburgh  &  West  End  Pass.  Ry.  1st  5s,  1922 Yes 

Pittsburgh  &  West  Virginia  Gas  Co.  Coll.  Tr.  6s Yes 

Pittsburgh  &  Western  Ry.  1st  4s,  1917 Yes 

Pittsburgh  &  Western  R.  R.  1st  5s,  1942 Yes 

Pittsburgh-Westmoreland  Coal  Co.  6%  Notes Yes 

Pittsburgh  &  Westmoreland  Coal  Co.  1st  5s,  1925 Yes 

Pittsburgh,  Wheeling  &  Kentucky  R.  R.  Co.  1st  Cons.  6s,  1934 Yes 

Pittsburgh,  Wheeling  &  Lake  Erie  Coal  Co.  1st  4s,  1931 No 

Pittsburgh,  Wheeling  &  Lake  Erie  Coal  Co.  5s No 

Pittsburgh,  Youngstown  &  Ashtabula  R.  R.  Co.  1st  Cons.  5s,  1927..  Yes 
Pittsburgh,  Youngstown  &  Ashtabula  Ry.  Co.  1st  Gen.  4s,  "A,"  1948  Yes 

Pittsfield  Electric  Street  Ry.  Co.  1st  4s,  1923 No 

Pittsford  Power  Co.  1st  5s,  1933 Yes 

Pittsmont  Copper  Co.  Ser.  B   Yes 

Plainfield  Gas  &  Electric  Light  Co.  Gen.  5s,  1940 Yes 

Plainfield  Street  Ry.  Co.  5s,  1922 No 

Plainfield-Union  Water  Co.  1st  &  Ref.  5s,  1931 Yes 

Piatt  Iron  Works  Co.  1st  6s,  1932 Yes 

Plattsburgh  Gas  &  Electric  Co.  1st  5s,  1939 Yes 

Plattsburgh  Traction  Co.  1st  6s,  1926 No 

Pleasant  Valley  Coal  Co.  1st  5s,  1928 No 

Pleasantville  Water  Co.  1st  5s,  1932 Yes 

Pleiades,  Inc.,  1st  6s Yes 

Plymouth  Country  Club  1st  4s   Yes 

Plymouth  Hall  Co.  2nd  6s,  1931 Yes 

Pneumatic  Scale  Corp.,  Ltd.,  1st  7s,  1917 Yes 

Pneumatic  Transit  Co.  1st  5s   Yes 

Pocahontas  Coal  &  Coke  Co.  and  Norf.  &  West.  Ry.  Jt.  1st  4s,  1941 Yes 

Pocahontas  Collieries  Co.  1st  5s,  1937 Yes 

Pocahontas  Consolidated  Collieries  Co.,  Inc.,  5s,  1907-1957 Yes 

Pocatello  Gas  &  Power  Co.  1st  6s,  1933 Yes 

Pocatello  Power  &  Irrigation  Co.  6s,  1919 No 

Point  Loma  R.  R.  1st  6s  Yes 

Point  Milling  &  Manufacturing  Co.  Bonds No 

Point  Pleasant  Traction  Co.  5s,  1927  Yes 

Point  Pleasant  Water  Works  Co.  Bonds   Yes 

Point  Shirley  Club  6s,  1926 Yes 

Poland  Street  Ry.  Co.  1st  5s,  1933 Yes 

Pomeroy  Belt  Ry.  1st  5s,  1929 No 

Pomeroy  &  Middleport  Electric  Co.  1st  5s Yes 

Pomeroy  &  Newark  R.  R.  Co.  4%  Ctfs.,  1916 No 

Pomona  &  Ontario  Light  &  Fuel  Co.  1st  5s,  1922 Yes 

Pompeian  Company,  Inc.,  Gen.  6s,  1918 Yes 

Ponce  Electric  Co.  1st  Coll.  6s,  1927 Yes 

Pond  Creek  Coal  Co.  1st  6s,  1923 Yes 

Pontiac  Light  Co.  1st  5s,  1927 Yes 

Pontiac  Light  &  Water  Co.  1st  5s,  1957 Yes 

Pontiac,  Oxford  &  Northern  Ry.  1st  6s No 

Pontiac  Realty  Co.  of  St.  Louis  1st  5s,  1922 No 

Port  Arthur  Canal  &  Dock  Co.  1st  5s,  1956 No 

Port  Arthur  Traction  Co.  1st  5s,  1950 No 

Port  Blakely  Mill  Co.  Bonds   Yes 

Port  Bolivar  Iron  Ore  Railway  Co.  1st  5s Yes 

Port  Chester  Water  Works  Co.  6s Yes 

Port  of  Havana  Docks  Co.  1st  5s Yes 

Port  Huron  Gas  Co.  1st  6s,  1929 No 

Port  Huron  Paper  Co.  Bonds  Yes 

Port  Huron,  St.  Clair  &  Marine  City  Ry.  1st  5s,  1920 Yes 

Port  of  Para  1st  5s,  1957   Yes 

124 


POR-POT 

Port  of  Para  1st  5s,  1969   Yes 

Port  Reading  R.  R.  Co.  1st  5s,  1941 Yes 

Portage  American  Gas  Co.  1st  6s,  1916 Yes 

Portage  American  Gas  Co.  1st  Cons.  5s,  1959 Yes 

Portage  Coal  Mining  Co.  1st  &  Ref.  5s No 

Portland  Building  Co.   Bonds    No 

Portland  &  Cape  Elizabeth  Ry.  Co.  1st  5s,  1915 No 

Portland  Consolidated  S.  S.  Co.  1st  5s,  1921 Yes 

Portland  Electric  Co.  1st  5s,  1926 Yes 

Portland,  Eugene  &  Eastern  Ry.  1st  Cons.  5s,  1936 Yes 

Portland  Gas  Co.  1st  5s   Yes 

Portland  (Ore.)  Gas  &  Coke  Co.  1st  &  Ref.  5s,  1940 Yes 

Portland  Gas  Light  Co.  1st  4s,  1936 Yes 

Portland  General  Electric  Co.  1st  5s,  1935 Yes 

Portland  Lighting  &  Power  Co.  1st  4y2s,  1921 No 

Portland  Lumber  Co.  Bonds Yes 

Portland  &  Ogdensburg  Ry.  Co.  1st  4M>s,  1928 No 

Portland  R.  R.  Co.  4y2%  Notes,  1916 No 

Portland  R.  R.  Co.  Ext.  5s  No 

Portland  R.  R.  Co.  1st  Cons.  3^s,  1951 Yes 

Portland  Ry.  Co.  1st  &  Ref.  5s,  1930 Yes 

Portland  Ry.,  Light  &  Power  Co.  1st  &  Ref.  5s,  1942 Yes 

Portland  &  Rumford  Falls  Ry.  Co.  Cons.  1st  4s,  1926 No 

Portland  &  Rumford  Falls  Ry.  Co.  Deb.  4s,  1927 No 

Portland  &  Rumford  Falls  Ry.  Co.  Coll.  Tr.  4s,  1934 Yes 

Portland  S.  S.  Co.  1st  6s,  1926 No 

Portland  Street  Railway  1st  5s,  1916 No 

Portland  Terminal  Co.  1st  4s,  1961 Yes 

Portland  Union  Ry.  Station  Co.  "A"  4s,  1927 No 

Portland  Union  Ry.  Station  Co.  "B"  4s,  1929 No 

Portneuf  Lumber  Co.   (Albany)   Bonds  Yes 

Porto  Rican  American  Tobacco  Co.  5%  Notes,  1912-1914 Yes 

Porto  Rico  Rys.  Co.,  Ltd.,  1st  5s,  1936 No 

Portsmouth,  Berkley  &  Suffolk  Water  Co.  1st  5s,  1944 No 

Portsmouth  Cotton  Oil  Refg.  Co.  6s  Yes 

Portsmouth,  Dover  &  York  Street  Ry.  Co.  4y2s,  1923 No 

Portsmouth  Gas  Co.  1st  6s,  1929 Yes 

Portsmouth  (N.  H.)  Gas  Co.  1st  5s,  1931 Yes 

Portsmouth,  Great  Falls  &  Conway  R.  R.  Co.  1st  4%s,  1937 No 

Portsmouth  Steel  Co.  Bonds  No 

Portsmouth  Street  Ry.   &  Light  Co.  1st  5s,   1916 No 

Portsmouth  Suburban  Water  Co.  1st  5s,  1934 No 

Portsmouth  &  Suffolk  Water  Co.  1st  6s No 

Portsmouth  Telephone  Co.  1st  5s No 

Post  Publishing  Co.  1st  5s Yes 

Postal  Steamship  Co.  1st  5s Yes 

Postal  Telegraph  Cable  Co.  of  Texas  1st  5s,  1928.- No 

Postville  Clay  Products  Co.  6s Yes 

Potato  Creek  R.  R.  1st  6s,  1920 Yes 

Poteau  Light  &  Ice  Co.  Bonds No 

Potomac  Electric  Power  Co.  1st  5s,  1929 Yes 

Potomac  Electric  Power  Co.  Cons.  5s,  1936 Yes 

Potomac,  Fredericksburg  &  Piedmont  R.  R.  Co.  1st  4s,  1949 Yes 

Potomac  Valley  R.  R.  Co.  1st  5s,  1941 No 

Potosi  &  Rio  Verde  Ry.  1st  S.  F.  6s,  1918 Yes 

Potter  Ore  Co.  (Birmingham,  Ala.)  1st  S.  F.  5s,  1926 Yes 

Potter  Ore  Co.  1st  5s,  1931 Yes 

Pottstown  &  Reading  Street  Ry.  5s,  1931 Yes 

Pottsville  &  Reading  Ry.  1st  6s,  1925 Yes 

Pottsville  Union  Traction  Co.  1st  5s,   1925 Yes 

125 


POU-PUB 

Poughkeepsie  Electric  Light  &  Power  Co.  1st  5s,  1914 No 

Poughkeepsie  Light,  Heat  &  Power  Co.  Conv.  Deb.  6s,  1926 No 

Powder  River  Gold  Dredging  Co.  Bonds Yes 

Powell  River  Co.,  Ltd.,  1st  6s,  1915-1927 Yes 

Powell  Street  Improvement  Co.   Bonds No 

Power  Transit  &  Light  Co.  1st  5s,  1933 Yes 

Prager's,  Inc.,  Bonds No 

Prana  Carbonic  Syphon  Co.  Deb.  6s Yes 

Pratt  Coat  Co.  6s,  1933 No 

Pratt  Consolidated  Coal  Co.  1st  5s,  1915 No 

Pratt  Consolidated  Coal  Co.  5s,  1955 No 

Pratt  (N.  P.)  Laboratory  1st  6s Yes 

Pratt  &  Letchworth  (Buffalo)  5s,  1927 Yes 

Premier  Motor  Manufacturing  Co.  1st  6s,  1918 No 

Prescott  &  Eastern  R.  R.  Co.  1st  5s,  1928 No 

Prescott  Gas  &  Electric  Co.  1st  6s,  1940 Yes 

Presque  Isle  Transportation  Co.  1st  5s No 

Press  Club  (Chicago)  1st  6s,  1919 No 

Press  Company  1st  5s No 

Prescott  (J.  L.)  Co.  Deb.  6s,  1931 No 

Preston  Apartment   Co.    5s No 

Preston  Coal  &  Improvement  Co.  4s,  1932 Yes 

Price  Bros.  &  Company,  Ltd.,  1st  5s,  1940 No 

Price  (Wm.  H.)   2nd  5s No 

Prince  Rupert  Hydro-Electric  Co.,  Ltd.,  1st  5s.  1951 No 

Princeton  Light,  Heat  &  Power  Co.  1st  Ref .  5s,  1939 Yes 

Princeton  &  North  Western  Ry.  Co.  1st  3^8,  1926 No 

Principia  Park  Realty  Co.  Bonds Yes 

P.  R.  Manufacturing  Co.  1st  6s Yes 

Producers'  Oil  Company  1st  Ref.  Conv.  6s,  1920 Yes 

Producers'  Oil  Company  P.  M.  6s No 

Producers  Transportation  Co.  1st  5s,  1921 No 

Progress  Coal  Co.  1st  6s No 

Prospect  Avenue  Building  Co.   1st  6s Yes 

Prospect-Erie   Company  1st  6s Yes 

Prospect  Huron  Realty  Co.   1st  6s No 

Prospect  Park  &  Coney  Island  R.  R.  Co.  Inc.  6s,  1920 No 

Prospect  Park  &  Coney  Island  R.  R.  Co.  1st  4V2s,  1926 No 

Prospect  Park  &  Coney  Island  R.  R.  Co.  4%  Ind.  Cert No 

Prospect  Park  &  Coney  Island  R.  R.  Co.  1st  6s,  1926 No 

Prospect  Park  &  Coney  Island  R.  R.  Co.  2nd  4V2s,  1931 Yes 

Prospect  Park  &  Coney  Island  R.  R.  Co.  2nd  6s,  1931 Yes 

Prouty  (Isaac)   &  Co.  1st  5s Yes 

Providence  &  Fall  River  Street  Ry.  1st  5s,  1921 No 

Providence  Ice  Co.  5s,  1921 Yes 

Providence  Securities  Co.  Deb.  4s,  1957 Yes 

Providence  &  Springfield  R.   R.    1st   5s,    1922 No 

Providence  &  Taunton  Street  Ry.  1st  5s,  1918 No 

Providence  Terminal    Co.    1st   4s,   1956 Yes 

Providence  &  Worcester  R.  R.  1st  4s,  1947 No 

Provident  Land  Co.  Bonds Yes 

Provident  Loan  Society  of  New  York  4%s,  1901-1921 Ye* 

Provincial  Light,  Heat  &  Power  Co.  1st  5s,  1946 Yes 

Public  Ledger  Deb.  5s Yes 

Public  Service  Co.  of  Northern  Illinois  6%  Coll.  Notes Yes 

Public  Service  Co.  of  Northern  Illinois  1st  &  Ref.  5.8,  1956 res 

Public  Service  Co.  of  Oklahoma  1st  &  Ref.  5s,  1933 Yes 

Public  Service  Co.   (St.  Cloud,  Minn.)   1st  5s Yes 

Public  Service  Co.  of  WTestern  Kentucky   1st  6s,  1919 No 

Public  Service  Corporation  of  Long  Island  1st  5s,  1943 Y©8 

126 


PUB-QUE 

Public  Service  Corporation  of  N.  J.  5%  Notes,  1916 No 

Public  Service  Corporation  of  N.  J.  Gen.  5s,  1959 Yes 

Public  Service  Corporation  of  N.  J.  Perp.  Int.  Bearing  Ctfs No 

Public  Service  Ry.  Equip.  Tr.  Ser.  "A"  6s Yes 

Public  Service  Ry.  Equip.  Tr.  Ser.  "B"  5s Yes 

Public  Service  Ry.  Equip.  Tr.  Ser.  "C"  5s,  1921 Yes 

Public  Utilities  Co.  1st  6s,  1916 Yes 

Public  Utilities  Co.  1st  &  Ref.  5s,  1942 No 

Public  Utilities  Corporation  Col.  6s,  1922 Yes 

Public  Utility  Debenture  Corporation  Deb.  5s,  1933 Yes 

Public  Works    Co.    1st   5s,    1929 No 

Pueblo  Gas  &  Fuel  Co.  1st  5s,  1917 Yes 

Pueblo  Gas  &  Fuel  Co.  S.  F.  5s,  1928 Yes 

Pueblo  Realty  Trust  Co.  6s No 

•Pueblo  &  Suburban  Traction  &  Lighting  Co.  1st  5s,  1922 Yes 

Pueblo  Traction  &  Lighting  Co.  1st  5s,  1921 Yes 

Pueblo  Tramway,  Light  &  Power  Co.  Prior  Lien  5s,  1961 No 

Pueblo  Tramway,  Light  &  Power  Co.  1st  5s,  1937 No 

Pueblo  Union  Depot  &  R.  R.  1st  6s,  1919 No 

Puerto  Rico  Planters  Co.  1st  5s No 

Puget  Sound  Electric  Ry.  Co.  1st  Cons.  5s,  1932 Yes 

Puget  Sound  Mills  &  Timber  Co.  1st  6s,  1915-1926 Yes 

Puget  Sound  Power  Co.  1st  5s,  1933 Yes 

Puget  Sound  Traction,  Light  &  Power  Co.  6%  Notes,  1919......  No 

Puget  Sound  &  Willapa  Harbor  Ry.  5%  Ctfs.,  1918 Yes 

Pulaski  Gas  Lt.  Co.  1st  6s,  1917 Yes 

Punxsawteny   Coal    Co.    6s Yes 

Puritan  Coke  Co.  1st  5s,   1916 Y  es 

Purity  Malt.  Brewing  Co.   1st  6s No 

Pyle  (James)   &  Sons  1st  5s Yes 

Pythian  Castle  Association  Bonds No 


Q 

[This   space  for  your   personal   memoranda] 


Q 

Quakertown  Traction  Co.  1st  5s,   1931 Yefe 

Quanah,  Acme  &  Pacific  Ry.  Co.  1st  6s,  1939 Ye 

Quapaw  Gas  Co.  1st  6s,  1921 Yes 

Quebec  Ry.,  Light,  Heat  &  Power  Co.,  Ltd.,  Cons.  5s,  1939 No 

127 


QUE-RAI 

Queen  City  Dairy  Building  Co.  6s,  1922 Ye« 

Queen  Dyeing  Co.  5s,  1934 Yes 

Queens  Borough  Electric  Light  &  Power  Co.  1st  5s,  1928 No 

Queens  Borough  Gas  &  Electric  Co.  1st  5s,  1952 Yes 

Queens  Borough  Water  Co.  Gen.  5s,  1940 Yes 

Queens  Place  Realty  Co.  Inc.  1st  6s Yes 

Queens  Place  Realty  Co.  2nd  6s Yes 

Queensboro  Corporation  1st  Ser.  "A"  6s,  1926 No 

Queensboro  Corporation  5%  Coll.  Tr.  &  Partcp Yes 

Quemahoning  Coal  Co.  Bonds Yes 

Quincy  Electric  Light  &  Power  Co.  4V2S,  1921 No 

Quincy  Gas  &  Electric  Co.  1st  5s,  1929 Yes 

Quincy  Gas,  Electric  &  Heating  Co.  1st  Cons.  5s,  1935 Yes 

Quincy  Horse  Ry.  &  Carrying  Co.  1st  Cons.  5s,  1918 Yes 

Quincy,  Manchester  &  Sargent  Co.  1st  6s,  1956 No. 

Quincy  Railway  Co.  1st  &  Ref.  5s,  1932 Yes 

Quinnipiack  Club  2nd  5s,   1924 No 

Quinnipiack  Club  1st  4y2s,  1929 No 

Quissett   Mill   1st  5s,   1930 Yes 


R 
[This   space   for   your   personal   memoranda] 


R 

Racine-Truscott-Shell  Lake  Boat  Co.  1st  6s No 

Racine  Water  Co.  1st  5s,  1931  No 

Rail  Joint  Co.  Bonds No 

Railroad  Securities  Co.  4s,  1952 * Yes 

Railroad  Wharf  &  Storage  Co.  1st  5s,  1921 Yes 

Railway  &  Light  Securities  Co.  1st  Ser.  Coll.  Tr.  5s,  1935 Yes 

Railway  &  Light  Securities  Co.  2nd  Ser.  Coll.  Tr.  5s,  1939 Yes 

128 


RAI-RED 

Railway  &  Light  Securities  Co.  3rd  Ser.  Coll.  Tr.  5s,  1939 Yes 

Railway  &  Light  Securities  Co.  Ser.  "4"  Coll.  Tr.  5s,  1942 Yes 

Railway  Steel  Spring  Co.  (Inter-Ocean)  1st  5s,  1931 Yes 

Railway  Steel  Springs  Co.  (Latrobe)  1st  Pur.  5s,  1921 Yes 

Rajaw  Realty  Co.  (St.  Louis)  1st  6s Yes 

Raleigh  &  Augusta  Air  Line  R.  R.  Co.  1st-  6s,  1926 No 

Raleigh  &  Cape  Fear  Ry.  1st  5s,  1953 Yes 

Raleigh  &  Charleston  R.  R.  Co.  Cons.  4s,  1956 Yes 

Raleigh  &  Charleston  R.  R.  Co.  1st  Prior  Lien  4s,  1956 Yes 

Raleigh  &  Gaston  R.  R.  Co.  1st  5s,  1947 No 

Raleigh  &  Gaston  R.  R.  Co.,  Seaboard  &  Roanoke  R.  R.  Co.,  Raleigh 

&  Augusta  Air  Line  R.  R.  Co.  Equip.  Tr.  5s,  Ser.  "D". .  No 

Raleigh  &  Southport  Ry.  Gen.  6s,  1917  Yes 

Raleigh  &  Southport  Ry.  1st  5s,  1965  Yes 

Raleigh  &  Southwestern  Ry.  Co.  1st  4s,  1936 Yes 

Raleigh  Steamship  Co.  Bonds   Yes 

Ramapo  Iron  Works  1st  5s  Yes 

Ramsey-Alton  Manufacturing  Co.  Bonds   No 

Rapid  Ry.  1st  5s,  1915   Yes 

Rapid  Ry.  Cons.  5s,  1916  Yes 

Rapid  Transit  Ry.  Co.  1st  5s,  1929 No 

Rapid  Transit  Street  Ry.  Co.  5s,  1921 No 

Raquette  Lake  Ry.  Co.  1st  5s,  1950 No 

Raritan  River  R.  R.  Co.  1st  5s,  1939 No 

Ratliff-Sanders  Grocer  Co.  (Vinita,  Okla.)   1st  6s Yes 

Rateau  Steam  Regenerator  Co.  S.  P.  6s Yes 

Raton  Water  Works  Co.  of  New  Mexico  1st  5s,  1935 Yes 

Raven  Coal  Co.  1st  6s,  1926 No 

Ravenna  Gas  &  Electric  Co.  1st  Cons.  6s . No 

Ravenswood,  Spencer  &  Glenville  Ry.  1st  6s,  1920 Yes 

Ray  Consolidated  Copper  Co.  1st  Conv.  6s,  1921 Yes 

Raystown  Water  Power  Co.  1st  5s,  1938 Yes 

Reading  Belt  R.  R.  Co.  1st  4s,  1950 Yes 

Reading    &  Columbia  R.  R.  Co.  1st  Cons.  4s,  1962 Yes 

Reading  Co.,  Jersey  Central  Coll.  4s,  1951 . .  Yes 

Reading  Co.  &  Phila.  &  Reading  Coal  &  Iron  Co.  Gen.  4s,  1997 Yes 

Reading  Co.,  Wilmington  &  Northern  R.  R.  Stock  4%  Certs Yes 

Reading  Hardware  Co.  6s,  1928  Yes 

Reading  &  Southwestern  Street  Ry.  1st  5MjS,  1931 Yes 

Reading  &  Temple  Electric  Ry.  1st  5s,  1924 Yes 

Reading  Traction  Co.  1st  6s,  1933 Yes 

Reading  Transit  Co.  Car  Tr.  6s Yes 

Reading  Transit  Co.  Car  Tr.  Cert,  Ser.  "A"  5s,  1922 Yes 

Reading  Transit  &  Light  Co.  Coll.  Tr.  6s No 

Reading  Transit  &  Light  Co.  1st  Ref.  &  Imp.  5s,  1963 No 

Reading  &  Wolmesdorff  Electric  Ry.  1st  5s,  1925 Yes 

Ready's  Breweries,  Ltd.,  1st  S.  P.  Bonds No 

Real  Estate  Improvement  Co.  Bonds   No 

Realty  Investment  Co.  1st  4^s  Yes 

Realty  &  Rebuilding  Co.  1st  5s,  1944 ". No 

Realty  Realization  Co.  6s,  1915  No 

Realty  Syndicate  1st  "B"  6s,  1914-1920 No 

Realty  Union  6s No 

Red  Apple  Corporation  Ser.  6s Yes 

Red  Cross  Filter  Co.  Bonds Yes 

Red  Jacket  Coal  &  Coke  Co.  Inc.  Cons.  5s Yes 

Red  Oak  Gas  Light  Co.  1st  6s No 

Red  River  Compress  Co.  1st  6s  No 

Red  River  Lumber  Co.  5s,  1924   Yes 

Red  River  Lumber  Co.  1st  5s,  1928   Yes 

129 


RED-RIC 

Red  River  Power  Co.  1st  5s,  1915 Yes 

Red  River  Valley  Land  &  Development  Co.  1st  Cons.  6s,  1930 Yes 

Red  River  Valley  Land  &  Development  Co.  Gen.  5s,  1932 Yes 

Red  River  Gas,  Light  &  Power  Co.  1st  5s,  1926 Yes 

Redding  Water  Co.  1st  5s,  1936 Yes 

Redlands  Central  Ry.  1st  5s,  1937   No 

Redlands  Gas  Co.  1st  6s,  1920  No 

Redlands  Gas  Co.  Gen.  5s,  1933  No 

Redlands  Home  Telephone  &  Telegraph  Co.  Gen.  5s,  1933 Yes 

Redlands  Street  Ry.  1st  5s,  1931   No 

Redlands  Street  Rys.  1st  6s,  1919  No 

Reedy  River  Power  Co.  1st  Ser.  5s,  1919 Yes 

Reedy  River  Power  Co.  2nd  6s Yes 

Reeves  Manufacturing  Co.  1st  6s No 

Reeves  Timber  Co.  1st  6s Yes 

Regal  Motor  Car  Co.  1st  6s Yes 

Regents  of  the  University  of  Maryland  1st  5s,  1922 Yes 

Reliance  Realty  Co.  1st  6s,  1929 No 

Reno  Power,  Light  &  Water  Co.  1st  Cons.  6s,  1944 No 

Reno  Traction  Co.  1st  6s,  1936 No 

Rensselaer  &  Saratoga  1st  7s,  1921 No 

Rensselaer  Telephone  &  Telegraph  Co.  1st  5s,  1927 Yes 

Rensselaer  Water  Co.  1st  4%s  &  6s No 

Republic  Distilling  Co.  1st  7s,  1915 Yes 

Republic  Iron  &  Steel  Co.  1st  &  Coll.  Tr.  5s,  1934 Yes 

Republic  Iron  &  Steel  Co.  S.  F.  5s,  1940 Yes 

Republic  Power  &  Light  Co.  5s,  1916 No 

Republic  Ry.  &  Light  Co.  5%  Notes,  1916 No 

Republican  Valley  R.  R.  Co.  1st  6s,  1919 No 

Retsof  Mining  Co.  1st  5s,  1925 No 

Reynoldsville  Water  Co.  5s  Yes 

Rhinebeck  Water  Co.  Bonds  Yes 

Rhinelander  Paper  Co.  Bonds   Yes 

Rhode  Island  Suburban  Ry.  1st  4s,  1950 Yes 

Rialto  Realty  Co.  1st  5s,  1916 No 

Rice  Belt  Milling  Co.  (New  Orleans)  Bonds Yes 

Rice  Coal  Co.  1st  6s No 

Richardson  Paper  Co.  1st  6s No 

Richelieu  &  Ontario  Navigation  Co.  Sterl.  5%  Deb.,  1937 No 

Richland  Coal  Co.  1st  &  Coll.  6s,  1937 No 

Richland  Mining  Co.  1st  &  Coll.  6s,  1937 Yes 

Richland  Parish  Lumber  Co.  Bonds  Yes 

Richmond  &  Alleghany  Ry.  Co.  1st  4s,  1989 Yes 

Richmond  &  Alleghany  Ry.  Co.  2nd  4s,  1989 Yes 

Richmond  Beach  &  Railway  Co.  1st  5s  No 

Richmond  &  Danville  R.  R.  Co.  Cons.  6s,  1915 No 

Richmond  &  Danville  R.  R.  Co.  Deb.  5s,  1927 No 

Richmond  Elks  Hall  Association  Bonds  Yes 

Richmond,  Fredericksburg  &  Potomac  R.  R.  Co.  Cons.  4^s,  1940..  Yes 
Richmond.  Fredericksburg  &  Potomac  R.  R.  Co.  Gen.  3^s,  1943...  Yes 

Richmond  Home  Telephone  Co.  5s,  1939 No 

Richmond  Home  Telephone  Co.  6s,  1939 No 

Richmond  Light,  Heat  &  Power  Co.  1st  6s,  1939 No 

Richmond  Light  &  R.  R.  Co.  1st  4s,  1952 Yes 

Richmond  Locomotive  &  Machine  Works,  Cons.  6s,  1929 Yes 

Richmond  &  Meckensburg  R.  R.  Co.  1st  4s,  1948 Yes 

Richmond  &  Petersburg  R.  R.  Co.  1st  6s  &  7s,  1915 No 

Richmond  &  Petersburg  R.  R.  Co.  Cons.  4^s,  1940 Yes 

Richmond  Ry.  &  Electric  Co.  1st  5s,  1920 No 

Richmond-Washington  Co.  Coll.  Tr.  4s,  1943 Yes 

130 


RIC-ROC 

Richmond  Water  &  Light  Co.  1st  5s,  1921 No 

Richmond  Water  &  Light  Co.  Gen.  &  Ref.  5s,  1939 No 

Richmond  Water  &  Light  Co.  Inc.  Bonds,  1951 No 

Riddle   (Mary  A.)   Company  1st  6s,  1922 Yes 

Ridgefield  Electric  Co.  5s  of  1912 Yes 

Ridgefield  Water  Supply  Co.  1st  4s Yes 

Ridgewood  Gas  Co.  1st  5s,  1925 No- 

Ridgewood  Gas  Co.  2nd  5s,  1925 No 

Ridgway  Company  1st  7s,  1916 Yes 

Riding  &  Driving  Club  of  Brooklyn  Inc.  5s No 

Riding  &  Driving  Club  of  Brooklyn  2nd  6s,  1921 No 

Riding  &  Driving  Club  of  Brooklyn  2nd  5s,  1931 No 

Rifle  Light,  Heat  &  Power  Co.  Bonds Yes 

Riggs  Realty  Co.  1st  5s No 

Rindge  Land  &  Navigation  Co.  1st  5s,  1926 No 

Kingrose    (James)    &   Co.  1st  6s,  1920 No 

Rio  De  Janeiro  Tramway,  Light  &  Power  Co.,  Ltd.,  50-yr.  os . . .  .  No 
Rio  De  Janeiro  Tramway,  Light  &  Power  Co.,  Ltd.,  1st  30-yr.  5s.   No 

Rio  Grande  &  Eagle  Pass  Ry.  1st  5s,  1929 No 

Rio  Grande  Junction  Ry.  Co.  1st  5s,  1939 Yes 

Rio  Grande    R.    R.    Co.    1st   6s Yes 

Rio  Grande  Southern  R.  R.  Co.  1st  5s Yes 

Rio  Grande  Southern  R.  R.  Co.  1st  4s,  1940 Yes 

Rio  Grande  Western  Ry.  1st  Tr.  4s,  1939 No 

Rio  Grande  Western  Ry.  Co.  1st  Cons.  4s,  1949 Yes 

Riordan  Pulp  &  Paper  Co.,  Ltd.,  1st  6s,  1942 No 

Ripon  Light  &  Water  Co.  1st  5s Yes 

Risdon  Iron  &  Locomotive  Works  1st  5s,  1917 No 

Ristigouche   Salmon   Club   Bonds     Yes 

River  Raisin  Paper  Co.  1st  5%s,  1924 Yes 

Riverdale  Cotton  Mills  1st  6s,  1918 Yes 

Riverside  &  Arlington  Ry.  1st  4s,  1919 No 

Riverside  Bridge  Co.  Bonds No 

Riverside  Park  Improvement  Co    1st  3s,  1919 No 

Riverside  Portland  Cement  Co.   1st  6s,  1941 No 

Riverside  Sanitary  Manufacturing  Co.  Bonds No 

Riverside  Timber   Co.  Bonds Yes 

Riverside  Traction  Co.  1st  5s,  1960 Yes 

Roach  Timber  Co.  1st  6s,  Ser.  "A" Yes 

Roane  Iron  Co.  1st  6s,  1923 Yes 

Roanoke  City  Water  Works  1st  5s ... . Yes 

Roanoke  Coal  Co.  Mtge.   6s Yes 

Roanoke  Gas  Light  Co.  1st  5s,  1927 Yes 

Roanoke  Ry.  &  Elecctric  Co.  1st  5s,   1949 No 

Roanoke  Ry.  &  Electric  Co.  1st  Cons.  5s,  1953 Yes 

Roanoke  &  Tar  River  R.  R.  Co.  1st  6s,  1917 No 

Roanoke  Traction  &  Light  Co.  1st  &  Coll.  5s,  1958 No 

Roanoke  Water  Co.   5s,   1937 Yes 

Roberts  Realty  Corporation  6s    Yes 

Robins  Dry  Dock  &  Repair  Co.  2nd  6s,  1921 Ye  < 

Robins  Dry  Dock  &  Repair  Co.  1st  5s,  1961 Yes 

Robinson   (D.  A.)   1st  6s Yez 

Roby  Coal   Co.   1st  6s,  1925 No 

Roby  Somers  Coal  Co.  1st  6s Yes 

Rochester  City  &  Brighton  Ry.  1st  6s,  1919 No 

Rochester  (Indiana)  Elec.  Light,  Heat  &  Pow.  Co.  1st  6s,  1936..  Yes 

Rochester  Gas  &  Electric  Co.  2nd  Cons.  4%s,  1920 No 

Rochester  Gas  &  Electric  Co.  Imp.  4%s,  1921 No 

Rochester  &  Lake  Ontario  Water  Co.  6%  Notes Yes 

Rochester  Light,  Heat  &  Power  Co.  1st  5s,  1915-1930 Yes 

131 


ROC-ROC 

Rochester  Light,  Heat  &  Power  Co.  1st  6s,  1930 • Yes 

Rochester  &  Pittsburgh  Coal  &  Iron  Co.  Deb.  5s,  1914-1928 No 

Rochester  &  Pittsburgh  Coal  &  iron  Co.  S.  F.  4y2s,  1932 Yes 

Rochester  &  Pittsburgh  Coal  &  Iron  Co.  P.  M:  5s,  1946 No 

Rochester  &  Pittsburgh  R.  R.  Co.  1st  6s,  1921 No 

Rochester  &  Pittsburgh  R.  R.  Co.  Cons.  1st  6s,  1922 No 

Rochester  Ry.  Co.  Cons.  5s,  1930 Yes 

Rochester  Ry.  Co.  2nd  5s,  1933 Yes 

Rochester  Ry.  &  Light  Co.  Cons.  5s,  1954 Yes 

Rochester  Southern  R.  R.  1st  5s,  1945 Yes 

Rochester,  Syracuse  &  Eastern  R.  R.  6%  Notes,  1915 Yes 

Rochester,  Syracuse  &  Eastern  R.  R.  Co.  1st  5s,  1945 Yes 

Rochester  Telephone  Co.   1st  5s,  1920 Yes 

Rochester  Telephone  Co.    5s,    1933 Yes 

Rock  Island,  Arkansas  &  Louisiana  R.  R.  Co.  1st  4%s,  1934 Yes 

Rock  Island  Arkansas  &  Louisiana  R.  R.  Co.  1st  4s,  1956 Yes 

Rock  Island,  Arkansas  &  Louisiana  R.  R.  Co.,  Hot  Springs  West- 
ern 4s . .  No 

Rock  Island-Frisco  Terminal  Ry.  Co.  1st  5s,  1927 Yes 

Rock  Island  Improvement  Co. — Equip.  "A"  &  "B"  41/£s,  1915 Yes 

Rock  Island  Improvement   Co.    1st   4s Yes 

Rock  Island  Improvement  Co. — "Blue  Island  Shops"  5s Yes 

Rock  Island  Improvement  Co. — Cedar  Rapids  Terminal  1st  5s...  Yes 

Rock  Island  Improvement  Co. — Cedar  Rapids  Terminal  2nd  5s Yes 

Rock  Island  Improvement  Co. — General  Pierson  6s Yes 

Rock  Island  Improvement  Co. — Kansas  City  Terminal  1st  5s Yes 

Rock  Island  Improvement  Co. — Kansas  City  Terminal  2nd  5s Yes 

Rock  Island  Improvement   Co. — "Peoria   Terminal"    5s Yes 

Rock  Island  &  Peoria  Ry.  Co.  Cons.  1st  6s,  1925 No 

Rock  Island  Southern  Ry.  Co.  Coll.  Tr.  6%  Notes... Yes 

Rock  Island  Southern  Ry.  Co.  6%  Notes,  1914 Yes 

Rock  Island  Southern  Ry.  1st  5s,  1947 Yes 

Rockford,  Beloit  &  Janesville  R.  R.  Co.  1st  5s,  1930 Yes 

Rockford  Edison   Co.  1st  5s,  1919 Yes 

Rockford  Electric  Co.  1st  &  Ref.   5s,  1939 Yes 

Rockford  &  Freeport  Electric  Ry.  Co.  1st  's,  1923 No 

Rockford  Gas  Light  &  Coke  Co.  1st  Cons.  5s,  1950 Yes 

Rockford  Gas  Light  &  Coke  Co.  1st  Ref.  &  Cons.  5s,  1959 Yer 

Rockford  &  Interurban  Ry.  1st  5s,  1922 No 

Rockhill  Iron  &  Coal  Co.  1st  4s,  1958 Yes 

Rockhill  Iron  &  Coal  Co.  2nd  Inc.  Bonds,  1958 Yes 

Rockingham  County  Light  &  Power  Co.  5s,  1922 No 

Rockingham  R.  R.  Co.  1st  5s,  1940 Yes 

Rockland  &  Abington  Street  Ry.   1st  6s,  1915 No 

Rockland  Electric  Co.  1st  5s,  1953 No 

Rockland  Light  &  Power  Co.  1st  5s,  1938 Yes 

Rockland  &  Rockport  Lime  Co.  Deb.  5s,  1920 No 

Rockland  &  Rockport  Lime  Co.  1st  5s,  1920 Yes 

Rockland,  Thomaston  &  Camden  Street  Ry.  1st  6s,  1921 Yes 

Rockland,  Thomaston  &  Camden  Street  Ry.  1st  4s,  1921 No 

Rockland  Water  Co.   5s No 

Rockport  Coal  Co.  1st  6s,  1931 No 

Rockport  Granite   Co.   6s No 

Rockport  Street  Ry.  Co.  6%  Notes,  1916 No 

Rockport  Water  Works   1st  5s,   1920 , Yes 

Rockville,  Broad  Brook  &  East  WindsorStr.  Ry.  1st  5s,  1926 Yes 

Rockville  Gas  &  Electric  Co.  1st  5s,  1936 Yes 

Rockville  Willimantic  Lighting  Co.  Deb.   6s,   1923 Yes 

Rocky  Mountain  Coal  &  Iron  Co.  1st  5s,  1951 No 

Rocky  Mountain  Fuel  Co.  1st  &  Ref.  5s , Yes 

132 


ROG-RTJT 

Rogers-Brown  Iron  Co.  1st  &  Ref .  Ser.  5s,  1913-1940 Yes 

Rogers  &  Hall  Co.  Commercial  Building  6s No 

Rogers  Light  &  Water  Co.  1st  6s,  1931 Yes 

Roland  Park  Electric  &  Water  Co.  1st  5s,  1937 Yes 

Roland  Park  Water  Co.  1st  5s,  1937 .• Yes 

Rome  Gas,  Electric  Light  &  Power  Co.  1st  5s,  1931 No 

Rome  Locomotive  &  Machine  Works  Gen.  5s,  1925 Yes 

Rome,  W^atertown  &  Ogdensburg  R.  R.  Co.  1st  Cons.  5s,  4s  &  3^s, 

1922..  No 
Rome,  Watertown  &  Ogdensburg  Terminal  R.  R.  Co.  1st  5s,  1918.  No 

Roper  Lumber  Co.   1st,   1961 No 

Roscoe,  Snyder  &  Pacific  Ry.  Co.  6s,  1917 No 

Roscoe,  Snyder  &  Pacific  Ry.  Co.  Col.  6s,  1920 Yes 

Rose  (Hudson  P.)   Co.  1st  6s,  1917 Yes 

Rosenbaum    (Joseph)    1st  5s Yes 

Roseville  Water  Co.   6s No 

Roswell  Gas  &  Elecctric  Co.  1st  6s,  1925 Yes 

Rothschild    &   Co.    1st   6s,    1927 No 

Routt  County  Fuel  Co.   Col.  Tr.   Notes No 

Roxborough,  Chestnut  Hill  &  Norristown  Ry.  1st  5s,  1»26 Yes 

Roxbury  Central  Wharf  Co.  1st  5s,  1912 No 

Royal  Brewing  Co.   Bonds Yes 

Royalton  Realty  Co.  6~s Yes 

Rudgear  Merle   Co.   Bonds No 

Ruemmeli-Braun  Co.  Bonds Yes 

Rugby  Fuel  Co.  1st  6s Yes 

Rumley  (M.)  Company  6%  Conv.  Notes,  1915 Yes 

Rumely   (M.)    Company  6%  Notes,  1918 No 

Rumford  Falls   Power  Co.   Gen.  4^s,   1929 Yes 

Rumford  Falls  Power  Co.  1st  4s,  1945 No 

Kumford  Falls  &  Rangeley  Lakes  R.  R.  Tr.  4s,  1923 No 

Rumford  Falls  &  Rangeley  Lakes  R.  R.  Co.  1st  5s,  1937 No 

Rumford  Falls,  Sulphite  Divisional  1st  6s,  1918  (see  International 

Paper  Co.) . .  Yes 

Russell  Coal  Mining  Co.  1st  5s No 

Russell-Lamson  Building  Co.   1st  Ser.  6s Ye^ 

w"ssellville  Water  &  Light  Co.  1st  6s,  1916-1931 Yes 

Ruth  Coal  &  Coke  Co.  Bonds No 

Rutland-Canadian  R.  R.  Co.  1st  4s,  1949 : Yes 

Rutland  Fire  Clay  Co.  1st  6s Yes 

Rutland  &  Noyan  Ry.  Co.  1st  4s No 

Rutland  Railroad  Co.  Equip.  Trusts  of  1901 Yes 

Rutland  Railroad  Co.  Equip.  Trusts   4y2s,   1903-1917 Yes 

Rutland  Railroad  Co.  Equip.  4y2s,  1913-1927 ■ No 

Rutland  Railroad  Co.  Equip,  of  1913 No 

Rutland  Railroad  Co.  1st  Cons.  4V2s,  1941 No 

Rutland  Railway,  Light  &  Power  Co.  1st  5s,  1946 No 

Rutland,  Toluca  &  Northern  R.  R.  Co.  1st  4s,  1930 Yes 


133 


SAC-ST.  C 


[This   space  for   your   personal    memoranda] 


s 

Sacramento  Electric,  Gas  &  Ry.  Co.  1st  Cons.  5s,  1927 No 

Sacramento  Terminal  Co.  6s,  1918 Yes 

Sacramento  Valley  Irrigation  Co.  1st  6s,  1911-1920 Yes 

Sacramento  Vallye  Power  Co.  1st  6s,  1929 No 

Sacramento  Valley  Power  Co.  1st  &  Ref.  6s,  1941 Yes 

Sacramento  &  Woodland  1st  5s,  1941 Yes 

Saddle  &  Cycle  Club  1st  Ref.  5s No 

Safety  Insulated  Wire  &  Cable  Co.  6s,  1942 Yes 

Sagadahock  Light  &  Power  Co.  1st  4V2s,  1922 Yes 

Saginaw  Bay  City  Ry.  1st  &  Ref.  5s,  1935 Yes 

Saginaw  City  Gas  Co.  1st  5s,  1916 No 

Saginaw  &  Flint  Railway  1st  5s,  1938 Yes 

Saginaw  Plate  Glass  Bo.  Bonds Yes 

Saginaw,  Tuscola  &  Huron  R.  R.  Co.  1st  4s,  1931 No 

Saginaw  Valley  Telephone  Co.  5s,  1919 No 

Saginaw  Valley  Traction  Co.  1st  5s,  1920 No 

St.  Anne  Light  &  Water  Co.  1st Yes 

St.  Anthony  Improvement  Co.  1st  6s,  1914 No 

St.  Botoph  Club,  Is No 

St.  Charles  Hotel  Co.  Bonds No 

St.  Charles  Lighting  Co.  1st  5s,  1925 Yes 

St.  Charles  St.  R.  R.  Co.  1st  4s,  1952 No 

St.  Clair  Building,  1st  5s Yes 

St.  Clair  County  Gas  &  Electric  Co.  1st  5s,  1922 Yes 

St.  Clair  Co.  Gas  &  Electric  Co.  1st  Cons.  5s,  1959 Yes 

St.  Clair  Furnace  Co.  1st  5s,  1913-39 Yea 

134 


ST.  C-ST.  L 

St.  Clair  Incline  Plane  Co.  1st  5s Yes 

St.  Clair,  Madison  &  St.  Louis  Belt  R.  R.  1st  4s,  1951 No 

St.  Clair  Steel  Co.  1st  5s,  1913-1925 Yes 

St.  Clair  Terminal  R.  R.  Co.  1st  5s,  1932 Yes 

St.  Clair  Water  Co.  Bonds Yes 

St.  Cloud  Water  Power  Co.  1st  6s,  1916-1939 Yes 

St.  Croix  Falls  (Minn.)  Imp.  Co.  1st  5s,  1934 Yes 

St.  Croix  Falls   (Minn.)  Imp.  Co.  &  St.  Croix  Falls   (Wis.)   Imp.  Co. 

1st  5s,  1934 Yes 

St.  Croix  Paper  Co.  1st  Ser.  5s,  1913-1932 Yes 

St.  Croix  Power  Co.  1st  5s,  1929 Yes 

St.  Croix  River  Navigation  &  Improvement  Co.  &  St.  Croix  Lumber  - 

mans  Dam  &  Boom  Co.  1st  5s,  1934 Yes 

St.  Elmo  Club  2nd  6s No 

St.  George  Pulp  &  Paper  Co.  1st  6s No 

St.  Johns  River  Terminal  1st  4s,  1952 No 

St.  Johnsbury  Electric  Co.  5s Yes 

St.  Johnsbury  &  Lake  Champlain  R.  R.  Co.  1st  5s,  1944 No 

St.  Joseph  Gas  Co.  1st  5s,  1937 No 

St.  Joseph  &  Grand  Island  Ry.  Co.  1st  4s,  1947 Yes 

St.  Joseph  Home  Long  Distance  Tel.  Co.  Bonds Yes 

St.  Joseph  Lead  Co.  6%  Notes,  1918 No 

St.  Joseph  Ry.,  Light,  Heat  &  Power  Co.  1st  5s,  1937 Yes 

St.  Joseph  &  Savannah  Interurban  Ry.  Co.  1st  5s,  1940 Yes 

St.  Joseph  Stock  Yards  Co.  1st  4%s,  1930 Yes 

St.  Joseph  Terminal  R.  R.  1st  5s,  1918 No 

St.  Joseph  Water  Co.  5s,  1949 No 

St.  Lawrence  &  Adirondack  Ry.  Co.  1st  5s,  1996 Yes 

St.  Lawrence  &  Adirondack  Ry.  Co.  2nd  6s,  1996 Yes 

St.  Lawrence  Flour  Mills  Co.,  Ltd.,  1st  6s,  1941 No 

St.  Lawrence  Gas,  Electric  &  Transportation  Co.,  Coll.  5s,  1936 Yes 

St.  Lawrence  Pulp  &  Lumber  Corp.  1st  Ser.  6s,  1916-1933 Yes 

St.  Lawrence  Sugar  Refineries,  Ltd.  1st  6s,  1932 No 

St.  Louis  Brewing  Association,  1st  6s,  1939 No 

St.  Louis  Bridge  Co.  1st  7s Yes 

St.  Louis,  Brownsville  &  Mexico  Ry.  1st  6s,  1939 Yes 

St.  Louis  Cable  &  Western  Ry.  1st  6s,  1914 Yes 

St.  Louis  &  Cairo  R.  R.  Co.  1st  4s,  1931 No 

St.  Louis  Car  Co.  1st  6s,  1923 Yes 

St.  Louis  Club  2nd  5s,  Ext.  1923 !No 

St.  Louis  Cotton  Compress  Co.  1st  6s No 

St.  Louis  County  Gas  Co.  1st  5s,  1951 Yes 

St.  Louis  &  East  St.  Louis  Electric  Ry.  Co.  1st  5s Yes 

St.  Louis  Edible  Nut  Co.  1st  5s Yes 

St.  Louis  Gymnastic  Society  Bonds No 

St.  Louis  &  Hannibal  Ry.  Co.,  Inc.  5s,  1933 No 

St.  Louis  &  Illinois  Belt  Ry.  1st  5s,  1929 No 

St.  Louis,  Iron  Mountain  &  Southern  Ry.  Co.,  Equip.  "I,"  5s,  1917 . . .  Yes 

St.  Louis,  Iron  Mountain  &  Southern  Ry.,  Equip  "2,"  5s,  1921 Yes 

St.  Louis,  Iron  Mountain  &  Southern  Ry.  Co.  Equ.  "3,"  5s,  1923 Yes 

St.  Louis,  Iron  Mountain  &  Southern  Ry.,  Equip.  "T,"  5s,  1915 Yes 

St.  Louis,  Iron  Mountain  &  Southern  Ry.  Co.,  Equ.  "U,"  5s,  1915 Yes 

St.  Louis,  Iron  Mountain  &  Southern  Ry.  Co.  Equ.  "V,"  5s,   1922 Yes 

St.  Louis,  Iron  Mountain  &  Southern  Ry.  Co.  Uni.  &  Ref .  4s,  1929 . . .  Yes 
St.  Louis,  Iron  Mountain  &  Southern  Ry.  Co.  Gen.  Cons.  Ry.  &  Land 

Grant  5s,  1931 No 

St.  Louis,  Iron  Mountain  &  Southern  Ry.  Co.    1st    &    Ref.    6s,    Ser. 

"A,"  1952   Yes 

St.  Louis,  Iron  Mountain  &  Southern  Ry.  Co.,  River  &  Gulf  Div.,  1st 

4s,  1933  Yes 

135 


ST.  L-ST.  L 

St.  Louis  &  Kansas  City  Electric  Ry.  Co.  Bonds Yes 

St.  Louis,  Memphis  &  Southeastern  R.  R.  Co.  1st  4s,  1952 No 

St.  Louis  &  Meramec  River  R.  R.,  1st  6s,  1916 Yes 

St.  Louis  Merchants  Bridge  Co.  1st  6s,  1929 No 

St.  Louis  Merchants  Bridge  Terminal  Ry.  Co.  1st  5s,  1930 No 

St.  Louis  National  Stock  Yards  1st  4s,  1930 No 

St.  Louis  &  O'Fallon  Ry.  Co.  4V2%  Equip.  Notes Yes 

St.  Louis  &  O'Fallon  Ry.  Co.  2nd  6s,  1928 Yes 

St.  Louis,  Peoria  &  North  Western  Ry.  Co.  1st  5s,  1948 No 

St.  Louis  R.  R.  Co.  1st  4y2s,  Ext.  1920 Yes 

St.  Louis,  Rockv  Mountain  &  Pacifiic  Co.  1st  5s,  1955 Yes 

St.  Louis  &  St/Charles  Bridge  Co.  1st  5s,  1929 Yes 

St.  Louis  &  San  Francisco  R.  R.  Co.  5s,  1913 Yes 

St.  Louis  &  San  Francisco  R.  R.  Co.  Rec.  Cert.  6s,  1915 !No 

St.  Louis  &  San  Francisco  R.  R.  Co.  Equip.  Tr.  Ser.  "G,"  4y2s,  1916 Yes 

St.  Louis  &  San  Francisco  R.  R.  Co.  Equip.  Tr.  Ser.  "I,"  5s,  1917 Yes 

St.  Louis  &  San  Francisco  R.  R.  Co.  Equip.  Tr.  Ser.  "J,"  5s,  1916 Yes 

St.  Louis  &  San  Francisco  R.  R.  Co.  Equip.  Tr.  Ser.  "K,"  5s,  1917 Yes 

St.  Louis  &  San  Francisco  R.  R.  Co.  Equip.  Tr.  Ser.  "L,"  5s,  1917 Yes 

St.  Louis  &  San  Francisco  R.  R.  Co.  Equip.  Tr.  Ser.  "M,"  5s,  1917 Yes 

St.  Louis  &  San  Francisco  R.  R.  Co.  Equip.  Tr.  Ser.  "N,"  5s,  1916 Yes 

St.  Louis  &  San  Francisco  R.  R.  Co.  Equip.  Tr.  Ser.  "0,"  6s,  1918 Yes 

St.  Louis  &  San  Francisco  R.  R.  Co.  Equip.  Tr.  Ser.  "P,"  5s,  1919 Yes 

St.  Louis  &  San  Francisco  R.  R.  Co.  Equip.  Tr.  Ser.  "Q,"  5s,  1920 Yes 

St.  Louis  &  San  Francisco  R.  R.  Co.  Equip.  Tr.  Ser.  "R,"  5s,  1920 Yes 

St.  Louis  &  San  Francisco  R.  R.  Co.  Equip.  Tr.  Ser.  "S,"  5s,  1923 Yes 

St.  Louis  &  San  Francisco  R.  R.  Co.  Gen.  Lien  5s,  1927 Yes 

St.  Louis  &  San  Francisco  R.  R.  Co.  Ref.  4s,  1951 Yes 

St.  Louis  &  San  Francisco  R.  R.  Co.  1st  Cons.  4s,  1996 No 

St.  Louis  &  San  Francisco  R.  R.  Co.  Central  Div.  1st  4s,  1929 No 

St.  Louis  &  San  Francisco  R.  R.  Co.,  New  Orleans,  Texas  &  Mex.  Div., 

1st  5s  and  4y3s, Yes 

St.  Louis  &  San  Francisco  R.  R.  Co.  Northwestern  Div.  4s,  1930 No 

St.  Louis  &  San  Francisco  R.  R.  Co.  Southwestern  Div.  1st  5s,  1947 No 

St.  Louis  &  San  Francisco  Ry.  Co.  1st  Tr.  6s,  1920 No 

St.  Louis  &  San  Francisco  Ry.  Co.  Gen.  5s  &  6s,  1931 No 

St.  Louis  &  San  Francisco  Ry.  Co.  Coll.  Tr.  5s,  1987 No 

St.  Louis  &  San  Francisco  Ry.  Co.  Missouri  &  Western  Div.  1st  6s, 

1919 No 

St.  Louis  Screw  Co.  1st  6s No 

St.  Louis  Smelting  &  Refining  Co.  5s Yes 

St.  Louis  Southeastern  Railway  Co.  Special  Equip.  Tr.  5s,  1923 No 

St.  Louis  Southwestern  Ry.  1st  4s,  1989 •  Yes 

St.  Louis  Southern  Railroad  Co.  1st  4s,  1931 No 

St.  Louis  Southwestern  Railway  Co.  Equip.  Ser.  "A,"  5s,  1920 Yes 

St.  Louis  Southwestern  Ry.  Co.  Equip.  5s,  1924 INo 

St.  Louis  Southwestern  Ry.  Co.  1st  Cons.  4s,  1932 Yes 

St.  Louis  Southwestern  Ry.  Co.  1st  Term.  &  Unif.  5s,  1952 Yes 

St.  Louis  Southwestern  Ry.  Co.  2nd  Inc.  4s,  1989 Yes 

St.  Louis  Southwestern  Ry.  of  Texas,  2nd  Inc.  4s Yes 

St.  Louis  &  Springfield  Ry.  Co.  1st  5s,  1933 Yes 

St.  Louis,  Springfield  &  Peoria  R.  R.  1st  &  Ref.  5s,  1939 Yes 

St.  Louis,  Springfiield  &  Peoria  R.  R.  Gen.  5s,  1939 Yes 

St.  Louis  &  Suburban  Ry.  1st  Cons.  5s,  1921 , Yes 

St.  Louis  &  Suburban  Ry.  Gen.  5s,  1923 Yes 

St.  Louis  Terminal  Cupples  Station  &  Property  Co.  1st  4y2s,  1917 Yes 

St.  Louis  Transfer  Co.  1st  5s Yes 

St.  Louis  Transit  Co.,  Imp.  5s,  1924 Yes 

St.  Louis,  Troy  &  Eastern  R.  R.,  1st  5s,  1924 No 

St.  Louis,  Wichita  &  Western  Ry.  Co.  1st  6s,  1919 No 

136 


ST.  L-SAN 

St.  Luke's  Hospital  Assn.  1st  6s No 

St.  Maurice  Lumber  Co.  P.  M.  5s Yes 

St.  Maurice  Valley  Cotton  Mills,  Ltd.  1st  6s,  1952 No 

St.  Nicholas  Club  (N.  Y.  City)  Bonds Yes 

St.  Paul  Bridge  &  Terminal  Co.  1st  6s,  1929 Yes 

St.  Paul  Building  Co.  1st  5s,  1924 Yes 

St.  Paul  City  Railway  Co.  1st  6s,  1932 Yes 

St.  Paul  City  Railway  Co.  1st  Cons.  6s,  1934 Yes 

St.  Paul  City  Railway  Co.  Cable  Cons.  5s,  1937 Yes 

St.  Paul  &  Duluth  R.  R.  Co.  2nd  5s,  1917 No 

St.  Paul  &  Duluth  R.  R.  Co.  1st  5s,  1931 No 

St.  Paul  &  Duluth  R.  R.  Co.  1st  Cons.  4s,  1968 No 

St.  Paul  Eastern  Grand  Trunk  Ry.  Co.  1st  4y2s,  1947 Yes 

St.  Paul  Gas  Light  Co.  1st  6s,  1915 Yes 

St.  Paul  Gas  Light  Co.  Cons.  Ext.  6s,  1918 Yes 

St.  Paul  Gas  Light  Co.  Gen.  5s,  1944 Yes 

St.  Paul  &  Kansas  City  Short  Line  R.  R.  1st  4y2s,  1941 Yes 

St.  Paul,  Minneapolis  &  Manitoba  Ry.  Co.  Cons.  6s,  4y2s  &  4s,  1933 ...  No 
St.  Paul,  Minneapolis  &  Manitoba  Ry.  Co.  Montana  Ext.  1st  4s,  1937.  .  No 
St.  Paul,  Minneapolis  &  Manitoba  Ry.  Co.  Pacific  Ext.  1st  4s,  1940 ....  No 

St.  Paul  &  Northern  Pacific  Ry.  Co.  1st  6s,  1923 Yes 

St.  Paul  &  Sioux  City  R.  R.  Co.  1st  6s,  1919 No 

St.  Paul  Southern  Electric  Co.  2nd  5s,  1918 Yes 

St.  Paul  Southern  Electric  Co.  1st  6s,  1931 Yes 

St.  Paul  Union  Depot  Co.  1st  6s,  1930 No 

St.  Paul  Union  Depot  Co.  Cons.  5s  &  4s,  1944 No 

St.  Paul  Union  Stockyards  Co.  1st  5s,  1916 No 

St.  Paul  Union  Stockyards  Co.  5s,  1936 No 

St.  Regis  Paper  Co.  Gen.  6s,  1914 Yes 

St.  Regis  Papar  Co.  1st  6s,  1919 Yes 

St.  Regis  Paper  Co.  2nd  6s,  1921 Yes 

St.  Regis  Paper  Co.  1st  &  Ref.  6s,  1923-1933 Yes 

Salamanca  Telephone  &  Telegraph  Co.  1st  6s,  1924 Yes 

Salem,  Falls  City  &  Western  Ry.  1st  5s,  1934 Yes 

Salem  Water  Co.  (Ore.)  Ref.  &  Imp.  5s Yes 

Salem  Water  Co.  (Ore.)  1st  6s No 

Salem  Water  &  Power  Co.  (Ariz.)  Ref.  &  Imp.  6s Yes 

Salisbury  &  Spencer  Ry.  Co.  1st  5s,  1945 s . .  Yes 

Salmon  River  Power  Co.  1st  5s,  1952 Yes 

Salt  Lake  City  Union  Depot  &  R.  R.  1st  5s,  1938 Yes 

Salt  Lake  &  Los  Angeles  Ry.  Co.  1st  Bonds,  1916 Yes 

Salt  Lake  &  Ogden  Ry.  1st  5s,  1934 Yes 

Salt  Lake  &  Utah  R.  R.  Co.  1st  6s Yes 

Salvation  Army  Bonds No 

Samaritan  Hospital  of  Philadelphia  5s No 

San  Angelo  Water,  Light  &  Power  Co.  1st  6s,  1934 Yes 

San  Antonio  &  Aransas  Pass  Ry.  Co.  Equip.  Tr.  5s,  1916-19  &  20 Yes 

San  Antonio  &  Aransas  Pass  Ry.  Co.  5%  Notes,  1919 Yes 

San  Antonio  &  Aransas  Pass  Ry.  Co.,  5%  Notes,  1920 Yes 

San  Antonio  &  Aransas  Pass  Ry.  Co.  1st  4s,  1943 No 

San  Antonio  Gas  &  Electric  Co.  1st  5s,  1949 Yes 

San  Antonio  Land  &  Irrigation  Co.,  Ltd.  1st  6s,  1911-1923 No 

San  Antonio  Traction  Co.  1st  5s,  1949 Yes 

San  Antonio  Water  Supply  Co.  1st  &  Ref.  5s,  1933 Yes 

San  Benito  Light  &  Power  Co.  1st  6s,  1950 Yes 

San  Bernardino  Interurban  Ry.  1st  5s,  1947 JN  o 

San  Bernardino  Valley  Traction  Co.  1st  5s,  1931 No 

San  Bernardino  Valley  Traction  Co.  Ref.  5s„  1933 No 

Sanbourn  Co.  (G.  F.)  1st  6s,  1916-26 Yes 

San  Carlos  Park  Syndicate  Bonds Yes 

137 


SAN-SAN 

San  Diego  Consolidated  Gas  &  Electric  Co.  Deb.  6s,  1922 No 

San  Diego  Consolidated  Gas  &  Electric  Co.  1st  5s,  1939 Yes 

San  Diego  Electric  Ry.  1st  5s,  1934 Yes 

San  Diego,  El  Paso  &  St.  Louis  Ry.  1st  5s Yes 

San  Diego  Home  Telephone  Co.  1st  5s,  1937 No 

San  Francisco  Dry  Dock  Co.  1st  5s,  1931 Yes 

San  Francisco  Electric  Rys.  1st  5s,  1932 Yes 

San  Francisco  Gas  &  Electric  Co.  Gen.  4%s,  1933 Yes 

San  Francisco  Labor  Union  Hall  Assn.  Bonds No 

San  Francisco,  Napa  &  Calistoga  Ry.  1st  6s,  1936 Yes 

San  Francisco,  Napa  &  Calistoga  Ry.  5%  Deb.,  1936 Yes 

San  Francisco  &  North  Pacific  Ry.  Co.  1st  5s,  1919 No 

San  Francisco,  Oakland  &  San  Jose  Cons.  Ry.  Gen.  Cons.  5s,  1938 No 

San  Francisco,  Oakland  &  San  Jose  Ry.  1st  5s,  1933 No 

San  Francisco,  Oakland  &  San  Jose  Ry.  2nd  5s,  1933 No 

San  Francisco  &  San  Joaquin  Valley  Ry.  Co.  1st  5s,  1940 No 

San  Gabriel  Electric  Co.  1st  6s,  1928 Yes 

San  Geronimo  Cons.  Mines  Co.  Bonds Yes 

San  Joaquin  &  Eastern  Railroad  Co.  1st  5s,  1952 Yes 

San  Joaquin  Light  &  Power  Co.  1st  5s,  1945 No 

San  Joaquin  Light  &  Power  Corporation,  6%  Notes,  1915 Yes 

San  Joaquin  Light  &  Power  Corporation,  1st  &  Ref .  5s  &  6s,  1950 Yes 

San  Joaquin  Power  Co.  1st  5s,  1942 No 

San  Joaquin  Valley  Sugar  Co.  Bonds No 

San  Jose  &  Alum  Rock  Ry.  6s,  1913 No 

San  Jose  &  Los  Gatos  Interurban  Ry.  1st  5s,  1923 Yes 

San  Jose  Lumber  Co.  1st  6s,  1911-20 Yes 

San  Jose  R.  R.  1st  5s,  1955 Yes 

San  Jose  &  Santa  Clara  County  R.  R.,  1st  &  Ref.  4y3s,  1946 Yes 

San  Jose  &  Santa  Clara  R.  R.  Co.  6s No 

San  Jose  Water  Front  Co.  Bonds Yes 

San  Marcos  Utilities  Co.  2nd No 

San  Pedro,  Los  Angeles  &  Salt  Lake  R.  R.  Co.  1st  4s,  1961 Yes 

San  Ramon  Valley  R.  R.  1st  6s,  1942 Yes 

Sand  Springs  Ry.  Co.  1st  6s,  1927 Yes 

Sandusky,  Fremont  &  Southern  Ry.  Co.  2nd  5s Yes 

Sandusky,  Fremont  &  Southern  Ry.  Co.  1st  5s,  1936 Yes 

Sand  Springs  Park  Bonds Yes 

Sandusky  Gas  &  Electric  Co.  1st  5s,  1929 No 

Sandusky  Portland  Cement  Co.  1st  6s Yes 

Sandusky  River  Power  Co.  Gen.  6s Yes 

Sandusky  River  Power  Co.  1st  5s,  1937 Yea 

Sandusky  Telephone  Co.  1st  5s,  1926 No 

Sandwich,  Windsor  &  Amhertsburg  Ry.  Cons.  4^9,  1922 Yes 

Sandy  River  &  Rangeley  Lakes  R.  R.  1st  4s,  1928 Yes 

Sanford  Light  &  Fuel  Co.  1st  6s Yes 

Sanford  &  St.  Petersburg  R.  R.  Co.  1st  4s,  1924 Yes 

Santa  Barbara  Gas  &  Electric  Co.  1st  6s,  1941 Yes 

Santa  Barbara  Suburban  Ry.  Co.  2nd Yes 

Santa  Cecilia  Sugar  Co.  1st  6s,  1925 Yes 

Santa  Cruz  Beach  Co.  1st  6s,  1918 No 

Santa  Cruz  Beach  Hotel  Co.  Bonds No 

Santa  Cruz  Portland  Cement  Co.  1st  6s,  1945 No 

Santa  Lucia  Co.  1st  6s Yes 

Santa  Fe,  Prescott  &  Phoenix  Ry.  Co.  1st  5s,  1942 No 

Santa  Fe  Water  &  Light  Co.  1st  Cons.  4s - Yes 

Santa  Fe  Water  &  Light  Co.  1st  5s Yes 

Santa  Maria  Valley  Ry.  1st  6s,  1931 No 

Santiago  Electric  Light  &  Traction  Co.  6s,  1959 No 

Santiam  Land  &  Lumber  Co.  1st  6s Yes 

138 


SAOSCO 

Sao  Paulo  Electric  Co.,  Ltd.  1st  5s,  1962 No 

Sao  Paulo  Tramway,  Light  &  Power  Co.,  Ltd.  1st  5s,  1929 No 

Sapulpa  Electric  Co.  1st  6s,  1934 Yes 

Saranac  &  Lake  Placid  R.  R.  Co.  2nd  5s No 

Saratoga  &  Encampment  Ry.  Co.  1st  5s Yes 

Saratoga  Telephone  &  Telegraph  Co.  1st  5s,  1927 Yes 

Sargent  Cigar  &  Plantation  Co.  1st  6s No 

Saskatchewan  Invest.  Co.  Deb.  7s,  1920 No 

Sauk  Rapids  Water  Power  Co.  1st  5s Yes 

Sault  Ste.  Marie  Bridge  Co.  1st  5s,  1937 Yes 

Sault  Ste.  Marie  &  Southwestern  Ry.  1st  5s,  1915 No 

Savannah  Electric  Co.  1st  Cons.  5s,  1952 Yes 

Savannah,  Florida  &  Western  Ry.  Co.  1st  5s  &  6s,  1934 Yes 

Savannah  Gas  Co.  1st  5s,  1923 . . Yes 

Savannah  Power  Co.  6%  Notes,  1917 Yes 

Savannah  Power  Co.  1st  5s,  1932 Yes 

Savannah  River  Power  Co.  1st  5s,  1921 Yes 

Savannah  River  Power  Co.  Ref .  5s,  1941 Yes 

Savannah  &  Statesboro  Ry.  Co.  1st  5s,  1953 Yes 

Savannah,  Thunderbolt  &  Isle  of  Hope  Ry.  1st  4s,  1947 No 

Savannah  Timber  Co.  1st  6s Yes 

Savannah  Union  Station  Co.  1st  4s,  1952 Yes 

Savannah  Yacht  Club  (Thunderbolt,  Ga.)  1st No 

Sawyer-Massey  Company,  Ltd.  1st  6s,  1912-1927 No 

Saxman  Coal  &  Coke  Co.  1st  6s,  1929 Yes 

Sayre  Electric  Co.  6%  Notes,  1915 Yes 

Sayre  Electric  Co.  1st  5s,  1947 Yes 

Sayre  Land  Co.  1st  4%s  Yes 

Scheiwe  Storage  Co.  1st  6s Yes 

Schenectady  &  Duanesburgh  R.  R.  Co.  1st  6s,  1924 No 

Schenectady  Home  Telephone  Co.  1st  6s,  1926 Yes 

Schenectady  Power  Co.  1st  5s,  1933 Yes 

Schenectady  Railway  Co.  1st  4y2s,  1941 Yes 

Schenectady  Railway  Co.  Cons.  4%s,  1953 Yes 

Scherrer  Ranch  &  Irrigation  Co.  1st  6s No 

Schlather  Brewing  Co.  1st  4s,  1932 No 

Schmulbach  Building  Co.  Bonds   No 

Schoen  Steel  Wheel  Co.  1st  5s,  1926 Yes 

Schoharie  Light  &  Power  Co.  1st  6s,  1925 No 

Schorr -Kolkschneider  Brewing  Co.  Bonds   No 

Schuylkill  County  Light  &  Fuel  Co.  Coll.  5s,  1933 Yea 

Schuylkill  Electric  Ry.  1st  6s,  1925 Yes 

Schuylkill  Gas  &  Electric  Co.  1st  6s Yes 

Schuylkill  Haven  Gas  &  Water  Co.  1st  5s,  1916 Yes 

Schuylkill  Haven  Gas  &  Water  Co.  Ref.  &  Ext.  1st  5s,  1941 Yes 

Schuylkill  &  Lehigh  R.  R.  Co.  1st  4s,  1948 Yes 

Schuylkill  Railway  Co.  1st  Cons.  5s,  1935 Yes 

Schuylkill  River  East  Side  Railroad  Co.  1st  4s,  1925 Yes 

Schuylkill  Traction  Co.  5s,  1943 Yes 

Schuylkill  Traction  Co.  1st  Cons.  4y2s,  1951 Yes 

Schuylkill  Valley  Illuminating  Co.  1st  6s,  1923 Yes 

Schuylkill  Valley  Traction  Co.  1st  5s,  1945 Yes 

Schuylkill  Valley  Traction  Co.,  Inc.  5s,  1949 No 

Schwenk-Barth  Brewing  Co.  1st  6s Yes 

Schwarzchild  &  Sulzberger  Co.  Deb.  6s,  1916 Yes 

Scioto  Valley  &  New  England  R.  R.  Co.  1st  4s,  1989 No 

Scioto  Valley  Traction  Co.  1st  5s,  1923 Yes 

Scituate  Water  Co.  1st  5s,  1929 Yes 

Scotch  Lumber  Co.  1st  6s Yes 

Scott  Paper  Co.  1st  5s,  1956 Yes 

139 


SCO-SEL 

Scottish  Rite  Bodies  Bonds No 

Scranton  &  Binghamton  Railway  1st  6s,  1960 Yes 

Scranton  &  Carbondale  Traction  Co.  1st  6s,  1923 Yes 

Scranton,  Dunmore  &  Moosic  Lake  R.  R.  Co.  1st  6s,  1933 Yes 

Scranton  Electric  Co.  1st  &  Ref .  5s,  1937 Yes 

Scranton  Lace  Curtain  Co.  1st  &  Ref.  6s,  1935 Yes 

Scranton  Passenger  Ry.  Co.  1st  6s,  1920 Yes 

Scranton  &  Pittston  Traction  Co.  1st  6s,  1923 No 

Scranton  Pump  Co.  1st  6s,  1920 Yes 

Scranton  Ry.  Co.  Ext.  5s,  1918 No 

Scranton  Ry.  Co.  Gen.  5s,  1920 Yes 

Scranton  Ry.  Co.  1st  Cons.  5s,  1932 Yes 

Scranton  Ry.  Co.  6s,  1935  No 

Scranton  Textile  Co.  1st  5s,  1925 No 

Scranton  Textile  Co.  2nd  6s,  1930 No 

Scranton  Traction  Co.  1st  6s,  1932 Yes 

Scullin-Gallagher  Iron  &  Steel  Co.  1st  5y2s,  1911-1925 Yes 

Sea  Beach  Ry.  Co.  Cons.  4s,  1916 No 

Sea  Shore  Camp  Grounds  School,  1st  6s Yes 

Seaboard  Air  Line  Rv.  Co.  Equip.  D,  E,  P.  &  G,  5s,  1914  to  1916 No 

Seaboard  Air  Line  Ry.  Co.  Equip.  Ser.  "H,"  "I,"  "J"  &  "K"  5s,  1916 

and  1917 Yes 

Seaboard  Air  Line  Ry.  Co.  Equip.  L,  N,  O  &  P,  4y2s  &  5s,  1919  to  1923.  Yes 

Seaboard  Air  Line  Ry.  Co.  5s,  1916 Yes 

Seaboard  Air  Line  Ry.  Co.  Adj.  5s,  1949 Yes 

Seaboard  Air  Line  Ry.  Co.  1st  4s,  1950 Yes 

Seaboard  Air  Line  Ry.  Co.  Ref.  4s,  1959 Yes 

Seaboard  Air  Line  Ry.  Co.  Atlanta-Birmingham  1st  4s,  1933 Yes 

Seaboard  &  Roanoke  R.  R.  Co.  Reg.  Deb.  6s,  1916 No 

Seaboard  &  Roanoke  R.  R.  Co.  1st  5s,  1926 No 

Sea  Coast  Railroad  Co.  Gen.  A.  5s,  1948 Yes 

Sea  Coast  Railroad  Co.  Prior  Lien  Mtge.  5s,  1948 f Yes 

Seamless  Tube  Co.  of  America  Bonds Yes 

Searles  Power  Co.  1st  6s,  1919 No 

Seashore  Electric  Ry.  1st  6s,  1917 Yes 

Seashore  Electric  Ry.  Co.  Trustrees  Certs Yes 

Seattle  Construction  &  Dry  Dock  Co.  1st  4s,  1916. Yes 

Seattle  Construction  &  Dry  Dock  Co.  1st  &  Gen.  6s,  1922 Yes 

Seattle  Electric  Co.  Cons.  &  Ref.  5s,  1929 Yes 

Seattle  Electric  Co.  1st  5s,  1930 No 

Seattle  Electric  Co.  Seattle-Everett  1st  5s,  1939 Yes 

Seattle  Lighting  Co.  Deb.  6s,  1920 Yes 

Seattle  Lighting  Co.  1st  5s,  1944 Yes 

Seattle  Lighting  Co.  Ref.  5s,  1949 Yes 

Seattle  Ry.  Co.  1st  5s,  1921 Yes 

Second  Avenue  Traction  Co.  5s,  1933 Yes 

Second  Avenue  Traction  Co.  1st  5s,  1934 Yes 

Second  Church  of  Christ,  Scientist  1st  6s,  1923 No 

Securities  Company  of  New  York,  Cons.  4s,  Ser.  A&C No 

Securities  Investment  Co.  Coll.  Tr.  5%s No 

Security  Building  Co.  6s,  1918 No 

Security  Cement  &  Lime  Co.  6%  Coll.  Notes Yea 

Security  Cement  &  Lime  Co.  1st  6s,  1929 Yes 

Sedalia  Home  Telephone  Co.  1st  6s,  1934 Yes 

Selburne  Falls  &  Colrain  St.  Ry.  Co.  5s,  1930 Yes 

Self  Fluxing  Ore  &  Iron  Co.  1st  6s,  1943 Yes 

Selma  Lighting  Co.  1st  5s,  1932 Yes 

Selma  Lighting  Co.  Gen.  5s,  1939 Yes 

Selma  Street  &  Suburban  Ry.  (old)  1st  5s,  1921 Yes 

Selma  Street  &  Suburban  Ry.  (new)  1st  5s,  1922 Yes 

140 


SEM-SHO 

Semet-Solvay  Co.  Jt.  Deb.  5s,  1918 Yes 

Seminole  Manufacturing  Co.  6%  Notes No 

Seneca  Coal  Mining  Co.  1st  6s Yes 

Seneca  Falls  &  Waterloo  Gas  Co.  1st  5s,  1930 Yes 

Seneca  River  Power  Co.  Bonds Yes 

Sen-Sen  Chiclet  Co.  Coll.  6s,  1929 Yes 

Service  Recorder  Co.  Deb.  7s No 

Seventeenth  &  Nineteenth  Streets  Passenger  Ry.  1st  Ext.  5s,  1919 Yes 

Seventeenth  St.  Incline  Co.  1st  5s,  1935 ■ Yes 

Seventh  Street  Building  Co.  (St.  Louis)  1st  6s Yes 

Seville  Packing  Co.  Real  Estate  6s No 

Seward  Dredging  Co.  1st  6s,  1921 No 

Seymour  Public  Service  Co.  1st  6s,  1928 Yes 

Seymour  Water  Co.  1st  5s Yes 

Shade  Gap  R.  R.  1st  4s,  1958 Yes 

Shade  Smokeless  Coal  Co.  1st  5s No 

Shaker  Heights  Land  Co.  1st  &  Coll.  6s Yes 

Shamokin  &  Edgewood  Electric  Ry.  1st  5s Yes 

Shamokin  &  Mt.  Carmel  Transit  Co.  1st  5s,  1936 Yes 

Shamokin,  Sunbury  &  Lewisburg  R.  R.  Co.  1st  4s,  1925, Yes 

Shamokin,  Sunbury  &  Lewisburg  R.  R.  Co.  2nd  6s,  1925 Yes 

Shamokin  Valley  &  Pottsville  R.  R.  1st  3%s,  1931 No 

Shannon-Arizona  Ry.  Conv.  6s,  1919 Yes 

Sharon  Coke  Co.  1st  5s,  1931 Yes 

Sharon  &  Newcastle  Rys.  Co.  1st  5s,  1931 Yes 

Sharon  Ry.  Co.  1st  4V2s,  1919 

Sharon  Water  Co.  1st  5s,  1940 , Yes 

Shasta  Land  &  Timber  Co.  1st  6s,  1914-1923 Yes 

Shattuck  Hotel  Association,  6s No 

Shawinigan  Cotton  Co.,  Ltd.,  1st  6s,  1949 No 

Shawinigan  Water  &  Power  Co.  1st  Cons.  5s,  1934 No 

Shawmut  Steamship  Co.  6s,  1929 Yes 

Shawnee  Gas  &  Electric  Co.  Ref.  &  Imp.  5s Yes 

Shawnee  Gas  &  Electric  Co.  (Shawnee,  Okla.)  1st  5s,  1926 Yes 

Shawnee  Lighting  Co.  1st  5s,  1926 Yes 

Sheboygan  Gas  Light  Co.  1st  5s,  1931 Yes 

Sheboygan  Light,  Power  &  Ry.  Co.  1st  5s,  1926 Yes 

Sheboygan  Light,  Power  &  Ry.  Co.  Ref.  &  Imp.  5s,  1926 Yes 

Sheboygan  Light,  Power  &  Ry.  Co.  1st  Cons.  5s,  1933 Yes 

Sheboygan  Railway  &  Electric  Co.  Ref.  &  Imp.  5s,  1926 Yes 

Sheffield  Coal  &  Iron  Co.  1st  5s,  1934 Yes 

Shelby  Countv  Water,  Gas  &  Electric  Co.  1st  5s,  1930 Yes 

Sheldon  Axle*  Co.  2nd  6s,  1920 Yes 

Sheldon  Axle  Co.  1st  5s,  1930 Yes 

Shenango  Furnace  Co.  1st  5s,  1921 Yes 

Shenango  Furnace  Co.  (Webb  Mine)  1st  5s,  1930 Yes 

Shenango  Steamship  Co.  1st  5s Yes 

Shenango  Steamship  &  Transportation  Co.  1st  5s,  1920 Yes 

Shenango  Valley  St.  Ry.  1st  6s,  1914 Yes 

Sherbrooke  Ry.  &  Power  Co.  Cons.  1st  5s,  1940 No 

Sheridan  Coal  Co.  1st  6s,  1923 No 

Sheridan  Water,  Light  &  Heat  Co.  1st  6s,  1933 No 

Sheriff  St.  Land  &  Imp.  Co.  5y3s  of  1921 Yes 

Sherman  Hospital  Co.   (Sherman,  Tex.)  1st  6s Yes 

Sherman,  Shreveport  &  Southern  Ry.  Co.  1st  5s,  1943 Yes 

Sherwin-Williams  Co.  of  Canada  1st  &  Ref.  6s,  1941 No 

Shevlin  Clarke  Co.,  Ltd.  1st  5s Yes 

Shevlin  (Edwin  C.)  &  Harriet  A.  Shevlin  1st  6s Yes 

Shinnecock  Hills  Golf  Club  1st  &  Gen.  5s Yes 

Shoal  Creek  Coal  Co.  Bonds Yes 

141 


SHO-SNO 

Shoe  &  Leather  Mercantile  Agency,  Inc.  Deb.  6s No 

Shore  Lighting  Co.  1st  5s,  1951 Yes 

Shore  Line  Electric  Ry.  Co.  1st  5s Yea 

Shreveport  Bridge  &  Terminal  Co.  1st  5s,  1955 Yea 

Shreveport  Gas  &  Electric  Co.  Ref.  6s Yes 

Shreveport  Gas,  Electric  Light  &  Power  Co.  1st  5s,  1922 Yes 

Shreveport  Railwavs  Co.  1st  5s Yes 

Shreveport  Water  Works  Co.  1st  5s,  1939 No 

Shreveport  Water  Works  Co.  Cons.  5s,  1943 >lo 

Shults  Bread  Co.  6s,  1940 Yes 

Sibley  Manufacturing  Co.  1st  5s No 

Sidway  Mercantile  Co.  Ser.  6s,  1921 Yea 

Sierras  Construction  Co.  Coll.  Tr.  6s Yes 

Sierra  Pacific  Electric  Co.  6%  Notes,  1916 Yes 

Sierra  Ry.  Co.  of  California  1st  6s,  1937 No 

Sierra  Ry.  Co.  of  California  2nd  5s,  1944 No 

Sierra  &  San  Francisco  Power  Co.  1st  5s,  1949 Yes 

Sierra  &  San  Francisco  Power  Co.  2nd  Ser.  "A,"  6s,  1949 Yes 

Sierra  &  San  Francisco  Power  Co.  2nd  Ser.  "B,"  5s,  1949 Yea 

Sigma  Chi  Building  Co.  Bonds Yes 

Silk  Realty  Co.  1st  &  2nd  5s Yes 

Silver  Springs,  Ocala  &  Gulf  R.  R.  Co.  1st  4s,  1918 Yes 

Silverton,  Gladstone  &  Northerly  R.  R.  1st  6s,  1919 Yes 

Silverton  Northern  R.  R.  1st  5s,'  1949 Yes 

Simmons  Warehouse  Co.  1st  6s . Yes 

Simpson  Realty  Co.  Ref.  6s,  1932 Yes 

Simpson  Securities  Co.  R.  E.  &  Coll.  6s,  1929 Yea 

Sincere  Realty  Co.  1st  6s Yes 

Sing  Sing  Electric  Lighting  Co.  Gen.  5s,  1916 Yes 

Sioux  City  Gas  &  Electric  Co.  1st  5s,  1921 Yes 

Sioux  City  &  Pacific  R.  R.  Co.  1st  3y2s,  1936 No 

Sioux  City  Service  Co.  1st  &  Ref.  5s,  1928 Yes 

Sioux  City  Stock  Yards  Co.  1st  5s,  1921 . . .  ., No 

Sioux  City  Stock  Yards  Co.  1st  &  Ref.  5s,  1930 Yes 

Sioux  Citv  Traction  Co.  1st  5s,  1919 Yes 

Sioux  Falls  Electric  Light  &  Power  Co.  1st  5s,  1926 Yes 

Sioux  Falls  Gas  Co.  1st  5s,  1940 Yes 

Sioux  Falls  Light  &  Power  Co.  1st  6s,  1910-26 No 

Sioux  Falls  Light  &  Power  Co.  Gen.  5s,  1931 Yes 

Sioux  Falls  Traction  System,  1st  6s,  1930 No 

Siskiyou  Electric  Power  Co.  Bonds No 

Siskiyou  Electric  Power  &  Light  Co.  1st  &  Ref.  5s,  1952 No 

Skaneateles  Railroad  Co.  1st  5s,  1927 Yes 

Skinner  Ship  Building  &  Drv  Dock  Co.  1st  Cons.  5s,  1946 Yes 

Skinner  (William)  &  Sons  Ship  Building  &  Dry  Dock  Co.  1st  5s,  1924. .  Yea 

Skirvin  Investment  Co.  (Oklahoma  Citv,  Okla.)  Bonds Yea 

Skokie  Country  Club  (Glencoe,  111.)  1st* 6s,  1933 No 

Slade  (S.  E.)  Lumber  Co.  Bonds Yea 

Slate  Belt  Electric  Street  Ry.  1st  5s,  1942 No 

Slate  Belt  Electric  Street  Rv.  2nd  4s,  1942 !No 

Sloss  Iron  &  Steel  Co.  Gen.  4%s,  1918 No 

Sloss  Iron  &  Steel  Co.  1st  6s,  1920 No 

Smith  &  Nixon  Piano  Manufacturing  Co.  6s,  1918 No 

Smith   (Peter)  &  Sons  Co.  1st  6s No 

Smith  (C.  A.)  Timber  Co.  6%  Coll.  Notes,  1915 Yea 

Smith  (C.  A.)  Timber  Co.  1st  6s,  1915-1927 Yes 

Smith   (C.  A.)  Timber  Co.  1st  6s,  1916-1933 Yea 

Snell  &  Simpson  Biscuit  Co.  5s,  1936 No 

Snook  (George  M.)  Co.,  Inc.  6s  of  1907 No 

Snowdon  Coke  Co.  1st  5s No 

142 


SOD-SOU 

Sodus  Bay  &  Southern  R.  R.  Co.  1st  5s,  1924 Yes 

Solid  Steel  Tool  &  Forges  Co.  Bonds No 

Solvay  Collieries  Co.  Ref.  &  Devel.  5%s,  1931 Yes 

Solvay  Process  Co.  1st  5s Yes 

Somerset  Coal  Co.  Car  Tr.  5s Yes 

Somerset  Electric  Co.  Gen.  5s Yes 

Somerset  Electric  Light,  Heat  &  Power  Co.  1st  5  s Yes 

Somerset  Investing  Co.  1st  5s,  1928 Yes 

Somerset  &  Kennebec  Co.  1st  5s,  1919 Yes 

Somerset  Lighting  Co.  1st  5s,  1939 Yes 

Somerset  Railway,  1st  5s,  1917 No 

Somerset  Railway  Cons.  4s,  1950 No 

Somerset  Ry.  Co.  1st  &  Ref.  4s,  1955 No 

Somerset  Traction  Co.  1st  5s,  1926 No 

Somerset,  Union  &  Middlesex  Lighting  Co.  1st  4s,  1943 No 

Sonman  Shaft  Coal  Co.  5%  Car  Tr Yes 

Sonoma  Valley  Water,  Light  &  Power  Co.  1st  6s No 

Sonora  Copper  Smelting  Co.  Bonds Yes 

Soracabana  Ry.  1st  4%%  Deb.,  1961 Yes 

Sorento  Coal  Co.  Bonds  (due  Jan.  and  July  1) No 

South  Bend  Fuel  &  Gas  Co.  1st  5s,  1920 Yes 

South  Bend  Home  Telephone  Co.  1st  6s,  1932 Yes 

South  Bend  &  Mishawaka  Gas  Co.  Cons.  5s,  1926 Yes 

South  Bend  &  Southern  Michigan  Ry.  Co.  1st  5s,  1927 Yes 

South  Bound  Railroad  Co.  1st  5s,  1941 No 

South  Carolina  &  Georgia  R.  R.  Co.  1st  5s,  1919 No 

South  Carolina  Light,  Power  &  Rys.  Co.  1st  5s,  1937 Yes 

South  Carolina  Western  Ry.  Co.  Sumter  Div.  1st  6s,  1961 Yes 

South  Covington  &  Cincinnati  St.  Ry.  2nd  Cons.  6s,  1932 No 

South  Covington  &  Cincinnati  St.  Ry.  Cons.  6s,  1932 No 

South  Dakota  Central  Ry.  1st  5s,  1927 Yes 

South  Denver  Water  Co.  Bonds,  1933 Yes 

South  Denver  Water  Co.  Coll.  6s Yes 

South  Ferry  R.  R.  1st  5s,  1919 No 

South  Fork  Portage  Ry.  Co.  1st  5s,  1932 Yes 

South  Georgia  Ry.  Co.  1st  5s,  1923 No 

South  Jersey  Gas,  Electric  &  Traction  Co.  1st  5s,  1953 No 

South  &  North  Alabama  R.  R.  Imp.  5s Yes 

South  &  North  Alabama  R.  R.  Co.  Cons.  5s,  1936 Yes 

South  &  North  Alabama  R.  R.  Co.  Gen.  Cons.  5s,  1963 !No 

South  Pacific  Coast  Ry.  Co.  1st  4s,  1937 No 

South  Platte  Canal  &  Reservoir  Co.  1st  5s,  1903-1923 Yea 

South  Porto  Rico  Sugar  Co.  6s,  1917 Yes 

South  Porto  Rico  Sugar  Co.  Coll.  Tr.  6s,  1919 Yes 

South  Shore  &  Boston  St.  Ry.  1st  5s,  1919 No 

South  Shore  Gas  Co.  1st  5s,  1935 Yes 

South  Shore  Gas  &  Electric  Co.  Gen.  5s,  1933 Yes 

South  Side  Elevated  R.  R.  1st  4V2S,  1924 Yes 

South  Side  Passenger  R.  R.  Co.  1st  6s,  1925 Yes 

South  Texas  Telephone  Co.  1st  5s,  1915 No 

South  Utah  Mines.  &  Smelters  Co.  6%  Conv.  Inc.,  1930 Yes 

Southeastern  Illinois  Long  Distance  Tel.  &  Tel.  Co.  1st  6s Yes 

South  West  Pennsylvania  Ry.  Co.  1st  7s,  1917 Yes 

South  Yuba  Water  Co.  Cons.  6s,  1923 No 

Southern  Alabama  Lumber  Co.  1st  6s Yes 

Southern  Bell  Telephone  &  Telegraph  Co.  1st  5s,  1941 Yes 

Southern  Boulevard  R.  R.  Co.  1st  5s,  1945  — Yes 

Southern  California  Edison  Co.  Deb.  6s,  1916 Yes 

Southern  California  Edison  Co.  Gen.  5s,  1939 Yes 

Southern  California  Gas  Co.  1st  6s,  1950 Yes 

143 


sou-sou 

Southern  California  Iron  &  Steel  Co.  1st  6s,  1927 Yes 

Southern  California  Power  Co.  6s Yes 

Southern  Cambria  Ry.  Co.  1st  5s,  1939 Yes 

Southern  Cambria  Ry.  Co.  Gen.  5s,  1939 Yes 

Southern  Construction  Co.  1st  6s,  1927 Yes 

Southern  Counties  Gas  Co.  of  Cal.  1st  6s,  1941 Yes 

Southern  Electric  R.  R.  1st  5s,  1916 Yes 

Southern  Gas  Improvement  Co.  1st  5s Yes 

Southern  Heat,  Light  &  Power  Co.  1st  5s,  1949 Yes 

Southern  Idaho  Water  Power  Co.  1st  &  Ref.  5s No 

Southern  Illinois  Coal  &  Coke  Co.  1st  4%s No 

Southern  Illinois  Fluorspar  Co.  1st  6s Yes 

Southern  Illinois  Light  &  Power  Co.  1st  6s Yes 

Southern  Illinois  &  Missouri  Bridge  Co.  1st  4s,  1951 ' Yes 

Southern  Illinois  R.  R.  Co.  Bonds Yes 

Southern  Illinois  &  St.  Louis  Ry.  1st  5s,  1938 Yes 

Southern  Improvement  Co.  1st  5s Yes 

Southern  Indiana  Power  Co.  1st  6s,  1931 No 

Southern  Indiana  Ry.  Co.  1st  4s,  1951 No 

Southern  Iowa  Ry.  &  Light  Co.  1st  &  Rf e.  6s,  1929 Yes 

Southern  Light  &  Traction  Co.  1st  5s,  1933 Yes 

Southern  Light  &  Traction  Co.  Coll.  5s,  1949 Yes 

Southern  Michigan  Ry.  Co.  1st  5s,  1927 Yes 

Southern  Michigan  Ry.  1st  Cons.  5s,  1931 Yes 

Southern  Mineral  Land  Co.  6s No 

Southern  Missouri  &  Arkansas  R.  R.  1st  5s,  1939 Yes 

Southern  Missouri  Sheep  &  Cattle  Co.  Bonds No 

Southern  New  England  Telephone  Co.  5s,  1948 No 

Southern  Ohio  Traction  Co.  1st  Cons.  5s,  1920 Yes 

Southern  Ontario  Gas  Co.,  Ltd.  1st  5s,  1953 No 

Southern  Pacific  Branch  Ry.  Co.  1st  6s,  1937 No 

Southern  Pacific  Co.  Equip.  "A"  4l/2s,  1914-23 Yes 

Southern  Pacific  Co.  Conv.  4s,  1929 Yes 

Southern  Pacific  Co.  Conv.  4%s,  1929 Yes 

Southern  Pacific  Co.  Conv.  Deb.  5s,  1934 No 

Southern  Pacific  Co.  1st  Ref.  4s,  1955 Yes 

Southern  Pacific  Co.  Central  Pacific  Stock  Coll.  4s,  1949 Yes 

Southern  Pacific  Co.,  San  Francisco  Terminal  1st  4s,  1950 Yes 

Southern  Pacific  Railroad  Equip.  B,"  1914-23 Yes 

Southern  Pacific  R.  R.  Co.  of  California  1st  Cons.  5s,  1937 Yes 

Southern  Pine  Lumber  Co.  1st  6s,  1916 Yes 

Southern  Power  Co.  1st  5s,  1930 Yes 

Southern  Public  Utilities  Co.  1st  5s Yes 

Southern  Ry.  Co.,  Equ.  Tr.  Certs.,  Ser.  E,  H,  K,  L,  M,  N,  0,  P,  Q,  R Yes 

Southern  Ry.  Co.  1st  6s,  1915 Yes 

Southern  Ry.  Co.  5%  Notes,  1916 No 

Southern  Ry.  Co.  5%  Notes,  1917 ¥wb/V0 

Southern  Ry.  Co.  Devel.  &  Gen.  4s,  1956 Yes 

Southern  Ry.  Co.  1st  Con.  5s,  1994 Yes 

Southern  Ry.  Co.  Aiken  Branch  1st  4s,  1998 Yes 

Southern  Railway — Carolina  Div.  Gen.  4s,  1952 Yes 

Southern  Ry.  Co.  East  Tenn.  Reorg.  5s,  1938 Yes 

Southern  Ry.  Co.,  Memphis  Div.  1st  5s,  1996 Yes 

Southern  Ry.  Co.,  Mobile  &  Ohio  Coll.  4s,  1938 Yes 

Southern  Ry.  Co.,  St.  Louis  Div.  1st  4s,  1951 Yes 

Southern  Seaboard  Corporation  6%  Coll.  Notes * Yes 

Southern  Seaboard  Lumber  Corporation  1st  6s,  1924 Yes 

Southern  Sierras  Power  Co.  1st  6s,  1936 Yes 

Southern  Timber  Co.  1st  6s,  1912-1918 Yes 

Southern  Timber  Co.  1st  Gen.  6s Yes 

144 


SOU-SPR 

Southern  Traction  Co.  2nd  5s,  1942 Yea 

Southern  Traction  Co.  1st  Coll.  5s,  1950 Yes 

Southern  Utah  R.  R.  Co.  1st  6s Yes 

Southern  Utilities  Co.  6%  Notes,  1914 Yes 

Southern  Utilities  Co.  1st  6s Yes 

Southern  Wisconsin  Power  Co.  1st  5s,  1938 Yes 

Southern  Wisconsin  Ry.  Gen.  5s,  1932 Yes 

Southwest  Missouri  Electric  Ry.  Ref.  &  Ext.  5s,  1923 Yes 

Southwest  Missouri  Light  Co.  Ext.  6s,  1921 No 

Southwest  Missouri  Light  Co.  5s,  1926 No 

Southwest  Missouri  R.  R.  Gen.  Ref.  5s,  1931 Yes 

Southwestern  Brewery  &  Ice  Co.  Bonds No_ 

Southwestern  Coal  &  Improvement  Co.  1st  6s,  1929 ifearvT^ 

Southwestern  Gas  &  Electric  Co.  Deb.  6s,  1922 Yes 

Southwestern  Gas  &  Electric  Co.  1st  &  Ref.  5s,  1932 Yes 

Southwestern  General  Gas  Co.  1st  &  Ref.  6s,  1931 Yes 

Southwestern  Home  Telephone  Co.  Gen.  5s,  1937 Yes 

Southwestern  Traction  &  Power  Co.  1st  5s,  1038 Yes 

Southwestern  Petroleum  Co.  1st  6s,  1924 Yes 

Southwestern  Power  &  Light  Co.  1st  5s,  1943 Yes 

Southwestern  Traction  Co.  1st  5s,  1931 Yes 

Southwestern  Utilities  Corporation  5-yr.  Notes,  1917 Yes 

Spanish-American  Iron  Co.  1st  6s,  1927 Yes 

Spartanburg,  Union  &  Columbia  R.  R.  Co.  1st  4s,  1995 Yes 

Spencer  Gas  Co.  1st  5s,  1929 Yes 

Spencer  Light,  Power,  Heat  &  Water  Co.  6s,  1933 No 

Sperry  Flour  Co.  1st  6s,  1936 Yes 

Spiegel,  M.  J.— S.  M.— A.  H.  &  A.  Wadheim  1st  5y2s No 

Spinks  Shoe  Manufacturing  Co.  1st  6s Yes 

Spokane  Falls  &  Northern  Ry.  Co.  1st  6s,  1939 Yes 

Spokane  Gas  &  Fuel  Co.  1st  &  Ref.  5s,  1944 Yes 

Spokane  &  Inland  Empire  R.  R.  Co.  1st  5s,  1926 Yes 

Spokane  International  Railway  Co.  1st  5s,  1955 Yes 

Spokane  Lumber  Co.  1st  6s Yes 

Spokane  Portland  &  Seattle  Ry.  Co.  1st  4s,  1961 Yes 

Spokane  &  Seattle  Ry.  1st  4s  (dated  Nov.  1,  1896) No 

Spokane  Terminal  Co.  1st  5s,  1930 Yes 

Spokane  Traction  Co.  1st  5s,  1925 Yes 

Spokane  Valley  Land  &  Water  Co.  Cons.  Bonds Yes 

Sporleder  Manufacturing  Co.  Bonds No 

Spring  Brook  Water  Supply  Co.  1st  5s,  1926 Yes 

Spring  River  Power  Co.  1st  5s,  1912-1930 No 

Spring  Valley  Gas  Co.  6s,  1930 Yes 

Spring  Valley  Water  Co.  5V2%  Notes,  1915 Yes 

Spring  Valley  Water  Co.  Gen.  4s,  1923 Yes 

Spring  Water  Carbonating  Co.  Bonds Yes 

Springfield  Breweries  Co.  1st  Cons.  6s,  1919 No 

Springfield  Coal  Mining  Co.  1st  5s,  1923 No 

Springfield  Consolidated  Ry.  1st  Cons.  5s,  1933 Yes 

Springfield  Consolidated  Water  Co.  1st  5s,  1958 Yes 

Springfield  &  Eastern  St.  Ry.  Co.  1st  5s,  1922 No 

Springfield  Electric  Ry.  1st  5s,  1917 Yes 

Springfield  Light,  Heat  &  Power  Co.  1st  5s,  1929 Yes 

Springfield  Ry.  Co.  1st  5s,  1935 No 

Springfield  (Mo.)  Railway  &  Light  Co.  1st  Lien  S.  F.  5s,  1926 Yes 

Springfield  (Ohio)  Ry.  Co.  1st  6s,  1933 Yes 

Springfield   (111.)  Ry.  &  Light  Co.  Coll.  5s,  1933 Yes 

Springfield  Street  Ry.  1st  4s,  1923 No 

Springfield  Warehouse  Trust  Co.  1st  5s,  1935 Yes 

Springfield  Water  Co.  1st  6s,  1922 Yes 

145 


SPR-STE 

Springfield  Water  Co.  Cons.  5s,  1926 Yes 

Springfield -Xenia  Telephone  Co.  1st  5s,  1924 Yes 

Spuyten  Duyvil  &  Port  Morris  R.  R.  Co.  1st  3y2s,  1959 Yes 

Stadaconca  Hydraulic  Co.  1st  5s,  1932 No 

Stadaconca  Steamship  Co.  Bonds Yes 

Stafford  Springs  Street  Ry.  1st  5s,  1956 Yes 

Stamford  Gas  &  Electric  Co.  Conv.  6%  Deb.  1923 Yes 

Stamford  Gas  &  Electric  Co.  2nd  4s,  1929 No 

Stamford  Gas  &  Electric  Co.  1st  5s,  1929 No 

Stamford  &  Northwestern  Ry.  1st  6s,  1939 Yes 

Stamford  Water  Works,  1st  5s Yes 

Standard  Cast  Iron  Pipe  &  Foundry  Co.  1st  5s,  1928 Yes 

Standard  Chain  Co.  1st  6s No 

Standard  Coal  Co.  1st  6s No 

Standard  Electric  Co.  of  California  1st  5s,  1939 No 

Standard  Fire  Proof  Building  Co.  1st  6s Yes 

Standard  Gas  Co.  1st  5s Yes 

Standard  Gas  &  Electric  Co.  Coll.  Tr.  6%  Notes,  1914-16 No 

Standard  Gas  &  Electric  Co.  Conv.  S.  F.  6s,  1926 No 

Standard  Gas  Light  Co.  1st  5s,  1930 !No 

Standard  Ice  Manufacturing  Co.  1st  5s,  1929 Yes 

Standard  Milling  Co.  1st  5s,  1930 Yes 

Standard  Motor  Construction  Co.  1st  6s,  1927 Yes 

Standard  Oil  Cloth  Co.  Deb.  6%  Notes,  1913-18 Yes 

Standard  Portland  Cement  Corporation,  1st  6s,  1922 No 

Standard  Roller  Bearing  Co.  Deb.  5s,  1916 Yes 

Standard  Roller  Bearing  Co.  Conv.  Deb.  6s,  1918 Yes 

Standard  Sanitary  Manufacturing  Co.  1st  6s,  1920 No 

Standard  Sanitary  Manufacturing  Co.  Deb.  6s,  1920 No 

Standard  Screw  Co.  Deb.  5s,  1920 Yes 

Standard  Steel  Works  Co.  1st  5s,  1928 Yes 

Standard  Timber  Co.  1st  6s,  Ser.  "A" Yes 

Stanley,  Merrill  &  Phillips  Ry.  1st  5s,  1935 No 

Staples  Coal  Co.  Bonds  No 

Star  Building  Co.  Bonds Yes 

Star  &  Crescent  Milling  Co.  1st  5y2s Yes 

Stark  County  Telephone  Co.  1st  5s,  1920 No 

Stark  Electric  R.  R.  Co.  1st  5s,  1928 Yes 

Stark-Tuscarawas  Breweries  Co.  1st  6s,  1930 No 

State  Belt  Electric  Light,  Heat  &  Power  Co.  1st  5s,  1927 Yes 

State  Line  &  Sullivan  1st  4y2s,  1929 Yes 

State  Wharf  &  Storage  Co.  1st  5s,  1915 Yes 

Staten  Island    R.  R.  Co.  1st  5s,  1926 No 

Staten  Island  Ry.  Co.  1st  4y2s,  1943 No 

Staten  Island  Rapid  Transit  Ref .  4s,  1948 Yes 

Statler  Co.  1st  6s Yes 

Staunton  Lighting  Co.  1st  5s Yes 

Steamer  "Col.  James  M.  Schoonniaker"  1st  5s,  1922 Yes 

Steamer  "Shenango"  1st  5s,  1920 Yes 

Steamer  "William  P.  Snyder"  Bonds,  1922 Yes 

Stearns  Coal  &  Lumber  Co.  1st  6s,  1913-1922 Yes 

Steele-Wedeles  Co.  Building  5y2s No 

Steelton  Home  Gas  Co.  1st  5s,  1925 Yes 

Steers  (Henry)  Inc.  6s Yes 

Stephens-Bird  Lumber  &  Logging  Co.  1st  6s Yes 

Stephenville,  North    &South  Texas  Ry.  Co.  1st  5s,  1940 Yea 

Sterling  Cedar  &  Lumber  Co.  1st  6s Yes 

Sterling  Coal  Co.  1st  6s,  1940 No 

Sterling,  Dixon  &  Eastern  Electric  Ry.  1st  5s,  1923 Yes 

Sterling  Dyeing  &  Finishing  Co.  1st  5s,  1926 No 

146 


STE-SUM 

Sterling  Gas  &  Electric  Co.  1st  5s,  1927 Yes 

Stern  Bros.  6%  Notes,  1919 No 

Steubenville  Bridge  Co.  1st  5s,  1951 No 

Steubenville  &  Indiana  R.  R.  Co.  1st  5s,  1914 No 

Steubenville,  Mingo  &  Ohio  Valley  Ry.  1st  5s,  1920 No 

Steubenville  &  Wheeling  Traction  Co.  1st  5s,  1935 No 

Stevens  (Chas.  A.)  &  Bros.  Building  6s No 

Stevens  Point  Power  Co.  (Stevens  Pt.,  Wis.)  1st,  1929 Yes 

Stevens  Point  Water  Co.  1st  5s Yes 

Stewart  (James)  &  Co.  Mar.  Equip.  6s Yes 

Stewart  (James)   &  Co.  Notes Yes 

Stewart  Sugar  Co.  1st  6s,  1927 Yes 

Stewart  Sugar  Co.  2nd  7s,  1927 Yes 

Stifel  (Otto  F.)  Union  Brewing  Co.  Bonds Yes 

Stillman  Co.  1st  6s Yes 

Stockton  Electric  R.  R.  1st  6s,  1917 No 

Stockton  Terminal  &  Eastern  R.  R.  Co.  1st  6s,  1941 Yes 

Stone  Quarry,  6s Yes 

Stonegap  Colliery  Co.  1st  5s Yes 

Stonington  (Me.)  Water  Co.  1st  5s Yea 

Stony  Creek  R.  R.  Co.  1st  Ext.  4s,  1957 Yes 

Stoughton  Gas  Electric  Co.  1st  5s,  1920 No 

Stoughton  Light  &  Fuel  Co.  1st  5s,  1936 Yes 

Straight  Creek  Coal  &  Coke  Co.  (Cont.  Coal  Corp.)  1st  6s,  1941 No 

Stratford  Building  Co.  1st  6s Yes 

Stratford  Railway  Construction  Co.  (for  Cincinnati  Ry.)  Eq.  Ser.  "A".   Yes 

Strathmore  Paper  Co.  1st  5s,  1924 Yes 

Streator  Aqueduct  Co.  1st  5s ^N  o 

Streator  Independent  Tel.  &  Tel.  Co.  Coll.  6s Yes 

Street's  Western  Stable-Car  Line,  1st  Equip.  5s,  1914-1927 Yes 

Strong  Battelle  Manufacturing  Co.  Bonds No 

Strook  Felt  Mills  1st  5s Yes 

Stroudsburg,  Water  Gap  &  Portland  Ry.  1st  5s No 

Stroudsburg,  Water  Gap  &  Portland  Ry.  Cons.  5s No 

Struthers  Furnace  Co.  1st  Coll.  6s,  1914-1926 Yes 

Studebaker  Corporation  5%  Notes,  1922 Yes 

Sturgis,  Goshen  &  St.  Louis  Ry.  Co.  1st  3s,  1989 No 

Suburban  Gas  Co.  of  Philadelphia  1st  Cons.  5s,  1952 Yes 

Suburban  Light  &  Power  Co.  6s,  1938 Yes 

Suburban  Press,  6%  Notes Yes 

Suburban  Rapid  Transit  St.  Ry.  Co.  1st  6s,  1953 Yes 

Suburban  Telephone  Co.  1st  5s,  1936 Yes 

Suburban  Water  Co.    (Slinger lands)    Bonds Yes 

Suburban  Water  Co.  1st  6s,  1951 No 

Suffolk  &  Carolina  R.  R.  1st  Cons.  5s,  1952 Yes 

Suffolk  Gas  &  Electric  Co.  1st  5s,  1929 Yes 

Suffolk  Gas  &  Electric  Light  Co.  5s,  1918 No 

Suffolk  Traction  Co.  1st  5s,  1957 Yes 

Sugar  Land  Ry.  Co.  Bonds ". No 

Sullivan  County  R.  R.  1st  4s,  1924 No 

Sullivan  Water  Co.  1st  6s. Yes 

Sultan  Ry.  &  Timber  Co.  Bonds Yes 

Sultepec  Electric  Light  &  Power  Co.  1st  Cons.  6s,  1958 Yes 

Sulzberger  &  Sons  Co.  Deb.  6s,  1916 Yes 

Summit  County  Power  Co.  1st  6s,  1927 Yes 

Summit  Lumber  Co.  1st  6s Yes 

Sumpter  Light  &  Water  Co.  1st  5s,  1923 Yes 

Sumpter  Valley  Ry.  Co.  1st  6s,  1927 No 

Sumpter  Water  Co.  1st  5s,  1920 Yes 

Sumpter  &  Wateree  River  R.  R.  Co.  1st  5s,  1919 Yes 

Sumter  Lighting  Co.  1st  5s Yes 

147 


SUN-SYR 

Sun  Book  &  Job  Printing  Office  1st  6s,  1923 Yes 

Sun  Ray  Water  Co.  1st  6s,  1922 Yes 

Sunbury,  Hazleton  &  Wilkes-Barre  Ry.  Co.  1st  5s,  1928 No 

Sunlury,  Hazleton  &  Wilkes-Barre  Ry.  Co.  2nd  6s,  1938 No 

Sunbury  &  Lewistown  Ry.  Co.  1st  4s,  1936 Yes 

Sunday  Creek  Co.  Coll.  Tr.  5s,  1944 Yes 

Sunday  Creek  Coal  Co.  6s No 

Sunnydill  Irrigation  Co.  (Rexburg,  Ida.)  Bonds No 

Sunset  Ry.  1st  4s,  1930 No 

Sunset  Timber  Co.  Bonds Yes 

Superior  Foundry  Co.  1st  6s Yes 

Superior  Savings  &  Trust  Co.  Equip.  5s,  1916 Yes 

Superior  Short  Line  Ry.  Co.  1st  5s,  1930 No 

Superior  Water,  Light  &  Power  Co.  Ref .  5s,  1929 No 

Superior  Water,  Light  &  Power  Co.  1st  4s,  1931 No 

Susquehanna,  Bloomburg  &  Berwick  R.  R.  1st  5s,  1952 Yes 

Susquehanna  Coal  Co.  5s,  1919 No 

Susquehanna  County  Light  &  Power  Co.  1st  6s,  1943 No 

Sutter  Basin  Co.  6%  Coll.  Tr.  Notes  1918 Yes 

Sutter  Butte  Canal  Co.  1st  6s Yes 

Sutter  St.  Ry.  Co.  1st  5s,  1918 No 

Sweetwater  Coal  Mining  Co.  1st  6s,  1921 Yes 

Sweetwater  Ice  &  Cold  Storage  Co.  1st  5s,  1943 Yes 

Swift  &  Co.  1st  5s,  1944 Yes 

Sydney  &  Glace  Bay  Ry.  Co.,  Ltd.  5s,  1932 No 

Sykesville  Coke  Co.  1st  5s Yes 

Symington  (T.  H.)  Co.  6%  Notes,  1916. Yes 

Symington  (T.  H.)  Co.  1st  Conv.  6s,  1920 Yes 

Syracuse  Gardens  Co.  1st  6s,  1925 Yes 

Syracuse  Gas  Co.  1st  5s,  1946 Yes 

Syracuse,  Lake  Shore  &  Northern  R.  R.  5%  Notes,  1914 Yes 

Syracuse,  Lake  Shore  &  Northern  R.  R.  1st  5s,  1947 Yes 

Syracuse  Lighting  Co.  Ext.  &  Imp.  6s,  1919 Yes 

Syracuse  Lighting  Co.  Deb.  6s,  1927 Yes 

Syracuse  Lighting  Co.  1st  5s,  1951 Yes 

Syracuse  Light  &  Power  Co.  Coll.  Tr.  5s,  1954 Yes 

Syracuse,  Phoenix  &  Oswego  R.  R.  Co.  1st  6s,  1915 No 

Syracuse  Rapid  Transit  Ry.  Co.  2nd  5s,  1930 No 

Syracuse  Rapid  Transit  Co.  1st  5s,  1946 No 

Syracuse  &  South  Bay  Electric  R.  R.  Co.  1st  5s,  1947 Yes 

Syracuse  &  Suburban  R.  R.  Co.  1st  5s,  1927 Yes 

Syracuse  &  Suburban  R.  R.  Co.  1st  Cons.  5s,  1953 Yes 

Syracuse  Suburban  Water  Co.  1st  5s Yes 

Syracuse,  Watertown  &  St.  Lawrence  River  R.  R.  Co.  1st  5s,  1952 Yes 


lis 


TAC-TEC 


T 
[This   space  for  your   personal   memoranda] 


T 

Tacoma  &  Eastern  Ry.  Co.  1st  5s,  1923 Yes 

Tacoma  Gas  &  Elec.  Co.  1st  5s,  1915 No 

Tacoma  Gas  Light  Co.  (Pierce  Co.  Gas  Co.)  Ref.  5s,  1926 Yes 

Tacoma  Ry.  &  Pr.  Co.  1st  5s,  1929 No 

Tagona  Water  &  Light  Co.  1st  5s No 

Tamm  Glue  Co.  Bonds No 

Tampa  Elec.  Co.  1st  5s,  1933 Yes 

Tampa  Gas  Co.  1st  5s,  1937 Yes 

Tampa  Northern  R.  R.  Co.  1st  5s,  1936 Yes 

Tampa  Union  Station  1st  5s,  1940 Yes 

lampa  Water  Works  Co.  1st  6s,  1915 Yes 

Tanana  Valley  R.  R.  1st  6s,  1926 Yes 

Tarboro  Cotton  Factory  1st  6s ]No 

Tarkio  Valley  R.  R.  Co.  1st  7s,  1920 Yes 

Taunton  &  Brockton  St.  Ry.  Co.  1st  5s,  1917 No 

Taunton  St.  Ry.  Co.  1st  5s,  1914 No 

Taunton  St.  Ry.  Co.  Deb.  5s,  1914 No 

Taxi  Service  Co.  of  Phila.  Col.  5s Yes 

Taylor  Coal  &  Coke  Co.  1st  5s Yes 

Taylor,  E.  H.,  Jr.  &  Son  1st  6s,  1917 Yes 

Taylor  (Wm.)  Son  &  Co.  1st  5s Yes 

Taylor-Wharton  Iron  &  Steel  Co.  1st  6s,  1942 Yes 

Taylor's  Falls  &  Lake  Superior  R.  R.  Co.  1st  6s,  1914 No 

Taylorville  Gas  &  Elec.  Co.  1st  5s,  1935 Yes 

Tazewell  Coal  Co.  6s Yes 

Tecumseh  S.  S.  Co.  Bonds Yes 

149 


TED-TEX 

Tedoeco  Country  Club  Cons.  5s,  1936 Yes 

Telegraph  Hill  Neighborhood  Ass'n  Bonds Yes 

Telephone  Securities  Co.  Col.  Tr.  5y2s No 

Telephony  Publishing  Co.  1st  6s Yes 

Temescal  Water  Co.  1st  Ser.  6s,  1914-21 No 

Temple  Coal  Co.  1st  5s,  1924 Yes 

Temple  Gas  Light  Co.  1st  5s,  1941 No 

Temple  Lumber  Co.  Bonds Yes 

Temple  University  of  Phila.  5s No 

Tenn.  Coal,  Iron  &  R.  R.  Co.  Birmingham  Div.  P.  M.  &  Imp.  6s,  1917 ...  No 

Tenn.  Coal,  Iron  &  R.  R.  Co.  Tenn.  Div.  1st  Cons.  6s,  1917 No 

Tenn.  Coal,  Iron  &  R.  R.  Co.  Gen.  5s,  1951 Yes 

Tennessee  Copper  Co.  1st  6s,  1917 Yes 

Tennessee  Eastern  Elec.  Co.  1st  5s,  1943 Yes 

Tennessee  Power  Co.  1st  5s,  1962 No 

Tennessee  Ry.  Co.  1st  5s,  1937 Yes 

Tennessee  Timber,  Coal  &  Iron  Co.  6s,  1915 No 

Tennessee  Timber  Co.  1st  Ser.  6s,  1916-21 Yes 

Tennis  &  Racquet  Club  R.  E.  5s,  1922 Yes 

Tenth  &  Twenty-Third  St.  Ferry  Co.  1st  5s,  1929 Yes 

Termaat  &  Monahan  Co.  1st  6s No 

Terminal  Freezing  &  Heating  Co.  1st  5s,  1932 Yes 

Terminal  Investment  Co.  Bonds No 

Term.  R.  R.  Ass'n  of  St.  Louis  1st  4V2s,  1939 No 

Term.  R.  R.  Ass'n  of  St.  Louis  1st  Cons.  5s,  1944 Yes 

Term.  R.  R.  Ass'n  of  St.  Louis  R.  E.  5s No 

Term.  R.  R.  Ass'n  of  St.  Louis  Gen.  Ref .  4s,  1953 Yes 

Terminal  Ry.  of  Buffalo  1st  4s,  1946 Yes 

Terminal  Warehouse  Co.  1st  6s Yes 

Terminal  Warehouse  Co.  2nd  5s Yes 

Term.  Wharf  &  R.  R.  Warehouse  Co.  1st  5s,  1928 Yes 

Terre  Haute  Elec.  Co.  1st  5s,  1929 Yes 

Terre  Haute  &  Indianapolis  R.  R.  Co.  Cons.  1st  5s,  1925 No 

Terre  Haute,  Ind.  &  East.  Tr.  Co.  1st  &  Ref.  5s,  1945 Yes 

Terre  Haute  &  Peoria  R.  R.  Co.  1st  5s,  1937 No 

Terre  Haute  &  Peoria  R.  R.  Co.  1st  Cons.  5s,  1942 No 

Terre  Haute  Traction  &  Light  Co.  1st  Cons.  5s,  1944 Yes 

Terre  Haute  Water  Wks.  Co.  1st  4y2s,  1919 No 

Terre  Haute  &  Western  Ry.  1st  5s,  1937 Yes 

Texarkana  Gas  &  Elec.  Co.  1st  5s,  1930 Yes 

Texarkana  Water  Corp.  1st  5s,  1934 Yes 

Texarkana  Water  Corp.  Cons.  5s,  1939 Yes 

Texas  Central  R.  R.  Co.  1st  5s,  1923 Yes 

Texas  Central  R.  R.  1st  4s,  1923 Yes 

Texas  City  Co.  1st  5s,  1918 Yes 

Texas  City  Transportation  Co.  Conv.  6%  Notes,  1917 Yes 

Texas  City  Transportation  Co.  1st  6s,  1925 Yes 

Texas  Co.  (The)  Deb.  6s,  1931 Yes 

Texas  Irrigation  Co.  1st  6s,  "A" Yes 

Texas  &  New  Orleans  R.  R.  Co.  1st  M.  L.  6s,  1935 No 

Texas  &  New  Orleans  R.  R.  Co.  Cons.  5s,  1943 No 

Texas  &  New  Orleans  R.  R.  Co.  Dallas  Div.  1st  4s,  1930 No 

Texas  &  Oklahoma  R.  R.  1st  5s,  1943 Yes 

Texas  &  Pacific  Ry.  Co.  Eq.  Ser.  "AA"  5s,  1917 Yes 

Texas  &  Pacific  Ry.  Co.  Eq.  Ser.  "BB"  5s,  1922 Yes 

Texas  &  Pacific  Ry.  Co.  Eq.  Ser.  "E,"  1914 , Yes 

Texas  &  Pacific  Ry.  Co.  Eq.  Ser.  "F,"  1915 Yes 

Texas  &  Pacific  Ry.  Co.  Eq.  Ser.  H.  G.  J,  1918,  1916  &  1920 Yes 

Texas  &  Pacific  Ry.  Co.  1st  Cons.  5s,  2000 Yes 

Texas  &  Pacific  Ry.  Co.  2nd  Cons.  5s,  2000 Yes 

Texas  &  Pacific  Ry.  Co.  Louisiana  Div.  1st  5s,  1931 Yes 

150 


TEX-TOL 

Texas  Portland  Cement  Co.  1st  6s,  1924 Yea 

Texas  Power  &  Light  Co.  1st  5s,  1937 Yes 

Texas  Prairie  Lands,  Ltd.  1st  6s,  1917 No 

Texas  Public  Service  Co.  20-yr.  6s Yes 

Texas  Steamship  Co.  6%  Notes No 

Texas  Traction  Co.  8%  Notes,  1916 Yes 

Texas  Traction  Co.  1st  5s,  1937 Yes 

Texas  Traction  Co.  2nd  6s Yes 

Thacker  Coal  &  Coke  Co.  6s Yes 

Thacker  Fee  Co.   5s    Yes 

Thames  River  Specialties  Co.  6s,  1931 Yes 

Thatcher  Mfg.  Co.  6s Yes 

Thielin  Realty  Co.  Bonds No 

Third  Ave.  R.  R.  Co.  1st  5s,  1937 Yes 

Third  Ave.  Ry.  Co.  1st  Ref.  4s,  1960 Yes 

Third  Ave.  Ry.  Co.  Adj.  Inc.  5s,  1960 Yes 

Thirteenth  &  Fifteenth  Sts.  Pass  Ry.  Cons.  sy2s  &  5s,  1934 Yes 

Thirty-fourth  St.  Crosstown  Ry.  Co.  1st  5s,  1996 No 

Thirty-Sixth  St.  Co.  (261  West)  6s,  1914 Yes 

Thomas  (N.)  Brewing  Co.  5s,  1921 No 

Thomas  Iron  Co.  6s,  1934 Yes 

Thomas,  McMullen  &  Co.  Bonds No 

Thompson-Connellsville  Coke  Co.  1st  5s,  1931 Yes 

Thompson  (J.  V.)  6%  Notes Yes 

Thompson  (John)  Press  Co.  1st  6s,  1932 Yes 

Thompson  Pulp  &  Paper  Co.  Gen.  6s No 

Thompson  Tucker  Lumber  Co.  6s No 

Thousand  Islands  Club  (The)  Bonds No 

Thousand  Springs  Power  Co.  6s Yes 

Three  Forks  Coal  &  Coke  Co.  1st  4s Yes 

Three  Rivers  Gas  Co.  1st  5s,  1936 Yes 

Ticonderoga  Pulp  &  Paper  Co.  1st  Ref.  5s No 

Ticonderoga  Pulp  &  Paper  Co.  1st  6s No 

Ticonderoga  R.  R.  1st  6s,  1921 No 

Tidewater  Portland  Cement  Co.  1st  6s,  1929 Yes 

Tidewater  Power  Co.  1st  5s,  1949 Yes 

Tidewater  Southern  Ry.  1st  5s,  1942 Yes 

Tidewater  &  Western  R.  R.  1st  4s,  1955 Yes 

Tiffin  Consolidated  Telephone  Co.  1st  6s No 

Tiffin  Water  Works  Co.  1st  5s,  1932 Yes 

Tillamook  Timber  &  Logging  Co.  Ser.  6s Yes 

Tilley  (J.  S.)  Ladders  Co.  1st  6s No 

Times  Printing  Co.  1st  6s Yes 

Times  Pub.  Co.  of  Shreveport  1st  6s Yes 

Tintern  Manor  Water  Co.  1st  5s,  1930 Yes 

Tioga  R.  R.  Co.  1st  Ext.  5s,  1915 No 

Title  Guaranty  Trust  Co.  1st  5s,  St.  Louis,  Mo Yes 

Titusville  Forge  Co.  1st  5s,  1914-33 Yes 

Tivoli  Brewing  Co.  1st  6s Yes 

Toledo,  Angola  &  Western  Ry.  1st  5s,  1922 No 

Toledo,  Bowling  Green  &  Southern  Tract.  Co.  1st  5s,  1921 No 

Toledo,  Canada  Southern  &  Detroit  Ry.  Co.  1st  4s,  1956 Yes 

Toledo,  Fayette  &  Western  Ry.  1st  5s,  1927 No 

Toledo,  Findlay  &  Springfield  Ry.  1st  6s,  1929 No 

Toledo,  Fostoria  &  Findlay  Ry.  1st  5s,  1924 Yes 

Toledo,  Fremont  &  Norwalk  R.  R.  1st  5s,  1920 Yes 

Toledo  Gas,  Elec.  &  Htg.  Co.  30-yr.  5s,  1935 No 

Toledo  Gas  Light  &  Coke  Co.  14-yr.  5s No 

Toledo  Htg.  &  Ltg.  Co.  20-yr.  5s,  1921 No 

Toledo  Home  Telephone  Co.  1st  5s,  1922 No 

Toledo  &  Indiana  Trac.  Co.  1st  5s,  1931 Yes 

151 


TOL-TRA 

Toledo  Light,  Trac.  &  Power  Co.  Bonds Yes 

Toledo  &  Maumee  R.  R.  1st  5s,  1920 No 

Toledo  &  Ohio  Cent.  Ry.  Co.  Eq.  Tr.  4s,  (of  1907) Yes 

Toledo  &  Ohio  Cent.  Ry.  Co.  Eq.  4s,  (of  1910) Yes 

Toledo  &  Ohio  Cent.  Ry.  Co.  1st  5s,  1935 Yes 

Toledo  &  Ohio  Cent.  Ry.  Co.  Gen.    5s,    1935 Yes 

Toledo  &  Ohio  Cent.  Ry.  Co.  St.  Marys'  Div.  1st  4s,  1951 Yes 

Toledo  &  Ohio  Cent.  Ry.  Co.  St.  Mary's  Div.  1st  Pref.  Inc.  4s,  1951. . .  No 

Toledo  &  Ohio  Cent.  Ry.  Co.  West.  Div.  1st  5s,  1935 Yes 

Toledo,  Ottawa  Beach  &  Northern  Ry.  Co.  1st  5s,  1936 Yes 

Toledo,  Peoria  &  Western  Ry.  Co.  1st  4s,  1917 Yes 

Toledo  Rys.  &  Light  Co.  1st  4s Yes 

Toledo  Riverside  Ry.  Co.  1st  5s,  1927 No 

Toledo,  St.  Louis  &  Western  R.  R.  Co.  Ser.  "A"  &  "B"  4s,  1917 Yes 

Toledo,  St.  Louis  &  Western  R.  R.  Co.  P.  L.  3y2s,  1925 Yes 

Toledo,  St.  Louis  &  Western  R.  R.  Co.  1st  4s,  1950 Yes 

Toledo  Shipbuilding  Co.  1st  5s Yes 

Toledo  Steamship  Co.  Bonds Yes 

Toledo  Terminal  R.  R.  Co.  1st  4y2s,  1957 Yes 

Toledo  Trac.  Co.  Cons.  6s Yes 

Toledo  Trac.  &  Light  Co.  1st  6s,  1918 Yes 

Toledo  Trac.  Lt.  &  Pr.  Co.  1st  Col.  Tr.  6s,  1918 Yes 

Toledo  Trac.  Lt.  &  Pr.  Co.  2nd  Col.  Tr.  6s,  1918 Yes 

Toledo,  Walhonding  Vy.  &  Ohio  R.  R.  Co.  1st  4s  &  4y2s,  "A"  1931, 

"B"  1933,  "C"  1942 Yes 

Toledo  &  Western  Ry.  Co.  1st  5s,  1926 No 

Toledo  &  Western  Ry.  Cons.  &  Ref.  5s,  1930 Yes 

Tombigbee  Vy.  R.  R.  Co.  Gen.  6s,  1935 Yes 

Tombigbee  Vy.  R.  R.  Co.  1st  5s,  1956 Yes 

Tomkins  Cove  Stove  Co.  1st  6s Yes 

Tonawanda  Light  &  Pr.  Co.  1st  6s,  1927 Yes 

Tonawanda  Power  Co.  1st  6s,  1927 Yes 

Tonk  Manufacturing  Co.  6s Yes 

Tonopah  &  Goldfield  R.  R.  1st  6s,  1921 Yes 

Tonopah  United  Water  Co.  1st  6s,  1921 No 

Topeka  Edison  Co.  1st  5s Yes 

Topeka  Edison  Company  1st  5s,  1930 Yes 

Topeka  Independent  Telephone  Co.  1st  6s,  1920 No 

Topeka  Independent  Telephone  Co.  Cons.  5s,  1926 Yes 

Topeka  Ry.  Co  .1st  5s,  1930 Yes 

Topeka  Water  Co.  1st  5s,  1938 No 

Toronto  Elec.  Light  Co.,  Ltd.  1st  4V2s,  1916 No 

Toronto,  Hamilton  &  Buffalo  Ry.  Co.  Eq.  "A"  4y2s,  1923 Yes 

Toronto,  Hamilton  &  Buffalo  Ry.  Co.  1st  4s,  1946 ¥ea/VO 

Toronto,  Hamilton  &  Buffalo  Ry.  Co.  2nd  4s,  1946 No 

Torrington  Co.  1st  5s,  1918 Yes 

Torrington  &  Winchester  St.  Ry.  1st  5s,  1917 No 

Totokett  Mfg.  Co.  1st  5s Yes 

Tower-Grove  Turn  Verein  Bonds Yes 

Tower-Hill  Connellsville  Coke  Co.  1st  5s,  1917-32 Yes 

Tower-Hill  Connellsville  Coke  Co.  Gen.  &  Imp.  5y2s Yes 

Towle  Maple  Products  Co.  1st  5s,  1926 No 

Towu  &  Country  Club  Bonds >lo 

Town  of  Hempstead  Gas  &  Elec.  Lt.  Co.  1st  5s,  1931 No 

Traders  Hygienic  Ice  Co.  6s,  1916 No 

Traders  Paper  Co.  1st  6s,  1919 No 

Trans-Continental  Compress  Co.  1st  6s Yes 

Transylvania  R.  R.  Co.  1st  5s,  1956 Yes 

Trappe  &  Limerick  Elec.  St.  Ry.  Co.  1st  4y2s,  1931 Yes 

Traverse  City  R.  R.  Inc.  5s,  1933 No 

Traverse  City  R.  R.  Co.  1st  3s,  1933 No 

152 


TRE-TWI 

Tremont  Coal  Co.  Gen.  4s,  1932 Yes 

Tremont  &  Gulf  Ry.  Co.  1st  5s,  1948 Yes 

Tremont  Lumber  Co.  1st  Ser.  6s,  1911-15 Yes 

Tremont  Row  Realty  Trust  6s,  1928 ° 

Trenton,  Bristol  &  Philadelphia  St.  Ry.  1st'  5s,  1943 No 

Trenton  Delaware  Bridge  Co.  1st  7s,  1917 Yes 

Trenton  Gas  &  Electric  Co.  1st  5s,  1949 Yes 

Trenton  Gas  Lt.  &  Pr.  Co.  1st  6s,  1918 No 

Trenton,  Hamilton  &  Ewing  Trac.  Co.  1st  5s,  1955 Yes 

Trent  on  Pass  Ry.  1st  Cons.  6s,  1912-31 Yes 

Trenton,  Pennington  &  Hopewell  St.  Ry.  Co.  1st  5s,  1943 Yes 

Trenton  St.  Ry.  Cons.  5s,  1938 Yes 

Trenton  St.  Ry.  Co.  Gen.  6s,  1941 Yes 

Trevorton  Colliery  Co.  1st  6s : . . . ' Yes 

Tribune  Association  5s,  1945 Yes 

Tri-City  Gas  Co.  1st  6s No 

Tri-City  Ry.  1st  5s,  1922 Yes 

Tri-City  Ry.  &  Light  Co.  Col.  Tr.  5  s,1923 Yes 

Tri-City  Ry.  &  Light  Co.  1st  L.  5s,  1923 Yes 

Tri-City  Ry.  &  Light  Co.  1st  &  Ref.  5s,  1930 Yes 

Tri-City  Telephone  Co.  1st  5s No 

Tri-County  Light  &  Power  Co.  Deb.  6s No 

Tri-County  Light  &  Power  Co.  1st  &  Ref.  6s,  1952 Yes 

Tri-County  Natural  Gas  Co.  1st  6s  Ser.  "A,"  1922 Yes 

Trinity  &  Brazos  Vy.  Ry.  Eq.  Tr.  "A"  5s,  1917 No 

Triton  S.  S.  Co.  1st  5s Yes 

Iroop  "B"  Association  1st  5s No 

Troy  &  Boston  R.  R.  7s,  1924 No 

Troy  City  Railway  Co.  1st  Cons.  5s,  1942 No 

Troy  Gas  Co.  2nd  6s,  1923 No 

Troy  Gas  Co.  1st  Cons.  5s,  1939 No 

Troy  Gas  Co.  1st  5s,  1939 No 

Troy  Hill  Pass  Ry.  Co.  1st  5s,  1920 Yes 

Troy  &  New  England  Ry.  1st  5s,  1945 No 

Troy  Telephone  Co.  1st  5s No 

Truckee  Lumber  Co.  1st  6s,  1914-26 No 

True-Fissure  Mining  &  Milling  Co.  6s No 

Trumbull  &  Mahoning  R.  R.  1st  5s,  1917 Yes 

Trumbull  Public  Service  Co.  1st  6s,  1929 Yes 

Trumbull  Public  Service  Co.  6%  Ctfs Yes 

Trustees,  Indiana  University  1st  4s,  1923 No 

Tubular  Dispatch  Co.  1st  Conv.  5s No 

Tucson  Farms  Co.  1st  6s No 

Tuinucu  Sugar  Co.  1st  6s,  1927 Yes 

Tujunga  Water  &  Power  Co.  Bonds No 

Tulare  Co.  Power  Co.  1st  6s Yes 

Tuller  Hotel  Co.  1st  6s Yes 

Tulsa  Corporation  1st  5s,  1932 Yes 

Tulsa  St.  Ry.  1st  5s,  1927 Yes 

Tuoiumne  Elec.  Co.  Bonds No 

Turner  Moving  &  Storage  Co.  (The)  1st  R.  E.  Bonds No 

Turner  Tanning  Machinery  Co.  1st  6s No 

Tuscarawas  Co.  Elec.  Lt.  &  Pr.  Co.  1st  6s,  1927 No 

Tuscarawas  Co.  Telephone  Co.  1st  5s Yes 

Tuscarawas  R.  R.  Co.  1st  6s,  1916 Yes 

Tuxbury  (A.  C.)  Lumber  Co.  1st  6s,  1919 Yes 

Twentieth  Century  Club  5s Yes 

Twenty-first  St.  Realty  Co.  1st  5s Yes 

Twenty-third  Av.  Elec.  Ry.  1st  6s,  1923 No 

Twin  City  Lt.  &  Trac.  Co.  1st  6s,  1935 Yes 

Twin  City  Telephone  Co.  1st  5s,  1926 Yes 

153 


TWI-UNI 

Twin  City  &  Lake  Superior  R.  R.  Co.  1st  5s,  1939 No 

Twin  Falls  No.  Side  Land  &  Water  Co.  1st  6s,  1910-20 Yes 

Twin  Falls,  Oakley  Land  &  Water  Co.  1st  6s,  1913-20 Yea 

Twin  Falls,  Salmon  Riv.  Land  &  Water  Co.  1st  6s,  1913-20 Yes 

Twin  Lakes  Land  &  Water  Co.,  Inc.  1st  6s,  1924 Yes 

Twin  State  Gas  &  Elec.  Co.  6%  Notes,  1916 No 

Twin  State  Gas  &  Elec.  Co.  1st  &  Ref.  4%s,  1926 Yes 

Twin  State  Gas  &  Elec.  Co.  1st  &  Ref.  5s No 

Two  Buttes  Irrigation  &  Reservoir  Co.  1st  6s,  1921 No 

Tyler  Southeastern  Ry.  2nd  Inc.  4s Yes 

Tyler  Water  Co.  Cons.  6s No 


U 

[This   space  for   your   personal   memoranda] 


u 

Ulster  &  Delaware  R.  R.  1st  Cons.  5s,  1928 No 

Ulster  &  Delaware  R.  R.  Co.  1st  Ref.  4s,  1952 Yes 

Umbagog  Paper  Co.  Androscoggin  Mtge.  Bonds Yes 

Umbagog  Paper  Co.  1st  5s,  1918 Yes 

Unca a  Power  Co.  1st  5s,  1928 Yes 

Underground  Elec.  Rys.  of  London,  Ltd.,  4%s,   1933 ho 

Underground  Elec.  Rys.  of  London,  Ltd.  Non-cum.  6s,  1948 No 

Underwriters  Building  Co.  1st  5s , Yes 

Uniform  Fibrous  ale.  Co.  Gen.  6s,  1919 Yes 

Union  Abbattoir  Co.  5s Yes 

Union  Ave.  Ch.  Church  1st  5s,  1927 No 

Union  Bag  &  Paper  Co.  1st  5s,  1930 Yes 

Union  Boat  Club  Yes 

154 


Un 
Un 
Un 
Un 
Un 
Un 
Un 
Un 
Un 
Un 
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Un 
Un 
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Un 
Un 
Un 
Un 
Un 
Un 
Un 
Un 
Un 
Un 
Un 
Un 
Un 
Un 
Un 
Un 
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Un 
Un 
Un 
Un 
Un 
Un 
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UNI-UNI 

on  Bldg.  &  Improvement  Co.  1st  6s Yes 

on  Carbide  Co.  1st  6s,  1950 Yes 

on  City  Ltg.  Co.  6s,  1922 No 

on  City  Telephone  Co.  1st  5s No 

on  Club  5s No 

on  Cons.  Elevated  By.  Co.  Ser.  A  &  B  5s,  1936 Yes 

on  Depot  Co.  1st  7s,  1923 No 

on  Depot  Co.  Gen.  4%s,  1946,  Columbus,  0 Yes 

on  Depot  R.  R.  Cons.  6s,  1918 Yes 

on  Blec.  Co.  1st  5s,  1924 Yes 

on  Elec.  Lt.  &  Pr.  Co.  1st  5s,  1932 Yes 

on  Elec.  Lt.  &  Pr.  Co.  Ref .  &  Ext.  5s,  1933 Yes 

on  Elec.  Lt.  &  Pr.  Co.  1st  6s,  1944 Yes 

on  Elevated  R.  R.  1st  5s Yes 

on  Ferry  Co.  of  N.  Y.  &  Brooklyn  1st  5s No 

on  Gas  Co.  of  McKeesport  1st  5s,  1929 Yes 

on  Gas  &  Elec.  Co.  1st  5s,  1935,  Bloomington,  111 Yes 

on  Gas  Light  Co.  Cons.  5s,  1920 No 

on  Improvement  Co.  1st  5  %s Yes 

on  Improvement  Co.  2nd  6s .< Yes 

on  Iron  Wks.  Dry  Dock  Co.  P.  M.  6s,  1929 Yes 

on  Lt.,  Ht.  &  Pr.  Co.  (Junction  City,  Kan.)  1st  6s,  1924 Yes 

on  Lt.,  Ht.  &  Pr.  Co.  1st  5s,  1932 No 

on  Lumber  Co.  1st  6s,  1916-31 Yes 

on  Mfg.  &  Lumber  Co.  Bonds Yes 

on  Natural  Gas  Corp.  Col.  Tr.  6s  Ser.  AtoL,  1926 Yes 

on  Natural  Gas  Corp.  Col.  Tr.  6s,  1915-36 Yes 

on  Oil  Co.  of  Calif.  Col.  Tr.  6%  Notes,  1914-18 Yes 

on  Oil  Co.  of  Calif.  1st  5s,  1931 Yes 

on  Pacific  Land  Co.  1st  4s No 

on  Pacific  R.  R.  Co.  Conv.  4s,  1927 Yes 

on  Pacific  R.  R.  Co.  1st  R.  R.  &  L.  G.  4s,  1947 Yes 

on  Pacific  R.  R.  Co.  1st  L.  &  Ref.  4s,  2008 Yes 

on  Pass.  Ry.  2nd  4s,  1960 Yes 

on  Pass.  Ry.  1st  Ext.  4s,  1961 Yes 

on  R.  R.  Duquense  Eq.  Tr.  5s,  1914 Yes 

on  R.  R.  Duquesne  Eq.  5s,  1923 Yes 

on  R.  R.  Miffin  Eq.  Tr.  5s,  1921 Yes 

on  R.  R.  Munhall  Eq.  Tr.  5s,  1923 Yes 

on  R.  R.  1st  5s,  1946 Yes 

on  Ry.  Co.  (Memphis)  1st  5s No 

on  Ry.  Co.  (N.  Y.)  1st  5s,  1942 Yes 

on  Ry.  Gas  &  Elec.  Co.  3-yr.  5s,  "A,"  1916 Yes 

on  Ry.  Gas  &  Elec.  Co.  Col.  Tr.  5s,  1939 Yes 

on  Saw  Mill  Co.  1st  6s Yes 

on  Steamship  Co.  1st  5s Yes 

on  Steel  Co.  1st  &  Col.  Tr.  5s,  1952 Yes 

on  Stock  Yards  of  Omaha,  Ltd.  1st  5s,  1931 Yes 

on  Stock  Yards  &  Transit  Co.  Deb-  4y2s,  1920 Yes 

on  St.  Ry.  Co.  Cons.  5s,  1914 Yes 

on  St.  Ry.  Co.  1st  4%s,  1934 No 

on  Terminal  Co.  1st  5s No 

on  Terminal  Co.  1st  5s,  1942 No 

on  Terminal  Cold  Storage  Co.  1st  5s,  1924 Yes 

on  Terminal  Cold  Storage  Co.  2nd  5s,  1957 Yes 

on  Term.  R.  R.  of  the  City  of  Buffalo  1st  6s,  1914 No 

on  Tool  Co.  1st  Col.  6s,  1915 Yes 

on  Tool  Co.  1st  6s,  1914-33 No 

on  Trac.  Co.  2nd  6s,  1921 Yes 

on  Trac.  Co.  1st  5s,  1937 Yes 

on  Trac.  Co.  (Calif.)  1st  5s,  1935  (Electric  &  Peoples  Trac.) No 

155 


UNI-UNI 

Union  Trac.  Co.  of  Indiana  1st  Gen.  5s,  1919 No 

Union  Trac.  Co.  (Phila.)  4%  Tr.  Ctfs Yes 

Union  Trans.  Co.  1st  5s Yes 

Union  Trust  Co.   (Detroit)   Bonds Yes 

Union  Trust  Co.   (La.)  2nd  4y2s,  1919 No 

Union  Trust  Co.  (La.)  1st  4y2s,  1927 No 

Union  Typewriter  Co.  3-yr.  5%  Notes,  1916 Yes 

Union  Utilities  Co.  1st  5s,  1944 Yes 

Union  Water  Co.  1st  6s,  1956 No 

Union  Waxed  &  Parchment  Paper  Co.  1st  6s Yes 

United  Breweries  Co.  1st  6s,  1928 Yes 

United  Bldg.  Co.  1st  5y2s  (Wichita,  Kas.) Yes 

United  Button  Co.  Gen.  5s Yes 

United  Chemical  &  Nickel  Corp.  1st  Conv.  6s,  1921 Yes 

United  Coal  Mining  Co.  Donv.  Deb.,  1915 Yes 

United  Coal  Mining  Co.  1st  6s,  1925 Yes 

United  Connellsville  Coke  Co.  1st  5s  &  6s,  1919 Yes 

United  Elec.  Co.  of  N.  J.  1st  4s,  1949 No 

United  Elec,  Gas  &  Power  Co.  1st  5s,  1920 Yes 

United  Elec.  Light  Co.  Deb.  5s,  1917 Yes 

United  Elec.  Lt.  &  Pr.  Co.  1st  Cons.  4y2s,  1929  (of  Baltimore) Yes 

United  Electric  Securities  Co.  Col.  5s No 

United  Equities  Corp.  (The)  6%  Notes,  1915 Yes 

United  Flour  Mills  Co.  1st  6s Yes 

United  Fruit  Co.  4-yr.  6%  Notes,  1917 Yes 

United  Fruit  Co.  Deb.  5s,  1918 Yes 

United  Fruit  Co.  5%  Notes,  1918 No 

United  Fruit  Co.  Deb.  4V2s,  1923 Yes 

United  Fruit  Co.  Deb.  4y2s,  1925 Yes 

United  Gas  &  Elec.  Co.   (Bloomington)   1st  5s,  1935 Yes 

United  Gas  &  Elec.  Co.  (Calif.)   1st  5s,  1932 Yes 

United  Gas  &  Elec.  Co.  (Dover,  N.  H.)   1st  5s,  1917 Yes 

United  Gas  &  Elec.  Co.  (Ind.)    1st  5s. Yes 

United  Gas  &  Elec.  Co.  (Ind.)    1st  Cons.  5s Yes 

United  Gas  &  Elec.  Co.  (Litchfield,  111.)  1st  &  Ref.  5s,  1937 No 

United  Gas  &  Elec.  Co.  (New  Albany  &  Jeff.,  Ind.)  1st  5s,  1942 Yes 

United  Gas  &  Elec.  Co.  (N.  J.)  1st  Col.  Tr.  5s,  1922 Yes 

United  Gas  &  Elec.  Corp.  3-yr.  Conv.  5%  Notes,  1915 Yes 

United  Gas,  Elec.  Lt.  &  Fuel  Co.  Cons.  5s,  1930 Yes 

United  Gas  &  Fuel  Co.,  Ltd.  1st  6s,  1918 Yes 

United  Hydro  Elec.  Co.  1st  6s,  1926 Yes 

United  Illuminating  Co.  1st  4s,  1940 No 

United  Indurated  Fibre  Co.  1st  6s,  1921 Yea 

United  Iron  &  Steel  Co.  1st  5s,  1926 Yes 

United  Irrigation  &  Rice  Milling  Co.  1st  6s,  1930 Yes 

United  Laundries,  Inc.,  5-yr.  Conv.  6%  Notes,  1918 Yes 

United  Lead  Co.  Deb.  5s,  1943 Yes 

United  Lt.  &  Pr.  Co.  Guar.  Col.  Tr.  6s,  1914 Yes 

United  Lt.  &  Pr.  Co.  of  Calif.  1st  &  Gen.  6s,  1945 No 

United  Lt.  &  Rys.  Co.  1st  &  Ref.  5s,  1932 Yes 

United  Missouri  Riv.  Pr.  Co.  1st  6s,  1936 Yes 

United  N.  J.  R.  R.  &  Canal  Co.  1st  4s  &  3y2s,  1923-51 Yes 

United  Public  Utilities  Co.  1st  6s,  1943 Yes 

United  R.  R.  Eq.  6s,  1914-22 No 

United  R.  Rs.  of  San  Francisco  Eq.  6s,  1913-22 Yes 

United  R.  R.  of  San  Francisco  6s,  1911-18 , Yes 

United  R.  Rs.  of  San  Francisco  1st  Gen.  4s,  1927 Yes 

United  Rys.  Co.  of  St.  Louis  1st  Gen.  4s,  1934 Yes 

United  Rys.  &  Elec.  Co.  Bait.  3-yr.  Conv.  Col.  Tr.  5%  Notes,  1914 Yes 

United  Rys.  &  Elec.  Co.  Bait.  5s,  1936 \ Yes 

United  Rys.  &  Elec.  Co.  Bait.  Inc.  4s,  1949 Yes 

156 


UNI-TJNI 

United  Rys.  &  Elec.  Co.  Bait.  1st  Cons.  4s,  1949 Yes 

United  Rys.  Invest.  Co.  5s  &  6s  Div.  Scrip Yes 

United  Rys.  Invest.  Co.  6%  ftotes,  1917 Yes 

United  Rys.  Invest.  Co.  1st  L.  Col.  Tr.  5s,  1926 Yes 

United  Rys.  Invest.  Co.  Conv.  6s,  1930 Yes 

United  Refrigerator  &  Ice  Machine  Co.  1st  6s  Ser Yes 

United  Service  Co.  1st  6s,  1931 Yes 

United  States  Brewing  Co.  Ref .  5s,  1938 Yes 

United  States  Brewing  Co.  1st  6s Yes 

United  States  Coal  Co.  1st  6s Yes 

United  States  Cotton  &  Lumber  Co.  5s,  1930 No 

United  States  Envelope  Co.  1st  Ser.  5s,  1913-34 No 

United  States  Equipment  Co.  6%  Notes Yes 

United  States  Finishing  Co.  1st  5s,  1919 No 

United  States  Finishing  Co.  Cons.  5s,  1929 Yes 

United  States  Glass  Co.  1st  5s,  1923 Yes 

United  States  Gypsum  Co.  5-yr.  6%  Notes,  1917 Yes 

United  States  Gypsum  Co.  1st  5s,  1922 Yes 

United  States  Leather  Co.  6s,  1913 Yes 

U.  S.  Long  Distance  Tel.  &  Tel.  Co.  1st  5s No 

United  States  Lumber  &  Cotton  Co.  1st  5s,  1929 No 

U.  S.  Mtge.  &  Trust.  Co.  1st  Ser.  E  &  G  to  N,  Inc No 

U.  S.  Operating  Co.   10s No 

U.  S.  &  Porto  Rico  Nav.  Co.  1st  5s,  1921 Yes 

U.  S.  Publicity  Co.  5s Yes 

U.  S.  Radiator  Corp.  1st  6s,  1913-27 Yes 

U.  S    Realty  &  Improvement  Co.  Deb.  5s,  1924 Yes 

U.  S.  Reduction  &  Refining  Co.  1st  6s,  1931 Yes 

U.  S.  Rubber  Co.  Col.  Tr.  6s,  1918 Yes 

U.  S.  Security  Co.  1st  6s No 

U.  S.  Steel  Corp.  50-yr.  5s,  1951 Yes 

U.  S.  Steel  Corp.  Col.  Tr.  5s,  1963 Yes 

U.  S.  Sugar  &  Land  Co.  1st  6s,  1929 Yes 

U.  S.  Sugar  Refinery  1st  5s,  1921 No 

U.  S.  Telephone  Co.  1st  5s,  1919 Yes 

U.  S.  Whip  Co.  1st  6s,  1923 ]*o 

United  S.  S.  Co.  Bonds Yes 

United  Telephone  Co.  1st  5s,  1923 No 

United  Thacker  Coal  Co.  1st  5s Yes 

United  Traction  Co.  Deb.  4%s,  1919 No 

United  Trac.  Co.  Cons.  4%s,  2004 Yes 

United  Trac.  Co.  Pitts.  Gen.  5s,  1997 Yes 

United  Traction  Co.  (Reading,  Pa.)  1st  Col.  5s,  1926 Yes 

United  Traction  &  Elec.  Co.  1st  Col.  5s,  1933 Yes 

United  Trac.  &  Elec.  Co.  (Albany)   Cons.  4y2s Yes 

United  Trac.  &  Elec.  Co.  (Providence)  1st  5s,  1933 No 

United  Traction  Extension  St.  Ry.  1st  5s,  1938 No 

United  Traction  St.  Ry.  1st  5s,  1936 No 

United  Utilities  Co.  1st  Col.  Conv.  6s,  1943 Yes 

United  Verde  &  Pacific  Ry.  1st  6s,  1920 No 

United  Water  Co.  1st  6s Yes 

United  Water,  Gas  &  Elec.  1st  &  Ref.  5s,  1939 Yes 

United  Water  &  Light  Co.  6%  Notes  of  1908 Yes 

United  Water  &  Light  Co.  6%  Notes  of  1910 Yes 

United  Water  &  Light  Co.  6%  Notes  of  1911 Yes 

United  Water  &  Light  Co.  6%  Notes  of  1914 Yes 

United  Water  &  Light  Co.  1st  5s,  1947 Yes 

United  Zinc  &  Chemical  Co.  1st  5s,  1928. Yes 

Unity  Safe  Deposit  Co.  1st  6s,  Ser No 

Universal  Caster  &  Foundry  Co.  1st  6s,  1929 No 

University  of  the  City  of  N.  Y.  1st  4s , No 

157 


UNI-UXB 

Universal  Elec.  &  Gas  Co.  1st  5s No 

University  Club  (Albany)  Bonds Yes 

University  Club  of  Buffalo  2nd  5s,  1930 Yes 

University  Club  (Detroit)  1st  &  2nd  5s Yes 

University  Club  (Phila.)  Bonds Yes 

University  Power  Co.  1st  5s No 

Upper  Coos  R.  R.  Co.  Ext.  4%s,  1930 No 

Upper  Coos  R.  R.  Co.  1st  4s,  1930 No 

Upper  Iowa  Power  Co.  1st  6s,  1928 Yes 

Upson  Nut  Co.  1st  6s Yes 

Urban  Realty  Improvement  Co.  1st  6s No 

Urbana  &  Champaign  Ry.,  Gas  &  Elec.  Co.  1st  5s,  1917 No 

Urbana  &  Champaign  Ry.,  Gas  &  Elec.  Co.  Cons.  5s,  1929 No 

Urbana  Light  Co.  Gen.  5s Yes 

Urbana  Lt.,  Ht.  &  Pr.  Co.  1st  5s,  1920 Yes 

Utah  Apex  Mining  Co.  1st  Conv.  5s,  1916 No 

Utah  Central  R.  R.  Co.  1st  4s,  1917 Yes 

Utah  Fuel  Co.  1st  5s,  1931 No 

Utah  Gas  &  Coke  Co.  1st  5s,  1936 Yes 

Utah  &  Grand  Canyon  R.  R.  1st  5s,  1961 Yes 

Utah  Hotel  Co.  6s No 

Utah  Ice  &  Storage  Co.  1st  Ref.  6s,  1930 Yes 

Utah-Idaho  Sugar  Co.  Ser.  A  &  B  6s. No 

Utah  Light  &  Power  Co.  1st  5s,  1930 Yes 

Utah  Light  &  Power  Co.  P.  L.  5s,  1930 Yes 

Utah  Light  &  Power  Co.  Cons.  4s,  1930 Yes 

Utah  Light  &  Ry.  Co.  Cons.  5s,  1934 Yes 

Utah  Light  &  Trac.  Co.  1st  &  Ref.  5s No 

Utah  Metal  Mining  Co.  1st  6s,  1916 No 

Utah  &  Northern  Ry.  Co.  Cons.  1st  5s,  1926 No 

Utah  &  Northern  Ry.  Co.  1st  Ext.  4s,  1933 No 

Utah  Power  Light  Co.  1st  5s,  1944 .No 

Utah  Securities  Corp.  10-yr.  6s,  1922 Yes 

Utah  Sugar  Co.  6s No 

Utica  Belt  Line  St.  Ry.  2nd  5s,  1931 No 

Utica  Belt  Line  St.  Ry.  1st  5s,  1939 No 

Utica  &  Black  River  R.  R.  Co.  1st  4s,  1922 No 

Utica,  Clinton  &  Binghamton  R.  R.  1st  5s,  1939 Yes 

Utica  Elec.  Lt.  &  Pr.  Co.  1st  5s,  1950 Yes 

Utica  Gas  &  Elec.  Co.  Ref.  &  Ext.  5s,  1957 Yes 

Utica  Home  Telephone  Co.  1st  5s,  1923 Yes 

Utica  Hotel  Corp.  Bonds Yes 

Utica  Ice  Co.  Bonds  Yes 

Utica  Knitting  Co.  1st  5s,  1920 Yes 

Utica  &  Mohawk  Vy.  Ry.  1st  4y2s,  1941 Yes 

Utica  Suburban  Railway  Co.  1st  5s No 

Uxbridge  &  Blackstone  St.  Ry.  1st  5s,  1923 No 

Uxbridge  &  Blackstone  St.  Ry.  Deb.  5s,  1927 No 


15S 


VAI-VEL 


V 

[This   space  for   your   personal   memoranda] 


V 

Vail-Ballou  Co.  6s,  1923 Yes 

Valdez  Creek  Placer  Mines  1st  8s,  1922 Yes 

Valdosta  Lighting  Co.  5s Yes 

Vale  Brick  Co.  Bonds  No 

Vale-Oregon  Irrigation  Co.  1st  6s,  1932 Yes 

VaPamont  Trac.  Co.  1st  6s,  1924 Yes 

Vallejo  Brick  &  Tile  Co.  Bonds No 

Vallejo  &  Northern  R.  R.  Co.  1st  &  Cons.  5s,  1947 No 

Valley  Consolidated  Water  Co.  5s,  1918 Yes 

Valley  Counties  Power  Co.  1st  5s,  1930 Yes 

Valley  Home  Telephone  Co.  Ref.  5s,  1922 Yes 

Valley  Light  &  Power  Co.  Bonds Yes 

Valley  Rys.  Co.  Col.  Tr.  5s,  1952 Yes 

Valley  Steamship  Co.  1st  5s Yes 

Valley  Telephone  Co.  1st  6s,  1924 Yes 

Valley  Telephone  Co.  5s,  (Lebanon) No 

Valley  Traction  Co.  1st  5s,  1933 Yes 

Valparaiso  Light  &  Fuel  Co.  Cons.  1st  5s,  1922 No 

Valparaiso  Ltg.  Co.  1st  Cons.  Gen.  5s,  1925 Yes 

Valpey  Co.  1st  6s Yes 

Van  Blerck  Motor  Co.  1st  7s No 

Van  Buren  Water  Co.  Bonds Yes 

Van  Couver  Breweries,  Ltd.  Bonds No 

Van  Couver  Lumber  Co.  Ser.  6s,  1914-25 Yes 

Van  Sweringen  Co.  1st  6s Yes 

Van  Swert  (0.)  Gas,  Elec.  Lt.  &  Pr.  Co.  Bonds No 

Van  Wert  Gas  Lt.  Co.  Ref.  (Now  1st),  1949 Yes 

Vandalia  Coal  Co.  1st  6s,  1930 Yes 

Vandalia  Coal  Co.  Gen.  6s,  1934 Yes 

Vandalia  R.  R.  Co.  Cons.  4s,  "A"  &  "B,"  1955  &  1957 Yes 

Velie  Motor  Vehicle  Co.  1st  6s Yes 

159 


VEN-VUL 

Ventura  Co.  Power  Co.  1st  6s,  1936 No 

Vera  Cruz  &  Pacific  R.  R.  Co.  1st  4y2s,  1934 Yes 

Verdigris  Vy.,  Independence  &  West.  1st  5s,  1926 No 

Vermont  Co.  1st  5s,  1931 Yes 

Vermont  Loan  &  Trust  Co.  Deb.  5s Yes 

Vermont  &  Mass.  R.  R.  Co.  PI.  Cur.  3y2s,  1923 No 

Vermont  Pr.  &  Ltg.  Co.  1st  5s,  1927 Yes 

Vermont  Pr.  &  Mfg.  Co.  1st  5s,  1928 Yes 

Vermont  Pr.  &  Mfg.  Co.  2nd  5s,  1935 Yes 

Vermont  Valley  R.  R.  1st  4y2s,  1940 No 

Versailles  Trac.  Co.  1st  6s,  1927 No 

Vicksburg  Gas  Co.  1st  5s,  1929 Yes 

Vicknburg  Lt.  &  Trac.  Co.  Deb.  6s,  1922 Yes 

Vicksburg  Lt.  &  Trac.  Co.  1st  5s,  1932 Yes 

Vicksburg  &  Meridian  R.  R.  Co.  1st  6s,  1921 Yes 

Vicks.,  Shreve.  &  Pacific  R.  R.  Co.  P.  L.  6s,  1915 Yes 

Vicks.,  Shreve.  &  Pacific  Ry.  Co.  Gen.  5s,  1941 Yes 

Victor  American  Fuel  Co.  1st  &  Ref.  6s,  1940 Yes 

Victor  Coal  &  Coke  Co.  1st  6s Yes 

Victor  Fuel  Co.  1st  5s,  1953 No 

Victor  Mfg.  Co.  Bonds,  Greenville,  S.  C Yes 

Victoria  Apartments  1st  6s Yes 

Victoria  Coal  &  Coke  Co.  1st  6s,  1920 Yes 

Victoria  Farms  Co.  1st  6s,  1923 No 

Victoria  &  Sidney  Ry.  1st  5s,  1917 No 

Victory  Mfg.  Co.  6s Yes 

Viking  Fruit  Co.  Bonds Yes 

Viking  Valhall  Ass'n  Ref.  6s,  1924,  Chicago No 

Vinccnnes  Trac.  Co.  1st  5s,  1923 Yes 

Vincennes  Trac.  Co.  Ref.  5s,  1931 Yes 

Vinc-ennes  Water  Supply  Co.  1st  4y2s,  1919 Yes 

Vineland  Lt.  &  Power  Co.  1st  5s,  1917 Yes 

Vinton  Colliery  Co.  1st  5s,  1935 Yes 

Virginia  Air  Line  Ry.  Co.  1st  5s,  1952 Yes 

Virginia-Carolina  Chemical  Co.  1st  5s,  1923 Yes 

Virginia-Carolina  Chemical  Co.  Conv.  Deb.  6s,  1924 No 

Virginia-Carolina  Ry.  1st  5s,  1950 Yes 

Virginia  &  Carolina  So.  R.  R.  Co.  lsct  5s,  1958 Yes 

Virginia  Elec.  Co.  1st  5s,  1928 No 

Virginia  Hotel  Co.  4 %s No 

Virginia  Hot  Spgs.  Co.  2nd  Mtge.  Bonds Yes 

Virginia  Iron,  Coal  &  Coke  Co.  1st  5s,  1949 No 

Virginia  Midland  Ry.  Co.  Ser.  "C"  6s,  1916 No 

Virginia  Midland  Ry.  Co.  Ser.  D,  E  &  F  5s,  1926 No 

Virginia  Midland  Ry.  Co.  Gen.   5s,   1936 No 

Virginia  Ry.  &  Pr.  Co.  1st  &  Ref.  5s,  1934 Yes 

Virginia  &  Southwestern  Ry.  Co.  "E"  4y2s,  1921 Yes 

Virginia  &  Southwestern  Ry.  Eq.  "F"   5s Yes 

Virginia  &  Southwestern  Ry.  Co.  1st  Cons.  5s,  1958 Yes 

Virginia  &  Southwestern  Ry.  1st  5s,  2003 Yes 

Virginia  &  Tenn.  Telephone  Co.  Conv.  6s Yes 

Virginian  Terminal  Ry.  Co.  1st  5s,  1957 Yes 

Virginia-Western  Power  Co.  Deb.  Notes Yes 

Virginia- Western  Power  Co.  1st  6s,  1933 Yes 

Virginian  Power  Co.  1st  L.  6%  Notes,  1915 Yes 

Virginian  Power  Co.  1st  &  Col.  5s,  1942 Ym 

Virginian  Ry.  Co.  1st  L.  Eq.  "A"  5s,  1918 Vol 

Virginian  Ry.  Co.  1st  5s,  1962 .' Yes 

Volney  Paper  Co.  1st  5s No 

Volusia  Co.  Bridge  Co.  Bonds Yes 

Vulcan  Steamship  Co.  1st  5s Yes 

160 


WAB-WAG 


W 

[This    space   for   your   personal   memoranda] 


w 

Wabash,  Chester  &  West.  R.  R.  1st  5s,  1918 No 

Wabash,  Chester  &  West.  R.  R.  1st  Cons.  5s,  1928 No 

Wabash,  Pitts.  Term.  Ry.  Co.  1st  4s,  1954 Yes 

Wabash,  Pitts.  Term.  Ry.  Co.  2nd  Inc.  4s,  1954 Yes 

Wabash  R.  R.  Co.  Sec.  Extended  4y2s,  1913 Yes 

Wabash  R.  R.  Co.  1-yr.  6s  Rec.  Ctfs.,  1914 No 

Wabash  R.  R.  Co.  Sec.  4y2s,  1913,  Extended Yes 

Wabash  R.  R.  Co.  Eq.  "B"  4y2s,  1914 Yes 

Wabash  R.  R.  Co.  Equip.  "C"  4y2s,  1916 Yes 

Wabash  R.  R.  Eq.  Tr.  5s,  1921 Yes 

Wabash  R.  R.  Co.  Deb.  "B"  6s,  1939 No 

Wabash  R.  R.  Co.  1st  5s,  1939 No 

Wabash  R.  R.  Co.  2nd  5s,  1939 JVo 

Wabash  R.  R.  Co.  1st  L.  Term.  4s,  1954 Yes 

Wabash  R.  R.  Co.  1st  Ref.  &  Ext.  4s,  1956 Yes 

Wabash  R.  R.  Co.  Des  Moines  Div.  1st  4s,  1939 Yes 

Wabash  R.  R.  Co.  Det.  &  Chic.  Ext.  1st  5s,  1941 * No 

Wabash  R.  R.  Co.  Omaha  Div.  1st  3y2s,  1941 Yes 

Wabash  R.  R.  Co.  Tol.  &  Chic.  Div.  1st  4s,  1941 Yes 

Wabash  Riv.  Trac.  Co.  1st  5s,  1931 No 

Wabash  Vy.  Telephone  Co.  1st  5s,  1926 Yes 

Wabash  Water  &  Light  Co.  1st  5s,  1924 Yes 

Wabash  Water  &  Light  Co.  P.  L.  5s,  1924. Yes 

Wacamaw  Lumber  Co.  1st  Ser.  6s,  1914,  1914-28 \ Yes 

Waco  Drug  Co.  1st  6s Yes 

Wadsworth  Howland  &  Co.,  Inc.  6s,  1928 No 

Wagar  (Mars  S.)  1st  4s No 

161 


WAG-WAS 

Wagner  Brewing  Co.  1st  6s,  1924 No 

Wagoner  Water  Co.  1st  5s Yes 

Wainwright  S.  S.  Co.  Bonds Yes 

Wakefield  Iron  Co.  1st  6s Yes 

Wakefield  &  Stoneham  St.  By.  Co.  1st  5s,  1915 No 

Walden  &  Orange  Lake  R.  R.  1st  5s,  1945 Yes 

Waldorf  Bldg.  Co.  Bonds,  1927 Yes 

Walker  Co.  1st  6s No 

Walker-Gordon  Laboratory  Co.  1st  Deb Yes 

Walker-Gordon  Laboratory  Co.  Cons Yes 

Walker's  Cotton  Oil  &  Refining  Co.  6s Yes 

Walker's  Cotton  Oil  &  Refining  Co.  1st  Co-ordinating  6s Yes 

Wall  Hanover  St.  Realty  Co.  1st  4s Yes 

Walla  Walla  Vy.  Ry.  1st  5s,  1926 Yes 

Wallace  Lt.  &  Water  Co.  1st   5s,   1921 Yes 

Walla  ce  Sandstone  Quarries,  Ltd.  1st  6s,  1942 No 

Wallingford  Gas  Light  Co.  1st  &  Ref.  5s,  1924 Yes 

Wallkill  Portland  Cement  Co.  1st  6s No 

Wallsend  Coal  &  Coke  Co.  1st  6s,  1914 No 

Wallsend  Coal  &  Coke  Co.  2nd  3s,  1919 No 

Ward  Baking  Co.  of  N.  Y.  1st  6s,  1937 Yea 

Ward  (Jos.  M.)  Building  Co.  1st  5y2s. Yes 

Warner  &  Swasey  Co.  1st  5s Yes 

Warren  Bros.  Co.  6%  Notes,  1919 Yes 

Warren  Bros.  Co.  Deb.  5s,  1922 Yes 

Warren  &  Jamestown  St.  Ry.  2nd  6s,  1918 Yes 

Warren  &  Jamestown  St.  Ry.  1st  5s,  1934 Yes 

Warren  Marble  Co.  6s Yes 

Warren  R.  R.  3yas,  2000 Yes 

Warren  St.  Ry.  3rd  6s,  1918 Yes 

Warren  St.  Ry.  1st  5s,  1925 Yes 

Warren  St.  Ry.  2nd  5s,  1926i Yes 

Warren  Water  Co.  1st  5s No 

Warrior  Southern  Ry.  Co.  1st  4s,  1953 Yes 

Warsaw  Gas  Co.  1st  5s,  1936 No 

Warsaw  Gas  Co.  2nd  5s No 

Wash.,  Alex.  &  Mt.  Vernon  Ry.  Co.  1st  5s,  1955 Yes 

Wash.  American  Leagu  eBase-Ball  Club  1st  5s Yes 

Wash.,  Arling.  &  Falls  Church  Ry.  Co.  1st  6s,  1925 Yes 

Wash.,  Arling.  &  Falls  Church  Ry.  Co.  2nd  5s,  1953 Yes 

Wash.,  Arling.  &  Falls  Church  Ry.  Co.  1st  Cons.  5s,  1958 Yes 

Wash.,  Bait.  &  Annap.  Elec.  R.  R.  Co.  1st  5s,  1941 Yes 

Washington  Boulevard  Hospital  6s Yes 

Washington  &  Cannonsburg  Ry.  Co.  1st  5s,  1932 Yes 

Washington  Cent.  Ry.  Co.  1st  4s,  1948 Yes 

Wash.  &  Col.  Riv.  Ry.  Co.  1st  4s,  1935 Yes 

Washington  Co.  Ry.  Co.  1st  3%s,  1954 No 

Washington  Elec.  St.  Ry.  Co.  1st  5s,  1927 Yes 

Washington  Fireproof  Bldg.  1st  5s Yes 

Washington  &  Franklin  Ry.  Co.  1st  5s,  1939 Yes 

Washington  Gas  Co.  1st  5s,  1936 Yes 

Washington  Gas  Light  Co.  Gen.  5s,  1960 Yes 

Wash.  &  Gt.  Falls  Ry.  &  Pr.  Co.  1st  5s,  1937 Yes 

Washington  Home  Telephone  Co.  1st  6s No 

Washington  Northern  R.  R.  1st  6s,  1928 Yes 

Wash.,  Ohio  &  West.  R.  R.  Co.  1st  4s,  1924 v Yes 

Wash.-Oreg.  Corp.  1st  &  Cons.  6s,  1936 Yes 

Washington  Ry.  &  Elec.  Co.  Cons.  4s,  1951 Yes 

Washington  &  Rockville  Ry.  Co.  1st  5s No 

Washington,  Seaboard  &  Norfolk  Ry.  Co.  Bonds,  1932 Yes 

Washington  &  Seaboard  Ry.  Co.  Bonds,  1939 Yes 

102 


WAS-WEB 

Washington  Southern  Ry.  Co.  1st  4s,  1943 Yes 

Washington  Sugar  Co.  1st  6s,  1936 Yes 

Washington  Terminal  Co.  1st  3V2s,  1945 Yes 

Washington  Tin  Plate  Co.  Bonds Yes 

Washington  Utilities  Co.  5%  Col.  Tr.  Notes,  1915 Yes 

Washington  &  Vandemere  R.  R.  Co.  1st  4y2s,  1947 Yes 

Washington  Water,  Lt.  &  Pr.  Co.  1st  Ser.  5s Yes 

Washington  Water  Pr.  Co.  Col.  5s,  1929 Yes 

Washington  Water  Pr.  Co.  1st  Ref .  5s,  1939 Yes 

Washtenaw  Gas  Co.  1st  5s,  1933 Yes 

Watab  Rapids  Pr.  Co.  1st  Ser.  5s No 

Wacauga  Power  Co.  1st  6s,  1952 Yes 

Watchung  Water  Co.  5s No 

Water  Co.  of  Tonopah  Gen.  6s,  1932 Yes 

Water,  Light  &  Gas  Co.  (Hutchinson,  Ks.)  1st  5s Yes 

Water,  Light  &  Gas  Co.  (N.  J.)  Cons.  &  Ref.  5s Yes 

Water,  Light  &  Pr.  Co.  5s,  (Hot  Springs,  S.  D.) No 

Water  Supply  &  Storage  Co.  Bonds Yes 

Water  Works  Co.  (San  Antonio,  Tex.)  2nd  6s,  1922 Yes 

Water  Works  of  San  Francisco  1st  6s,  1922 !No 

Waterbury  Gas  Light  Co.  1-yr.  5%%  Notes,  1915 No 

Waterbury  Gas  Light  Co.  1st  5s,  1954 .No 

Waterloo,  Cedar  Falls  &  Northern  Ry.  1st  5s,  1940 Yes 

Waterloo,  Cedar  Rapids  &  Northern  Ry.  Co.  Deb.  6s Yes 

Waterloo  Gasoline  Engine  Co.  1st  6s Yes 

Waterman  Lumber  &  Supply  Co.  1st  6s Yes 

Watertown  Gas  &  Elec.  Co.  1st  5s Yes 

Watertown  Light  &  Power  Co.  1st  6s,  1927 Yes 

Watertown  (N.  Y.)  Lt.  &  Pr.  Co.  1st  5s,  1959 Yes 

Watertown  Water  Co.  5s,  1928 Yes 

Watervliet  Hydraulic  Co.  2nd,  1919 No 

Watervliet  Hydraulic  Co.  1st  5s,  1940 No 

Watervliet  Turnpike  R.  R.  1st  6s,  1919 No 

Watervliet  Turnpike  R.  R.  2nd  6s,  1919 No 

Watkins  Telephone  Co.  1st  5s,  1925 Yes 

Watkins  (T.  H.)   1st  5s,  1924 Yes 

Waukesha  American  Gas  Co.  1st  6s,  1916 Yes 

Waukesha  Gas  &  Elec.  Co.  1st  5s,  1959 Yes 

Waune  Lumber  Co.  Bonds Yes 

Waupaca  Water  Works  Co.  Bonds No 

Wausau  St.  Ry.  1st  5s,  1932 No 

Wausau  Sulphate  Fibre  Co.  Bonds Yes 

Wausau  Telephone  Co.  Bonds Yes 

Waverly  Brick  &  Coal  Co.  Bonds No 

Waverly  Coal  &  Coke  Co.  Bonds Yes 

Waverly,  Sayre  &  Athens  Trac.  Co.  1st  6s,  1925 Yes 

Waverly,  Sayre  &  Athens  Trac.  Co.  1st  Cons.  5s,   1955 No 

Wawasee  Inn  Co.  5s Yes 

Waxahachie  Gas  Co.  1st  5s,  1941 No 

Wayagamack  Pulp  &  Paper  Co.  1st  6s,  1914 No 

Wayne  Cotton  Mills  6s No 

Wayne  Sewerage  Co.  1st  5s,  1959 Yes 

Wayne  Water  Works  Co.  1st  4y2s,  1933 Yes 

Waynesburg  Water  Co.  1st  5s,  1925 Yes 

Weatherford,  Mineral  Wells  &  Northwestern  Ry.  Co.  1st  5s,  1930 Yes 

Weaver  (W.  T.)  Power  Co.  1st  5s Yes 

Webb  City  &  Carterville  Gas  Co.  1st  6s,  1925 Yes 

Webb  City  &  Carterville  Gas  Co.  Gen.  6s,  1940 Yes 

Webb  City  &  Carterville  Water  Wks.  Co.  1st  6s,  1931 No 

Webb  City  Northern  Elec.  R.  R.  Co.  1st  5s,  1923 Yes 

Webster  Coal  &  Coke  Co.  1st  Cons.  5s,  1942 Yes 

163 


WEB-WES 

Webfter  Co.  Coal  Co.  1st  6s,  1916 Yes 

Webster  &  Dudley  St.  Ry.  1st  5s,  1919 No 

Webster  Elec.  Co.  1st  5s,  1921 No 

Weed  Lumber  Co.  1st  6s,  1922 Yes 

Weehawken  Contracting  Co.  1st  6s,  1928 .  . ! Yes 

Weighing  &  Sales  Co.  S.  F.  5s,  1931 Yes 

Weiser  Vy.  Land  &  Water  Co.  1st  Ref.  6s,  1918 Yes 

Weis  Mfg.  Co.  Bonds No 

Wellesley  Apartment  Co.  Bonds No 

Wellington  Telephone  Co.  1st  5s . No 

Wellman-Seaver-Morgan  Co.  1st  5%s Yes 

Wells  Electric  Lt.  &  Pr.  Co.  1st  5s,  1930 Yes 

Wellston  Steel  &  Iron  Co.  5s No 

Wellsville  Telephone  Co.  1st  6s,  1924 Yes 

Wellsville  Water  Co.  1st  5s,  1938 No 

Welsbach  Co.  Col.  Tr.  5s,  1930 No 

Welton  St.  Invest.  Co.  Bonds,  1922 Yes 

Wenatchee-Chelan  Orchard  Co.  1st  6s,  1923 Yes 

Wenatchee  Vy.  Gas  &  Elec.  Co.  Col.  6%  Notes,  1915 Yes 

Wenatchee  Vy.  Gas  &  Elec.  Co.  1st  6s,  1930 Yes 

Wend  ling- Johnson  Lumber  Co.  1st  6s,  1915-23 Yes 

Wenonah  Building  Co.  1st  6s Yes 

Weschler,  Daniel  D.  &  Son,  Inc.  Bonds No 

Wesf  ex  Water  Co.  Bonds No 

West  Berwick  Water  Supply  Co.  1st  5s,  1953 No 

West  Braddock  Bridge  Co.  5s Yes 

West  Branch  Coal  Co.  1st  5s,  1930 Yes 

West,  Cache  Irrigation  Co.  6s No 

West  Chester,  Kennett  &  Wilmington  Elec.  Ry.  1st  5s,  1935 Yes 

West  Chester  R.  R.  Co.  1st  5s,  1919 Yes 

West  Chester  St.  Ry.  Co.  1st  5s,  1932 Yes 

West.  Chicago  Masonic  Temple  1st  5s,  1928 No 

West  Coast  Bldg.  Co.  1st  6s,  (Seattle,  Wash.) Yes 

West  Coast  Gas  Co.  Bonds No 

West  Coast  Gas  Redwood  Co.  Bonds Yes 

WTest  End  Colliery  Co.  Col.  Tr.  5s Yes 

West  End  Pass.  Ry.  1st  4s,  1935 Yes 

West  End  St.  Ry.  Curr.  4s,  1915 No 

West  End  St.  Ry.  4s,   1916    No 

West  End  St.  Ry.  4s,   1917    No 

West  End  St.  Ry.  Deb.  4Vss,   1923 No 

West  End  St.  Ry.  4%s,  1930 No 

West  End  St.  Ry.  4s,  1932 No 

West  End  St.  Ry.  Co.   5s,   1932 No 

West  End  St.  Ry.  Co.  5s,  1944 ¥esNO 

West  End  Trac.  Co.  Cons.  5s,  1938 Yes 

West  Fairview  &  Marysville  Elec.  St.  Ry.  1st  Mtge.  Bonds,  1932 Yes 

West  (Thos.  D.)  Foundry  Co.  1st  6s Yes 

West  Haven  Water  Co.  os,  1919 No 

West  Huntsville  Cotton  Mills  Co.  1st  6s , No 

West  Jersey  &  Seashore  R.  R.  Co.  4%  Ctf s.,  1915 No 

West  Jersey  &  Seashore  R.  R.  Co.  1st  Cons.  3y2s  &  4s,  1936 Yes 

West  Kentucky  Coal  Co.  1st  5s,  1935 Yes 

West  Kootenay  Pr.  &  Lt.  Co.,  Ltd.  1st  6s,  1940 No 

West  Liberty  St.  Rv.  Co.  1st  5s,  1930 Yes 

West  Liberty  &  Suburban  St.  Ry.  Co.  1st  5s,  1938 , Yes 

West  Penn.  Coal  Mining  Co.  1st  5s Yes 

West  Penn  Rys.  1st  5s,  1931 Yes 

West  Penn  Rys.  Col.  2r.  5s,  1931 Yes 

West  Penn  Traction  Co.  Col.  6%  Notes No 

West  Penn  Traction  Co.  1st  5s,  1960 Yes 

ie4 


WES-WES 

West  Phila.  Pass  Ry.  Co.  2nd  5s,  1926 Yes 

West  Phila.  Pass.  Ry.  Co.  1st  3%s  Ext.,  1956 Yes 

West  Roxbury  &  Roslindale  St.  Ry.  Co.  1st  5s,  1916 No 

West  Sacramento  Co.  1st  6s,  1930 . Yes 

West  Sacramento  Co.  Gen.  6s,  1933 No 

West  St.  Louis  Water  &  Lt.  Co.  1st  5s,  1928 No 

West  Shore  R.  R.  Co.  1st  4s,  2361 No 

West  Shore  Ry.  Co.  1st  5s,  1914 Yes 

West  Side  Belt  R.  R.  Co.  1st  5s,  1937 ' Yes 

West  Side  Lumber  Co.  1st  6s,  1916 No 

West  Texas  Elec.  Ry.  1st  5s,  1943 Yes 

West  Virginia  &  Maryland  Gas  Co.  1st  6s,  1918 Yes 

West  Virginia  &  Pittsburgh  R.  R.  1st  4s,  1990 Yes 

West  Virginia  Printing  Co.  Bonds No 

West  Virginia  Pulp  &  Paper  Co.  1st  5s,  1921 Yes 

West  Virginia  Puly  &  Paper  Co.  New  1st  5s,  1924 No 

West  Virginoa  Pulp  &  Paper  Co.  Deb.  5s,  1936 No 

West  Virginia  Short  Line  1st  4s,  1951 Yes 

West  Virginia  Timber  Co.  1st  5s Yes 

West  Virginia  Timber  Co.  1st  &  Ref.  (now  1st)  6s Yes 

West  Virginia  Trac.  &  Elec.  Co.  Con  v.  5%  Notes,  1915 Yes 

West  Virginia  Trac.  &  Elec.  1st  Ref.  &  Ext.  6s,  1942 Yes 

Westborough  Gas  &  Elec.  Co.  5%  Notes No 

Westchester  Co.  Brewing  Co.  1st  6s Yes 

Westchester  Elec.  R.  R.  1st  5s,  1943 No 

Westchester  Lighting  Co.  1st  5s,  1950 Yes 

Westchester  Lighting  Co.  Col.  5%  Notes Yes 

Westerly  Lt.  &  Pr.  Co.  1st  5s,  1937 Yes 

Western  American  Realty  Co.   5s Yes 

Western  Box  &  Lumber  Co.  1st  Ser.  6s,  1912-22 Yes 

Western  Canada  Flour  Mills  Co.,  Ltd.,  1st  &  Ref.  6s,  1934 No 

Western  Canada  Power  Co.,  Ltd.,  1st  5s,  1949 No 

Western  Elec.  Co.  1st  5s,  1922 Yes 

Western  Elec.  Telephone  Co.  Cons.  5s Yes 

Western  Extension  Co.  1st  6s,  1921 Yes 

Western  Farm  Land  Co.  6s,  1917 .' No 

Western  Foundry  Co.  1st  6s, No 

Western  Grain  &  Sugar  Products  Co.  Bonds Yes 

Western  Lead  Paint  Co.  6s Yes 

Western  Lodge  No.  350,  I.  0.  O.  F.  Bods Yes 

Western  Maryland  R.  R.  Co.  Rec.  Cert.  5s Yes 

Western  Maryland  R.  R.  Co.  Eq.  Tr.  Ctf s.  5s,  "A,"  1919 Yes 

Western  Maryland  R.  R.  Co.  1st  4s,  1952 Yes 

Western  Maryland  Ry.  Co.  5%  Notes,  1915 Yes 

Western  Mass.  St.  Ry.  1st  5s,  1926 Yes 

Western  N.  Y.  &  Penn.  Ry.  Co.  1st  5s,  1937 Yes 

Western  N.Y.  &  Penn.  Ry.  Co.  Gen.  4s,  1943 Yes 

Western  N.  Y.  &  Penn.  Ry.  Co.  Inc.  5s,  1943 Yes 

Western  N.  Y.  &  Penn.  Trac.  Co.  1st  &  Ref.  5s,  1957 Yes 

Western  N.  Y.  Water  Co.  1st  &  Ref.  5s,  1935 Yes 

Western  Ohio  Ry.  Co.  1st  5s,  1921 Yes 

Western  Ohio  Ry.  Co.  Conv.  Col.  Tr.  6s,  1930 Yes 

Western  Pacific  Ry.  1st  5s,  1933 Yes 

Western  Pennsylvania  R.  R.  Co.  Cons.  (Now  1st)  4s,  1928 Yes 

Western  Pocahontas  Corp.  L.  P.  M.  1st  4y2s,  1945 Yes 

Western  Pocahontas  Corp.  1st  Ext.  4%s Yes 

Western  Pocahontas  Corp.  2nd  Ext.  4%s Yes 

Western  Power  Co.  Col.  6s,  1915 No 

Western  Ry.  of  Alabama  1st  4%s,  1918 No 

Western  States  Gas  &  Elec.  Co.  1st  Ref.  5s,  1941 Yes 

165 


WES-WHI 

Western  States  R.  E.  Trust  1st  5s,  1939 Yes 

Western  Stone  Co.  1st  6s,  1914 Yes 

Western  Stone  Co.  2nd  6s,  1917 Yes 

Western  Stoneware  Co.  1st  5s Yes 

Western  Stoneware  Co.  1st  Ref .  6s Yes 

Western  Sugar  &  Land  Co.  1st  6s,  1923 Yes 

Western  Telephone  &  Telegraph  Co.  Col.  Tr.  5s,  1932 No 

Western  Terminal  Co.  1st  Ext.  5s,  1914 Yes 

Western  Transit  Co.  Ext.  3y2s,  1923 No 

Western  Union  Telegraph  Co.  Col.  Tr.  5s,  1938 No 

Western  Union  Telegraph  Co.  Fund.  &  R.  E.  4y2s,  1950 No 

Western  United  Gas  &  Elec.  Co.  Deb.  6s,  1918 Yes 

Western  United  Gas  &  Elec.  Co.  1st  &  Ref.  5s,  1915-50 Yes 

Western  United  Gas  &  Elec.  Co.  Gen.  6s,  1950 Yes 

Western  Vermont  Power  &  Light  Co.  1st  5s,  1932 No 

Westernport  &  Laconing  Ry.  Co.  Bonds,  1928 Yes 

Westford  Water  Co.  1st  5s,  1937 Yes 

Westinghouse  Elec.  &  Mfg.  Co.  5%  Notes  No 

Westinghouse  Elec.  &  Mfg.  Co.  Col.  6s,  1915 Yes 

Westinghouse  Elec.  &  Mfg.  Co.  Col.  Tr.  5s,  1917 Yes 

Westinghouse  Elec.  &  Mfg.  Co.  Conv.   5s,    1931 Yes 

Westinghouse  Foundry  Co.  1st  5s,  1914-26 Yes 

Westinghouse  Machine  Co.  3-yr.  5%  Notes Yes 

Westinghouse  Machine  Co.  Deb.  5s,  1920 Yes 

Westinghouse  Machine  Co.  1st  &  Ref.  6s,  1940 Yes 

Westmoreland  Coal  Co.  5%  Col.  Notes,  1920 No 

Westmoreland  Co.  Ry.  1st  5s,  1935 Yes 

Westmoreland  Lt.,  Ht.  &  Pr.  Co.  5s,  1925 Yes 

Westmoreland  Water  Co.  (Greensboro,  Pa.)  1st  &  Ref.  5s Yes 

Westmoreland  Water  of  Unity  Township  1st  6s,  1918 Yes 

Westport  Water  Co.  1st  5s,  1922 No 

Westport  Water  Co.  1st  Cons.  5s,  1931 Yes 

Westville  &  Newbold  Water  Co.  1st  4y2s,  1931 Yes 

Weyand  (Christian)  Brewing  Co.  6s,  1922 No 

Whatcom  Co.  Ry.  &  Lt.  Co.  1st  5s,  1935 Yes 

Wharton  Valley  Ry.  1st  5s,  1918 No 

Wheeler-Clough  Co.  1st  6s,  1915   (Chicago) : .  No 

Wheeling  Bridge  Co.  1st  5s,  1921 No 

Wheeling  Butchers  Association  Bonds No 

Wheeling  Country  Club  Bonds No 

Wheeling  Elec.  Co.  1st  5s,  1941 Yes 

Wheeling  &  Elm  Grove  R.  R.  Co.  1st  5s,  1931 No 

Wheeling  Enameled  Iron  Co.  Bonds Yes 

Wheeling  &  Lake  Erie  R.  R.  Co.  Sec.  5%  Notes,  1908 Yes 

Wheeling  &  Lake  Erie  R.  R.  Rec.  Ctfs.  6s No 

Wheeling  &  Lake  Erie  R.  R.  1st  L.  Car  Tr Yes 

Wheeling  &  Lake  Erie  R.  R.  C.     Eq.  5s,  1922 Yes 

Wheeling  &  Lake  Erie  R.  R.  Co.  Rec.  Eq.  Ctfs.  5s,  1923 Yes 

Wheeling  &  Lake  Erie  R.  R.  Co.  Ext.  &  Imp.  5s,  1930 No 

Wheeling  &  Lake  Erie  R.  R.  Co.  1st  Cons.  4s,  1949 Yes 

Wheeling  &  Lake  Erie  R.  R.  Co.  Gen.  4s,  1955 Yes 

Wheeling  &  Lake  Erie  R.  R.  Co.  Lake  Erie  Div.  5s,  1926 No 

Wheeling  &  Lake  Erie  R.  R.  Co.  Wheeling  Div.  1st  5s,  1928 No 

Wheeling  Mold  &  Foundry  Co.  1st  6s,  1930 No 

Wheeling  Ry.  1st  6s,  1922 No 

Wheeling  Term.  Ry.  Co.  1st  4s,  1940 Yes 

Wheeling  Trac.  Co.  1st  Cons.  5s,  1931 Yes 

Wheeling  Warehouse  &  Storage  Co.  Bonds No 

Wheeling  &  Western  Ry.  1st,  1926 No 

Whipple  Car  Co.  Bonds Yes 

166 


WHI-WIL 

Whitaker  Glessner  Co.  6s,  1929 No 

Whitcomb  Hotel  &  Mineral  Baths  1st  6s Yes 

White  &  Black  River  Valley  R.  R.  Co.  1st  5s,  1980 Yes 

White  (L.  Q.)  Co-operative  Co.  1st  Ser.  5s,  1919 No 

White  (L.  Q.)  Co-operative  Co.  1st  &  2nd  Ser.  5s,  1922 No 

White  Dear  Mountain  Water  Co.  1st  4y2s Yes 

White  Hotel  Co.  1st  6s Yes 

White  Line  1st  5s No 

White  Oak  Trans.  Co.  Bonds Yes 

White  Plains  Lighting  Co.  1st  5s,  1938 No 

White  Star  Line  Bonds Yes 

Whitehall  Cement  Mfg.  Co.  1st  5s,  1941 Yes 

Whitestown  Water  Works  Co.  1st  5s No 

Whiting  Elec.  Lt.  Co.  1st  5s No 

Whiting-Plover  Paper  Co.  Bonds Yes 

Whitney  Glass  Works  Bonds,  1931 Yes 

Whittier  Extension  Co.  1st  6s Yes 

Whittier  Home  Tel.  &  Tel.  Co.  1st  5s,  1929 No 

Whittier  Water  Co.  1st  6s,  1918-1937 Yes 

Whitier  Water  Co.  Col.  Tr.  6s,  1916 Yes 

Wichita  Falls  Elec.  Co.  1st  5s,  1943 Yes 

Wichita  Falls  &  No.  West  Ry.  Co.  1st  L.  Col.  Tr.  5s,  1925 Yes 

Wichita  Falls  &  No.  West.  Ry.  Co.  1st  5s,  1939 Yes 

Wichita  Falls  &  No.  Western  Ry.  Co.  Beaver  Div.  1st  &  Ref.  5s,  1940. .  Yes 

Wichita  Falls  &  Oklahoma  Ry.  1st  6s,  1936 Yes 

Wichita  Falls  &  Southern  Ry.  Co.  1st  5s,  1938 Yes 

Wichita  Falls  Water  Co.  1st  5s,  1943 Yes 

Wichita  &  Midland  Vy.  R.  R.  Co.  1st  5s,  1931 Yes 

Wichita  Natural  Gas  Co.  1st  6s Yes 

Wichita  Natural  Gas  Co.  2nd  6s,  1917 Yes 

Wichita  Pipe  Line  Co.  Bonds Yes 

Wichita  R.  R.  &  Lt.  Co.  1st  5s,  1919 Yes 

Wichita  R.  R.  &  Lt.  Co.  1st  5s,  1920 Yes 

Wichita  R.  R.  &  Lt.  Co.  Ref.  &  Cons.  5s,  1932 Yes 

Wichita  Union  Stock  Yards  Co.  1st  6s No 

Wichita  Union  Terminal  Ry.  Co.  1st  4%s,  1941 Yes 

Wichita  Valley  Ry.  1st  6s,  1936 No 

Wichita  Valley  Ry.  1st  5s,  1940 No 

Wichita  Water  Co.  5s,  1931 No 

Wichita  Water  Co.  Col.  5s,  1943 No 

Wichita  Water  Co.  5s,  1952 No 

Wicke,  Wm,  Ribbon  Co.  1st  6s No 

Wickliffe  Coal  Co.  1st  6s,  1924 No 

Wickwire  Steel  Co.  1st  6s Yes 

Wieland  Dairy  Co.  6s Yes 

Wigmore  Co.  \j.  A.)  1st  6s Yes 

Wildwood,  Anglessa  &  Holly  Beach  Gas  Co.  5s Yes 

Wildwood  Water  Wks.  Co.  1st  5s,  1938 Yes 

Wilkes-Barre  Colliery  Co.  1st  6s Yes 

Wilkes-Barre  Co.  (The)  1st  &  Ref.  5s,  1960 Yes 

Wilkes-Barre  &  Eastern  R.  R.  Co.  1st  5s,  1942 No 

Wilkes-Barre  Gas  &  Elec.  Co.  1st  5s,  1955 Yes 

Wilkes-Barre  Gas  &  Elec.  Co.  1st  &  Ref.  5s,  1960 Yes 

Wilkes-Barre  &  Hazleton  R.  R.  Co.  2nd  Col.  Ter.  5s,  1945 Yes 

Wilkes-Barre  &  Hazleton  R.  R.  Co.  1st  Col.  5s,  1951 Yes 

Wilkes-Barre  &  Luzerne  St.  Ry.  Co.  1st  5s,  1941 Yes 

Wilkes-Barre  &  Scranton  Rv.  1st  4y2s,  1938 Yes 

Wilkes-Barre  &  Wyoming  Vy.  Trac.  Co.  1st  5s,  1921 No 

Wilkes-Barre  &  Wyoming  Vy.  Trac.  Co.  Col.  Tr.  5s,  1922 Yes 

Wilkes-Barre  &  Wyoming  Vy.  Trac.  Co.  Col.  5s,  1925 No 

167 


WIL-WIN 

Wilkins  Securities  Corp.  1st  5s No 

Wilkinsburg  &  E.  Pittsburgh  St.  Ry.  1st  5s,  1929 Yes 

Wilkinsburg  &  Verona  St.  Ry.  1st  5s,  1931 Yes 

Williamette  Bridge  Ry.  Co.  1st  6s,  1914 Yes 

Willamette  Vy.  Co.  1st  5s,  1930 Yea 

Willamette  Vy.  &  Southern  Ry.  Co.  Cons.  6s,  1917 Yes 

Willapa  Elec.  Co.  1st  6s,  Ser.  "A."  1923 Yes 

Willapa  Elec.  Co.  Conv.  6s,  1923 Yes 

Willapa  Lumber  Co.  1st  Ser.  "A"  6s Yes 

William  Vy.  R.  R.  Co.  1st  5s,  1923 Yes 

Williamette  Vy.  Lumber  Co.  Bonds Yes 

Williamette  Vy.  &  Southern  Ry.  Co.  1st  6s,  1939 Yes 

Williams  Cooperage  Co.  1st  6s Yes 

Williamsport  &  No.  Branch  R.  R.  Equip Yes 

Williamsport  &  No.  Branch  R.  R.  1st  4%s,  1931 Yes 

Williamsport  Gas  Co.  1st  5s,  1939 Yes 

Williamsport  Pass.  Ry.  1st  6s,  1922 Yes 

Williamston  Illuminating  Co.  Bonds Yes 

Williamsville,  Greenveill  &  St.  Louis  Ry.  1st  5s,  1937 No 

Willimantic  Gas  &  Elec.  Co.  1st  5s,  1923 No 

Willmar  &  Sioux  Falls  Ry.  Co.  1st  5s,  1938 No 

Willow  River  Land  &  Irrigation  Co.  1st  6s No 

Wilmington  &  Chester  Trac.  Co.  Col.  5s,  1918 Yes 

Wilmington  &  Chester  Traction  Co.  Col.  5s,  1952 Yes 

Wilmington  City  Elec.  Co.  1st  5s,  1951 Yes 

Wilmington  City  Ry.  1st  5s,  1951 No 

Wilmington-Edgemoor  Elec.  Ry.  1st  5s,  1946 Yes 

Wilmington  Gas  Co.  1st  &  Ref.  5s,  1949 Yes 

Wilmington  Lt.  &  Pr.  Co.  1st  5s,  1960 Yes 

Wilmington  &  Newbern  R.  R.  1st  4s,  1947 No 

Wilmington,  New  Castle  &  Delaware  City  Ry.  1st  6s,  1942 Yes 

Wilmington  &  Northern  R.  R.  Co.  1st  5s,  1927 Yes 

Wilmington  &  Northern  R.  R.  Co.  Gen.  5s,  1932 Yes 

Wilmington  &  Phila.  Trac.  Co.  Eq.  Tr.  5s,  Ser.  "A,"  1921 Yes 

Wilmington  &  Phila.  Trac.  Co.  1st  &  Col.  5s,  1963 Yes 

Wilmington  Ry.  Bridge  Co.  Cons.  5s,  1943 No 

Wilmington  Realty  &  Securities  Co.  1st  &  Col.  6s,  1932 Yes 

Wilmington  Sewerage  Co.  1st  5s,  1932 No 

Wilmington  Southern  Trac.  Co.  1st  5s,  1941 Yes 

Wilmington  &  Weldon  R.  R.  Co.  Ctf s.  Ind.  7s No 

Wilmington  &  Weldon  R.  R.  Co.  Gen.  1st  4s  &  5s,  1935 No 

Wilson  (H.  T.)  Coal  Co.  Bonds Yes 

Winard  Apartments  1st  Ser.  6s Yes 

Winchendon  Elec.  Lt.  &  Pr.  Co.  1st  6s,  1922 No 

Winchester  Rock  &  Brick  Co.  1st  6s,  1927 No 

Windsor  Gas  Co.,  Ltd.  1st  5s,  1934 No 

Windsor  Golf  Club  6s Yes 

Windsor  Hotel  Co.  1st  6s No 

Windsor  Hotel  Co.  2nd  6s No 

Windsor  Locks  Trac.  Co.  1st  5s,  1924 Yes 

Windsor  &  Tecumseh  Elec.  Ry.  20-yr.  5s,  1927 Yes 

Windsor  Water  Co.  Bonds . . . No 

Winfield  Telephone  Co.  1st,  1916 No 

Winifrede  Coal  Co.  1st  6s,  1930 Yes 

Winnipeg  Terminals  30-yr.  4s,  1939 No 

Winono  Bridge  Ry.  Co.  1st  5s,  1915 No 

Winona  Gas  Lt.  &  Coke  Co.  1st  5s,  1925 Yes 

Winona  Interurban  Ry.  Co.  Goshen  Div.  1st  5s,  1925 No 

Winona  Interurban  Ry.  Co.  Peru  Div.  1st  5s,  1936 No 

Winona  &  St.  Peter  R.  R.  Co.  1st  7s,  1916 No 

168 


WIN-WOR 

Winona  &  Warsaw  Ry.  Co.  1st  5s,  1922 No 

Winooski  Valley  Power  Co.  1st  5s,  1963 No 

Winsor  School  2nd  5s,  1921 Yes 

Winston  (John  C.)  Co.  Deb.  6s Yes 

Winston-Salem  Gas  Co.  1st  5s,  1932 Yes 

Winston-Salem  Southbound  Ry.  Co.  1st  4s,  1960 Yes 

Winter  Harbor  Co.  1st  5s Yes 

Wisconsin  Cent.  Ry.  Eq.  41/3s,  1923 Yes 

Wisconsin  Cent.  Ry.  Co.  Eq.  5s,  1923 Yes 

Wisconsin  Cent.  Ry.  Co.  Eq.  4%s,  1931 Yes 

Wisconsin  Cent.  Ry.  1st  Gen.  L.  4s,  1949 Yes 

Wisconsin  Cent.  Ry.  Co.  1st  &  Ref .  4s,  1959 Yes 

Wisconsin  Cent.  Ry.  Co.  Marsh.  &  So.  East.  Div.  1st  4s,  1951 Yes 

Wisconsin  Cent.  Ry.  Co.  Superior  &  Duluth  Div.  &  Term.  1st  4s,  1936.  .  Yes 

Wisconsin  Commandery  No.  1  Knights  Templar  Bonds Yes 

Wisconsin  Edison  Co.  Conv.  Deb.  5s,  1924 .  .  No 

Wisconsin  Electric  Ry.  Co.  1st  5s,  1938 , Yes 

Wisconsin  Gas  &  Elec.  Co.  1st  5s,  1952 Yes 

Wisconsin-Minnesota  Lt.  &  Pr.  Co.  1st  &  Ref.  5s,  1944 Yes 

Wisconsin,  Minnesota  &  Pacific  R.  R.  1st  4s,  1950 No 

Wisconsin  Pea  Canners  Co.  1st  6s Yes 

Wisconsin  Public  Service  Co.  1st  &  Ref.  5s,  1942 Yes 

Wisconsin  Ry.,  Lt.  &  Pr.  Co.  1st  &  Ref.  5s,  1933 Yes 

Wisconsin  River  Paper  &  Pulp  Co.  Bonds Yes 

Wisconsin  River  Power  Co.  1st  5s,  1941 Yes 

Wisconsin  Trac.  Lt.,  Ht.  &  Pr.  Co.  1st  5s,  1931 Yes 

Wise  Terminal  Co.  1st  5s,  1929 Yes 

Wladikawkas  Ry.  Co.  4s No 

Woburn  Lt.,  Ht.  &  Pr.  Co.  1st  6s,  1918 No 

Wolf  River  Paper  &  Fibre  Co.  Bonds Yes 

Wood  Co.  Telephone  Co.  5s,  1921 No 

Wood  Live  Stock  Co.  6s Yes 

Wood,  Walter  A.,  Mowing  &  Reaping  Machine  Co.  1st  Ref.  5s,  1925 . . .  Yes 

Woodhaven  Water  Supply  Co.  1st  6s,  1928 Yes 

Woodland  Clay  Co.  6s Yes 

Woodlawn  Masonic  Temple  Assn.  Bonds Yes 

Woodrow-Parker  Co.  Col.  Tr.  6s Yes 

Woodruff  Trust  Co.  Col.  Tr.  5s No 

Woodsfield  Water  Co.  Bonds No 

Woodstock  Gas  Light  Co.  5s Yes 

Woodward  Iron  Co.  5s,  1952 Yes 

Woonsocket  Elec.  Machine  &  Pr.  Co.  1st  4y2s,  1931 No 

Woonsocket  Elec.  Machine  &  Pr.  Co.  Cons.  4y2s,  1943 No 

Worcester  &  Blackstone  Vv.  St.  Ry.  4V2s,  1926 No 

Worcester  Building  Trust  Co.  1st  5s,  1937 Yes 

Worcester  Building  Trust  Co.  1st  5s,  1938 Yes 

Worcester  &  Clinton  St.  Ry.  1st  5s,  1919 No 

Worcester  &  Connecticut  Eastern  Ry.  1st  4y2s,  1943 Yes 

Worcester  Cons.  St.  Rv.  Deb.  4%s,  1920 No 

Worcester  Cons.  St.  Ry.  Deb.  5s,  1927 No 

Worcester  Cons.  St.  Ry.  1st  &  Ref.  4y2s,  1930 Yes 

Worcester  &  Holden  St.  Ry.  Co.  1st  5s,  1923 No 

Worcester  &  Marlborough  St.  Ry.  1st  5s,  1917 No 

Worcester,  Nashua  &  Rochester  R.  R.  1st  4s,  1930 No 

Worcester,  Nashau  &  Rochester  R.  R.  1st  4s,  1934 No 

Worcester,  Nashau  &  Rochester  R.  R.  1st  4s,  1935 No 

Worcester  &  Southbridge  St.  Ry.  Co.  1st  4y2s,  1922 No 

Worcester  &  Southbridge  St.  Rv.  4y2s,  1925 No 

Worcester  &  Webster  St.  Ry.  Co.  1st  5s,  1919 No 

World  Publishing  Co.  Bonds Yes 


WOR-YAL 

Woronoco  Street  Ry.  1st  5s,  1920 No 

Wright  Bldg.  Co.  1st  5s,  1931 Yes 

Wright  &  Zehner  Co.  1st  6s No 

Wrightsville  Hardware  Co.  1st  6s Yes 

Wrightsville  Ht.  &  Pr.  Co.  5s Yes 

Wrightsville  &  Tennille  R.  R.  Co.  1st  5s,  1958 No 

Wyandotte  Co.  Gas  Co.  1st  6s,  1924 Yes 

Wyandotte  &  Detroit  Riv.  Ry Yes 

Wyoming  Central  Irrigation  Co.  1st  6s Yes 

Wyoming  Central  Telephone  Co.  1st  5s,  1928 Yes 

Wyoming  Coal  Mining  Co.  1st  6s No 

Wyoming  Development  Co.  1st  6s No 

Wyoming  Valley  Coal  Co.  Cons.  6s,  1917 Yes 


X 
[This   space  for   your   personal   memoranda] 


X 

Xenia  Water  Co.  1st  5s,  1919 !No 

Y 
[This   space  for  your   personal   memoranda] 


Y 

Yadkin  River  Pr.  Co.  1st  5s,  1941 ". ¥ea 

Yahnundasis  Golf  Club  Bonds No 

Yale  &  Townc  Mfg.  Co.  1st  5s,  1920 No 

Yale  Transit  Co.  1st  5s,  1916  (Detroit) Yes 

170 


YAN-YTJB 

Yankton  Light,  Heat  &  Power  Co.  1st  Ser.  5s,  1924 Yes 

Yaqui  Delta  Land  &  Water  Co.  6s Yes 

Yates  Elec.  Lt.  &  Pr.  1st  5s Yes 

Yellow  Taxicab  Co.  Bonds,  1913-17 Yes 

Yoder  Realty  Co.  6s No 

Yonkers  R.  R.  Co.  (The)  1st  5s,  1946 No 

York  Co.  Cons.  Water  Co.  5s Yes 

York  Co.  Power  Co.  1st  &  Ref .  5s Yes 

York,  Hanover  &  Frederick  R.  R.  1st  4s,  1927 Yes 

York  Haven  Paper  Co.  (The)   1st  5s,  1926 Yes 

York  Haven  Water  &  Power  Co.  2nd  6s,  1924 Yes 

York  Haven  Water  &  Power  Co.  1st  5s,  1951 Yes 

York  Haven  Water  &  Power  Co.  Cons.  5s,  1957 Yes 

York  Hotel  Co.  1st  Mtge.  Bonds Yes 

York  Hotel  Co.  2nd  Mtge.  Bonds Yee 

York  Light  &  Ht.  Co.  1st  4%s,  1920 No 

York  Light  &  Ht.  Co.  1st  Cons.  Ref.  5s,  1927 Yes 

York  (The)  Mfg.  Co.  1st  Ser.  6s Yes 

York  &  Peach  Bottom  Ry.  50-yr.  5s  Ser.  "B,"  1932 Yes 

York  Power  Co.  Col.  Tr.  5s,  1927 Yes 

York  Rys.  Col.  6s,  1915 Yes 

York  Rvs.  Co.  1st  Col.  5s,  1937 Yes 

York  State  Telephone  Co.  5s,  1933 Yes 

York  Telephone  Co.  1st  5s,  1929 Yes 

York  Tel.  &  Tel.  Co.  1st  5s Yes 

York  Transit  Co.  1st  5s,  1913 Yes 

Yosemite  Lumber  Co.  1st  Ser.  6s Yes 

Yosemite  Short  Line  Ry.  Bonds No 

Yosemite  Vy.  R.  R.  1st  5s,  1936 Yes 

Youghiogheny  &  Ohio  Coal  Co.  1st  6s,  1933 Yes 

Yough-Mon  Coal  Co.  5s,  1915 Yes 

Young  (Chas.  L.)  &  Co.  1st  6s,  1924 Yes 

Young  Men's  Christian  Ass'n  1st  5s,  1922 No 

Young  Men's  Gymnastic  Club  1st  6s Yes 

Youngstown  &  Ohio  Riv.  R.  R.  Co.  1st  5s,  1935 Yes 

Youngstown  Pk.  &  Falls  St.  Ry.  1st  5s,  1919 Yes 

Youngstown- Sharon  Ry.  &  Lt.  Co.  1st  5s,  1931 Yes 

Youngstown  &  Southern  Ry.  Co.  1st  5s,  1923 Yes 

Youngstown  Telephone  Co.  1st  6s Yes 

Ypsilanti  Gas  Co.  Bonds Yes 

Ypsilanti  &  Saline  Ry.  Co.  1st  6s,  1919 Yes 

Yuba  Construction  Co.  Bonds Yes 

Yuba  Elec.  Pr.  Co.  1st  6s,  1929 Yes 


171 


ZAN-ZIM 

Z 

[This    space   for   your   personal    memoranda] 


Z 

Zanesville  Coal  Co.  1st  6s Yes 

Zanesville  Elec.  Ry.  Co.  1st  4s,  1919 No 

Zanesville  Gas  X  Elec.  Co.  1st  6s,  1932 Yes 

Zanesville  Ry.,  Lt.  &  Pr.  Co.  1st  Cons.  5s.  1924 . Yes 

Zanesville  &  Western  Ry.  Car  Tr.  4s,  1917 Yes 

Zanesville  &  Western  Ry.  1st  4s,  1952 Yes 

Zeigler  Coal  Co.  1st  6s Yes 

Zeltner  Brewing  Co.  6s Yes 

Zenith  Furnace  Co.  1st  Ser.  5%s Yes 

Zenith  Telephone  Co.  Bonds Yes 

Ziegler  District  Colliery  Co.  1st  6s,  1916 No 

Zimmerman  Ice  Co.  5s Yes 


172 


Federal  Income  Tax 
Law 


Being  Section  II.  of  "An  Act  to  reduce  tariff 

duties   and    to    provide    revenue    for    the 

Government  and  for  other  purposes" 

Section  II. 

A.  Subdivision  1.  That  there  shall  be  levied,  assessed,  JJrori^a^i^x' 
collected  and  paid  annually  upon  the  entire  net  income 
arising  or  accruing  from  all  sources  in  the  preceding 
calendar  year  to  every  citizen  of  the  United  States, 
whether  residing  at  home  or  abroad,  and  to  every  person 
residing  in  the  United  States,  though  not  a  citizen  there- 
of, a  tax  of  1  per  centum  per  annum  upon  such  income, 
except  as  hereinafter  provided;  and  a  like  tax  shall  be 
assessed,  levied,  collected,  and  paid  annually  upon  the 
entire  net  income  from  all  property  owned  and  of  every 
business,  trade,  or  profession  carried  on  in  the  United 
States  by  persons  residing  elsewhere. 

Subdivision  2.  In  addition  to  the  income  tax  provided  Additional  tax 
under  this  section  (herein  referred  to  as  the  normal  in-°n  "xcVs^of™38 
come  tax)  there  shall  be  levied,  assessed,  and  collected  $20,000. 
upon  the  net  income  of  every  individual  an  additional 
income  tax  (herein  referred  to  as  the  additional  tax)  of 
1  per  centum  per  annum  upon  the  amount  by  which  the 
total  net  income  exceeds  $20,000  and  does  not  exceed 
$50,000.  and  2  per  centum  per  annum  upon  the  amount 
by  which  the  total  net  income  exceeds  $50,000  and  does 
not  exceed  $75,000,  3  per  centum  per  annum  upon  the 
amount  by  which  the  total  net  income  exceeds  $75,000 
and  does  not  exceed  $100,000,  4  per  centum  per  annum 
.upon  the  amount  by  which  the  total  net  income  exceeds 
$100,000  and  does  not  exceed  $250,000,  5  per  centum 
per  annum  upon  the  amount  by  which  the  total  net 
income  exceeds  $250,000  and  does  not  exceed  $500,000, 
and  6  per  centum  per  annum  upon  the  amount  by  which 
the  total  net  income  exceeds  $500,000.    All  the  provisions 

173 


Personal 
return  of 
net  income 
to  be  made 
annually. 


Interest  In 
gains  and 
profits  of 
corporations 
to  be  included. 


Accumulated 
gains  and 
profits  beyond 
needs,  how 
regarded. 


Net  income, 
items 

constituting 
same. 


of  this  section  relating  to  individuals  who  are  to  be 
chargeable  with  the  normal  income  tax,  so  far  as  they 
are  applicable  and  are  not  inconsistent  with  this  ^sub- 
division  of  paragraph  A,  shall  apply  to  the  levy,  assess- 
ment, and  collection  of  the  additional  tax  imposed  under 
this  section.  Every  person  subject  to  this  additional 
tax  shall,  for  the  purpose  of  its  assessment  and  collection, 
make  a  personal  return  of  his  total  net  income  from 
all  sources,  corporate  or  otherwise,  for  the  preceding 
calendar  year,  under  rules  and  regulations  to  be  pre- 
scribed by  the  Commissioner  of  Internal  Revenue  and 
approved  by  the  Secretary  of  the  Treasury.  For  the 
purpose  of  this  additional  tax  the  taxable  income  of  any 
individual  shall  embrace  the  share  to  which  he  would 
be  entitled  of  the  gains  and  profits,  if  divided  or  dis- 
tributed, whether  divided  or  distributed  or  not,  of  all 
corporations,  joint-stock  companies,  or  associations  how- 
ever created  or  organized,  formed  or  fraudulently 
availed  of  for  the  purpose  of  preventing  the  imposition 
of  such  tax  through  the  medium  of  permitting  such 
gains  and  profits  to  accumulate  instead  of  being  divided 
or  distributed;  and  the  fact  that  any  such  corporation, 
joint-stock  company,  or  association,  is  a  mere  holding 
company,  or  that  the  gains  and  profits  are  permitted  to 
accumulate  beyond  the  reasonable  needs  of  the  business 
shall  be  prima  facie  evidence  of  a  'fraudulent  purpose 
to  escape  such  tax;  but  the  fact  that  the  gains  and 
profits  are  in  any  case  permitted  to  accumulate  and  be- 
come surplus  shall  not  be  construed  as  evidence  of  a 
purpose  to  escape  the  said  tax  in  such  case  unless  the 
Secretary  of  the  Treasury  shall  certify  that  in  his 
opinion  such  accumulation  is  unreasonable  for  the  pur- 
poses of  the  business.  When  requested  by  the  Commis- 
sioner of  Internal  Revenue,  or  any  district  collector  of 
internal  revenue,  such  corporation,  joint-stock  company, 
or  association  shall  forward  to  him  a  correct  statement 
of  such  profits  and  the  names  of  the  individuals  who 
would  be  entitled  to  the  same  if  distributed. 

B.  That,  subject  only  to  such  exemptions  and  deduc- 
tions as  are  hereinafter  allowed,  the  net  income  of  a 
taxable  person  shall  include  gains,  profits,  and  income 
derived  from  salaries,  wages,  or  compensation  for  per- 
sonal service  of  whatever  kind  and  in  whatever  form 
paid,  or  from  professions,  vocations,  businesses,  trade, 
commerce,  or  sales,  or  dealings  in  property,  whether  real 
or  personal,  growing  out  of  the  ownership  or  use  of  or 
interest  in  real  or  personal  property,  also  from  interest, 
rent,  dividends,  securities,  or  the  transaction  of  any  law- 
ful business  carried  on  for  gain  or  profit,  or  gains  or 
profits  and  income  derived  from  any  source  whatever. 

174 


including  the  income  from  but  not  the  value  of  property 
acquired  by  gift,  bequest,  devise,  or  descent:   Provided, Property 
That  the  proceeds  of  life  insurance  policies  paid  upon  giS^Sc.,  and 
the  death  of  the  person  insured  or  payments  made  by  or  p^"srurance 
credited  to  the  insured,  on  life  insurance,  endowment,  allowed, 
or  annuity  contracts,  upon  the  return  thereof  to  the  in-exempt- 
sured  at  the  maturity  of  the  term  mentioned  in  the  con- 
tract, or  upon  surrender  of  contract,  shall  not  be  in- 
cluded as  income. 

That  in  computing  net  income  for  the  purpose  of  the  Deductions 
normal  tax  there  shall  be  allowed  as  deductions:  First, computing  net 
the  necessarv  expenses  actually  paid  in  carrying  on  any  J°f °™®  f°f  JJ?® 
business,  not  including  personal,  living,  or  family  ex- normal  tax. 
penses;  second,  all  interest  paid  within  the  year  by  a 
taxable  person  on  indebtedness;  third,  all  national,  State, 
county,  school,  and  municipal  taxes  paid  within  the  year, 
not  including  those  assessed  against  local  benefits ;  fourth. 
losses  actually  sustained  during  the  year,  incurred  in 
trade  or  arising  from  fires,  storms,  or  shipwreck,  and 
not  compensated  for  by  insurance  or  otherwise;  fifth, 
debts  due  to  the  taxpayer  actually  ascertained  to  be 
worthless  and  charged  off  within  the  year;  sixth,  a  rea- 
sonable allowance  for  the  exhaustion,  wear  and  tear  of 
property  arising  out  of  its  use  or  employment  in  the 
business,  not  to  exceed,  in  the  case  of  mines,  5  per 
centum  of  the  gross  value  at  the  mine  of  the  output  for 
the  year  for  which  the  computation  is  made,  but  no  de- 
duction shall  be  made  for  any  amount  of  expense  of 
restoring  property  or  making  good  the  exhaustion  there- 
of for  which  an  allowance  is  or  has  been  made :  Pro- 
vided, That  no  deduction  shall  be  allowed  for  any  amount 
paid  out  for  new  buildings,  permanent  improvements, 
or  betterments,  made  to  increase  the  value  of  any  prop- 
erty or  estate ;  seventh,  the  amount  received  as  dividends 
upon  the  stock  or  from  the  net  earnings  of  any  corpora- 
tion, joint-stock  company,  association,  or  insurance  com- 
pany which  is  taxable  upon  its  net  income  as  herein- 
after provided;  eighth,  the  amount  of  income,  the  tax 
upon  which  has  been  paid  or  withheld  for  payment  at 
the  source  of  the  income,  under  the  provisions  of  this 
section,  provided  that  whenever  the  tax  upon  the  income 
of  a  person  is  required  to  be  withheld  and  paid  at  the 
source  as  hereinafter  required,  if  such  annual  income 
does  not  exceed  the  sum  of  $3,000  or  is  not  fixed  or  cer- 
tain, or  is  indefinite,  or  irregular  as  to  amount  or  time 
of  accrual,  the  same  shall  not  be  deducted  in  the  personal 
return  of  such  person. 

The  net  income  from  property  owned  and  business  car-^J"^™^ °^ 
ried  on  in  the  United  States  by  persons  residing  else-  from  property 
where  shall  be  computed  upon   the  basis  prescribed  in  united  states. 

175 


Interest  on 
obligations  of 
State  or  of 
United  States 
and  com- 
pensation of 
certain  Q.  S. 
officers  exempt 
from  tax. 


Deduction  of 
$3,000  allowed 
each  single 
person,  and 
$1,000  addi- 
tional for 
married  man 
and  wife  living 
together. 


Period  for 
which  tax 
Is  to  be 
computed. 


Return  to  be 
made  under 
oath  by  each 
person  having 
a  net  income 
of  $3,000  or 
over. 


this  paragraph  and  that  part  of  paragraph  G  of  this 
section  relating  to  the  computation  of  the  net  income 
of  corporations,  joint-stock  and  insurance  companies, 
organized,  created,  or  existing  under  the  laws  of  foreign 
countries,  in  so  far  as  applicable. 

That  in  computing  net  income  under  this  section  there 
shall  be  excluded  the  interest  upon  the  obligations  of  a 
State  or  any  political  subdivision  thereof,  and  upon  the 
obligations  of  the  United  States  or  its  possessions;  also 
the  compensation  of  the  present  President  of  the  United 
States  during  the  term  for  which  he  has  been  elected 
and  of  the  judges  of  the  supreme  and  inferior  courts  of 
the  United  States  now  in  office,  and  the  compensation 
of  all  officers  and  employees  of  a  State  or  any  political 
subdivision  thereof  except  when  such  compensation  is 
paid  by  the  United  States  Government. 

C.  That  there  shall  be  deducted  from  the  amount  of 
the  net  income  of  each  of  said  persons,  ascertained  as 
provided  herein,  the  sum  of  $3,000,  plus  $1,000  addi- 
tional if  the  person  making  the  return  be  a  married  man 
with  a  wife  living  with  him,  or  plus  the  sum  of  $1,000 
additional  if  the  person  making  the  return  be  a  married 
woman  with  a  husband  living  with  her;  but  in  no  event 
shall  this  additional  exemption  of  $1,000  be  deducted  by 
both  a  husband  and  a  wife:  Provided,  That  only  one 
deduction  of  $4,000  shall  be  made  from  the  aggregate  in- 
come of  both  husband  and  wife  when  living  together. 

D.  The  said  tax  shall  be  computed  upon  the  remain- 
der of  said  net  income  of  each  person  subject  thereto, 
accruing  during  each  preceding  calendar  year  ending 
December  thirty-first:  Provided,  however,  That  for  the 
year  ending  December  thirty-first,  nineteen  hundred  and 
thirteen,  said  tax  shall  be  computed  on  the  net  income 
accruing  from  March  first  to  December  thirty-first,  nine- 
teen hundred  and  thirteen,  both  dates  inclusive,  after 
deducting  five-sixths  only  of  the  specific  exemptions  and 
deductions  herein  provided  for.  On  or  before  the  first 
day  of  March,  nineteen  hundred  and  fourteen,  and  the 
first  day  of  March  in  each  year  thereafter,  a  true  and 
accurate  return,  under  oath  or  affirmation,  shall  be  made 
by  each  person  of  lawful  age,  except  as  hereinafter  pro- 
vided, subject  to  the  tax  imposed  by  this  section,  and 
having  a  net  income  of  $3,000  or  over  for  the  taxable 
year,  to  the  collector  of  internal  revenue  for  the  district 
in  which  such  person  resides  or  has  his  principal  place 
of  business,  or,  in  the  case  of  a  person  residing  in  a  for- 
eign country,  in  the  place  where  his  principal  business 
is  carried  on  within  the  United  States,  in  such  form 
as  the  Commissioner  of  Internal  Revenue,  with  the  ap- 
proval of  the  Secretary  of  the  Treasury,  shall  prescribe, 

176 


setting  forth  specifically  the  gross  amount  of  income  f™maScom* 
from  all  separate  sources  and  from  the  total  thereof,  de- sources  to  be 
ducting  the  aggregate  items  or  expenses  and  allowance specified- 
herein  authorized;  guardians,  trustees,  executors,  admin- Guardians, 
istrators.  agents,  receivers,  conservators,  and  all  persons,  t™make  return 
corporations,    or    associations    acting   in    any    fiduciary  for  persons  for 
capacity,  shall  make  and  render  a  return  of  the  netw  om     eyact- 
income  of  the  person  for  whom  they  act,  subject  to  this 
tax,  coming  into  their  custody  or  control  and  manage- 
ment, and  be  subject  to  all  the  provisions  of  this  section 
which  apply  to  individuals:     Provided,  That  a  return 
made  by  one  of  two  or  more  joint  guardians,  trustees, 
executors,  administrators,  agents,  receivers,  and  conser- 
vators, or  other  persons  acting  in  a  fiduciary  capacity, 
filed  in  the  district  where  such  person  resides,  or  in  the 
district  where  the  will  or  other  instrument  under  which 
he  acts  is  recorded,  under  such  regulations  as  the  Secre- 
tary of  the  Treasury  may  prescribe,  shall  be  a  sufficient 
compliance  with  the  requirements  of  this  paragraph: 
and  also  all  persons,  firms,  companies,  copartnerships,  Persons>  flrmSf 
corporations,  joint-stock  companies  or  associations,  and  etc.,  having 
insurance  companies,  except  as  hereinafter  provided,  indeterminable 
whatever  capacity  acting,  having  the  control,  receipt,  jncome  payable 
disposal,  or  payment  of  fixed  or  determinable  annual  or 
periodical  gains,  profits,  and  income  of  another  person 
subject  to  tax,  shall  in  behalf  of  such  person  deduct 
and  withhold  from  the  payment  an  amount  equivalent 
to  the  normal  income  tax  upon  the  same  and  make  and 
render  a  return,  as  aforesaid,  but  separate  and  distinct,  Normal  tax  to 
of  the  portion  of  the  income  of  each  person  from  which  and  return 
the  normal  tax  has  been  thus  withheld,  and  containing  thereof  made, 
also  the  name  and  address  of  such  person  or  stating 
that  the  name  and  address  or  the  address,  as  the  case 
may  be,  are  unknown:     Provided,  That  the  provision 
requiring  the  normal  tax  of  individuals  to  be  withheld 
at  the  source  of  the  income  shall  not  be  construed  to 
require   any  of  such  tax  to  be  withheld  prior  to  the 
first  day  of  November,  nineteen  hundred  and  thirteen: 
Provided  further,  That  in  either  case  above  mentioned  ^^red  unless 
no  return  of  income  not  exceeding  $3,000  shall  be  re- income  exceeds 
quired:     Provided  further,  That  any  persons  carrying Merest in 
on  business  in  partnership  shall  be  liable  for  income  tax  partnership 
only  in  their  individual  capacity,  and  the  share  of  the  SJ'ciu?ed>ine 
profits  of  a  partnership  to  which  any  taxable  partner  return, 
would  be  entitled  if  the  same  were  divided,  whether  di- 
vided or  otherwise,  shall  be  returned  for  taxation  and 
the  tax  paid,  under  the  provisions  of  this  section,  and 
any  such  firm,  when  requested  by  the  Commissioner  o^mus^subm?? 
Internal  Revenue,   or  any  district  collector,   shall  for- statements 
ward  to  him  a  correct  statement  of  such  profits  and  thewhenrequired- 

177 


Dividends  on 
stock,  when  to 
be  excluded 
from  return. 


Returns  to  be 
verified  by- 
oath,  and 
amended 
returns  may- 
be required  by 
collector. 


Appeals  from 
decision  of 
collector. 


Assessments, 
notice,  and 
payments  of 


Limitation  as 

to  time  when 

assessment 

may  be  paid 

without 

incurring 

penalty. 


Penalty  and 
Interest  in 
case  of  non- 
payment 
within  10  days 
after  June  30th. 


names  of  the  individuals  who  would  be  entitled  to  tne 
same,  if  distributed:  Provided  further,  That  persons 
liable  for  the  normal  income  tax  only,  on  their  own 
account  or  in  behalf  of  another,  shall  not  be  required 
to  make  return  of  the  income  derived  from  dividends 
on  the  capital  stock  or  from  the  net  earnings  of  cor- 
porations, joint-stock  companies  or  associations,  and  in- 
surance companies  taxable  upon  their  net  income  as  here- 
inafter provided.  Any  person  for  whom  return  has  been 
made  and  the  tax  paid,  or  to  be  paid  as  aforesaid,  shall 
not  be  required  to  make  a  return  unless  such  person 
has  other  net  income,  but  only  one  deduction  of  $3,000 
shall  be  made  in  the  case  of  any  such  person.  The  col- 
lector or  deputy  collector  shall  require  every  list  to  be 
verified  by  the  oath  or  affirmation  of  the  party  render- 
ing it.  If  the  collector  or  deputy  collector  have  reason 
to  believe  that  the  amount  of  any  income  returned  is 
understated,  he  shall  give  due  notice  to  the  person  mak- 
ing the  return  to  show  cause  why  the  amount  of  the 
return  should  not  be  increased,  and  upon  proof  of  the 
amount  understated  may  increase  the  same  accordingly. 
If  dissatisfied  with  the  decision  of  the  collector,  such 
person  may  submit  the  case,  with  all  the  papers,  to  the 
Commissioner  of  Internal  Revenue  for  his  decision,  and 
may  furnish  sworn  testimony  of  witnesses  to  prove  any 
relevant  facts. 

B.  That  all  assessments  shall  be  made  by  the  Com- 
missioner of  Internal  Revenue  and  all  persons  shall  be 
notified  of  the  amount  for  which  they  are  respectively 
liable  on  or  before  the  first  day  of  June  of  each  succes- 
sive year,  and  said  assessments  shall  be  paid  on  or  before 
the  thirtieth  day  of  June,  except  in  cases  of  refusal  or 
neglect  to  make  such  return  and  in  cases  of  false  or 
fraudulent  returns,  in  which  cases  the  Commissioner  of 
Internal  Revenue  shall,  upon  the  discovery  thereof,  at 
any  time  within  three  years  after  said  return  is  due, 
make  a  return  upon  information  obtained  as  provided 
for  in  this  section  or  by  existing  law,  and  the  assessment 
made  by  the  Commissioner  of  Internal  Revenue  thereon 
shall  be  paid  by  such  person  or  persons  immediately  upon 
notification  of  the  amount  of  such  assessment;  and  to 
any  sum  or  sums  due  and  unpaid  after  the  thirtieth 
day  of  June  in  any  year,  and  for  ten  days  after  notice 
and  demand  thereof  by  the  collector,  there  shall  be 
added  the  sum  of  5  per  centum  on  the  amount  of  tax 
unpaid,  and  interest  at  the  rate  of  1  per  centum  per 
month  upon  said  tax  from  the  time  the  same  became 
due,  except  from  the  estates  of  insane,  deceased,  or  in- 
solvent persons. 

178 


All  persons,  firms,  copartnerships,  companies,  corpora- ftecrs^thhoWS- 
tions,  joint-stock  companies  or  associations,  and  insur-ing 'normal  tax 
ance  companies,  in  whatever  capacity  acting,  including  others alf  °f 
lessees  or  mortgagors  of  real  or  personal  property,  trus- 
tees acting  in  any  trust  capacity,   executors,   adminis- 
trators, agents,,   receivers,  conservators,  employers,   and 
all  officers  and  employees  of  the  United  States  having 
the  control,   receipt,   custody,   disposal,   or  payment  of 
interest,  rent,  salaries,  wages,  premiums,  annuities,  com- 
pensation, remuneration,  emoluments,  or  other  fixed  or 
determinable  annual  gains,  profits,  and  income  of  an- 
other  person,   exceeding   $3,000   for   any  taxable  year, 
other  than  dividends  on  capital  stock,  or  from  the  net 
earnings  of  corporations  and  joint-stock  companies  or 
associations   subject  to   like   tax,   who   are   required  to 
make  and  render  a  return  in  behalf  of  another,  as  pro-  Return  t0  De 
vided  herein,  to  the  collector  of  his,  her,  or  its  district,  made  to 
are  hereby  authorized  and  required  to  deduct  and  with-jjjjjj^*0' 
hold  from  such  annual  gains,  profits,  and  income  such 
sum  as  will  be  sufficient  to  pay  the  normal  tax  imposed 
thereon  by  this  section,  and  shall  pay  to  the  officer  o^pSd  to  officer 
the  United  States  Government  authorized  to  receive  the  authorized  to 
same;  and  they  are  each  hereby  made  personally  liable receive  same- 
for  such  tax.     In  all  cases  where  the  income  tax  of  a 
person  is  withheld  and  deducted  and  paid  or  to  be  paid 
at  the  source,  as  aforesaid,  such  person  shall  not  receive 
the  benefit  of  the  deduction  and  exemption  allowed  in 
paragraph  C  of  this  section  except  by  an  application  for  Notice  must 
refund  of  the  tax  unless  he  shall,  not  less  than  thirty  advanced 
days  prior  to  the  day  on  which  the  return  of  his  income  claims  for 
is  due,  file  with  the  person  who  is  required  to  withhold  under5  lon 
and  pay  tax  for  him,  a  signed  notice  in  writing  claiming  paragraph  c. 
the  benefit  of  such  exemption  and  thereupon  no  tax  shall 
be  withheld  upon  the  amount  of  such  exemption :    Pro-  penaity  for 
vided,  That  if  any  person  for  the  purpose  of  obtaining  filing  false 
any  allowance  or  reduction  by  virtue  of  a  claim  for  such  c  a  m' 
exemption,  either  for  himself  or  for  any  other  person, 
knowingly  makes  any  false  statement  or  false  or  fraud- 
ulent representation,  he  shall  be  liable  to  a  penalty  of 
$300;  nor  shall  any  person  under  the  foregoing  condi- 
tions be  allowed  the  benefit  of  any  deduction  provided 
for  in  subsection  B  of  this  section  unless  he  shall,  notNoticemustbe 
less  than  thirty  days  prior  to  the  day  on  which  *ne  advance  for 
return  of  his  income  is  due,  either  file  with  the  person  claim  for 
who  is  required  to  withhold  and  pay  tax  for  him  a  true^n^tion 
and  correct  return  of  his  annual  gains,  profits,  and  in- paragraph  b. 
come  from  all  other  sources,  and   also  the  deductions 
asked  for.  and  the  showing  thus  made  shall  then  become 
a  part  of  the  return  to  be  made  in  his  behalf  by  the 
person  required  to  withhold  and  pay  the  tax,  or  like- 

179 


Returns,  for 
minors,  Insane 
persons,  etc., 
by  whom  made. 


Normal  tax  to 
be  deducted 
and  withheld, 
at  source  of 
income  from 
bonds,  etc.,  of 
corporations. 


Dividends  on 
stocks,  or 
interest  on 
foreign  bonds, 
mortgages,  etc. 


wise  make  application  for  deductions  to  the  collector  of 
the  district  in  which  return  is  made  or  to  be  made  for 
him:  Provided  further,  That  if  such  person  is  a  minor 
or  an  insane  person,  or  is  absent  from  the  United  States, 
or  is  unable  owing  to  serious  illness  to  make  the  return 
and  application  above  provided  for,  the  return  and  appli- 
cation may  be  made  for  him  or  her  by  the  person  re- 
quired to  withhold  and  pay  the  tax,  he  making  oath  under 
the  penalties  of  this  Act  that  he  has  sufficient  knowledge 
of  the  affairs  and  property  of  his  beneficiary  to  enable 
him  to  make  a  full  and  complete  return  for  him  or  her, 
and  that  the  return  and  application  made  by  him  are 
full  and  complete:  Provided  further,  That  the  amount 
of  the  normal  tax  hereinbefore  imposed  shall  be  deducted 
and  withheld  from  fixed  and  determinable  annual  gains, 
profits,  and  income  derived  from  interest  upon  bonds 
and  mortgages,  or  deeds  of  trust,  or  other  similar  obliga- 
tions of  corporations,  joint-stock  companies  or  associa- 
tions, and  insurance  companies,  whether  payable  an- 
nually or  at  shorter  or  longer  periods,  although  such  in- 
terest does  not  amount  to  $3,000,  subject  to  the  pro- 
visions of  this  section  requiring  the  tax  to  be  withheld 
at  the  source  and  deducted  from  annual  income  and 
paid  to  the  Government;  and  likewise  the  amount  of 
such  tax  shall  be  deducted  and  withheld  from  coupons, 
checks,  or  bills  of  exchange  for  or  in  payment  of  interest 
upon  bonds  of  foreign  countries  and  upon  foreign  mort- 
gages or  like  obligations  (not  payable  in  the  United 
States),  and  also  from  coupons,  checks,  or  bills  of  ex- 
change for  or  in  payment  of  any  dividends  upon  the 
stock  or  interest  upon  the  obligations  of  foreign  corpora- 
tions, associations,  and  insurance  companies  engaged  in 
business  in  foreign  countries;  and  the  tax  in  each  case 
shall  be  withheld  and  deducted  for  and  in  behalf  of  any 
person  subject  to  the  tax  hereinbefore  imposed,  although 
such  interest,  dividends,  or  other  compensation  does  not 
exceed.  $3,000,  by  any  banker  or  person  who  shall  sell 
or  otherwise  realize  coupons,  checks,  or  bills  of  exchange 
drawn  or  made  in  payment  of  any  such  interest  or  divi- 
dends (not  payable  in  the  United  States),  and  any  per- 
son who  shall  obtain  payment  (not  in  the  United  States), 
in  behalf  of  another  of  such  dividends  and  interest  by 
means  of  coupons,  checks,  or  bills  of  exchange,  and  also 
any  dealer  in  such  coupons  who  shall  purchase  the  same 
for  any  such  dividends  or  interest  (not  payable  in  the 
TJnited  States),  otherwise  than  from  a  banker  or  another 
dealer  in  such  coupons;  but  in  each  case  the  benefit  of 
the  exemption  and  the  deduction  allowable  under  this 
section  may  be  had  by  complying  with  the  foregoing 
provisions  of  this  paragraph. 

180 


All  persons,  firms,  or  corporations  undertaking  as  a 5£355d8r * 

matter  of  business  or  for  profit  the  collection  of  foreign  persons,  etc., 
payments  of  such  interest  or   dividends  by  means   of  £u!£feS  of 
coupons,  checks,  or  bills  of  exchange  shall  obtain  a  license  collecting 
from  the  Commissioner  of  Internal  Revenue,  and  shall  be  mentYof ay 
subject  to  such  regulations  enabling  the  Government  to  interest,  etc. 
ascertain  and  verify  the  due  withholding  and  payment 
of  the  income  tax  required  to  be  withheld  and  paid  as 
the  Commissioner  of  Internal  Revenue,  with  the  approv- 
al of  the  Secretary  of  the  Treasury,  shall  prescribe  -,  and 
any  person  who  shall  knowingly  undertake  to   collect  f^^tl°r 
such  payments  as  aforesaid  without  having  obtained  a  obtain  license, 
license  therefor,  or  without  complying  with  such  regula- 
tions, shall  be  deemed  guilty  of  a  misdemeanor  and  for 
each  offense  be  fined  in  a  sum  not  exceeding  $5,000,  or 
imprisoned  for  a  term  not  exceeding  one  year,  or  both, 
in  the  discretion  of  the  court. 

Nothing  in  this  section  shall  be  construed  to  release  ^Jxnoty  f°r 
a  taxable  person  from  liability  for  income  tax,  nor  shall  affected  by 
any  contract  entered  into  after  this  Act  takes  effect  be  JS^ed  foto* 
valid  in  regard  to  any  Federal  income  tax  imposed  upon  after  passage 
a  person  liable  to  such  payment. 

The  tax  herein  imposed  upon  annual  gains,  profits, 
and  income  not  falling  under  the  foregoing  and  not  re- 
turned and  paid  by  virtue  of  the  foregoing  shall  be 
assessed  by  personal  return  under  rules  and  regulations 
to  be  prescribed  by  the  Commissioner  of  Internal  Rev- 
enue and  approved  by  the  Secretary  of  the  Treasury. 

The  provisions  of  this  section  relating  to  the  deduc-  Deductions  at 
tion  and  payment  of  the  tax  at  the  source  of  income  to  noCr1rfaiPtax 
shall  only  apply  to  the  normal  tax  hereinbefore  imposed  only- 
upon  individuals. 

F.    That  if  any  person,  corporation,  joint-stock  com- penalty  for 
pany,  association,  or  insurance  company  liable  to  make  J^e^t  to  make 
the  return  or  pay  the  tax  aforesaid  shall  refuse  or  neg-  required 
lect  to  make  a  return  at  the  time  or  times  hereinbefore  making°faise 
specified  in  each  year,  such  person  shall  be  liable  to  areturn- 
penalty  of  not  less  than  $20  nor  more  than  $1,000.    Any- 
person  or  any  officer  of  any  corporation  required  by  lawPenalty  for 
to  make,  render,  sign,  or  verify  any  return  who  makes  making  false 
any  false  or  fraudulent  return  or  statement  with  intent  return. 
to  defeat  or  evade  the  assessment  required  by  this  sec- 
tion to  be  made  shall  be  guilty  of  a  misdemeanor,  and 
shall  be  fined  not  exceeding  $2,000  or  be  imprisoned  not 
exceeding  one  year,  or  both,   at  the  discretion  of  theNormaltaxto 

COUrt,  With  the  COSts  Of  prosecution.  be  assessed 

G-.      (a)    That  the  normal  tax  hereinbefore  imposed J^uS^eT 
upon  individuals  likewise  shall  be  levied,  assessed,  and  income  of 
paid  annually  upon  the  entire  net  income  arising  or  joSSStotiic S' 
accruing  from  all  sources  during  the  preceding  calendar compan^ies^and 

181 


Tax  not  to 
apply  to  certain 
organizations 
specified. 


Income  derived 
from  public 
utilities  or 
governmental 
functions 
accruing  to 
States, 
Territories, 
etc. 


year  to  every  corporation,  joint-stock  company  or 
ciation,  and  every  insurance  company,  organized  in  the 
United  States,  no  matter  how  created  or  organized,  not 
including  partnerships;  but  if  organized,  authorized,  or 
existing  under  the  laws  of  any  foreign  country,  then 
upon  the  amount  of  net  income  accruing  from  business 
transacted  and  capital  invested  within  the  United  States 
during  such  year:  Provided,  however,  That  nothing  in 
this  section  shall  apply  to  labor,  agricultural,  or  horticul- 
tural organizations,  or  to  mutual  savings  banks  not  hav- 
ing a  capital  stock  represented  by  shares,  or  to  fraternal 
beneficiary  societies,  orders,  or  associations  operating 
under  the  lodge  system  or  for  the  exclusive  benefit  of 
the  members  of  a  fraternity  itself  operating  under  the 
lodge  system,  and  providing  for  the  payment  of  life, 
sick,  accident,  and  other  benefits  to  the  members  of  such 
societies,  orders,  or  associations  and  dependents  of  such 
members,  nor  to  domestic  building  and  loan  associations, 
nor  to  cemetery  companies,  organized  and  operated  ex- 
clusively for  the  mutual  benefit  of  their  members,  nor 
to  any  corporation  or  association  organized  and  operated 
exclusively  for  religious,  charitable,  scientific,  or  edu- 
cational purposes,  no  part  of  the  net  income  of  which 
inures  to  the  benefit  of  any  private  stockholder  or  indi- 
vidual, nor  to  business  leagues,  nor  to  chambers  of 
commerce  or  boards  of  trade,  not  organized  for  profit 
or  no  part  of  the  net  income  of  which  inures  to  the 
benefit  of  the  private  stockholder  or  individual;  nor  to 
any  civic  league  or  organization  not  organized  for  pro- 
fit, but  operated  exclusively  for  the  promotion  of  social 
welfare:  Provided  further,  That  there  shall  not  be 
taxed  under  this  section  any  income  derived  from  any 
public  utility  or  from  the  exercise  of  any  essential  gov- 
ernmental function  accruing  to  any  State,  Territory,  or 
the  District  of  Columbia,  or  any  political  subdivision  of 
a  State,  Territory,  or  the  District  of  Columbia,  nor  any 
income  accruing  to  the  government  of  the  Philippine 
Islands  or  Porto  Rico,  or  of  any  political  subdivision  of 
the  Philippine  Islands  or  Porto  Rico:  Provided,  That 
whenever  any  State,  Territory,  or  the  District  of  Colum- 
bia, or  a  political  subdivision  of  a  State  or  Territory, 
has,  prior  to  the  passage  of  this  Act,  entered  in  good 
faith  into  a  contract  with  an,y  person  or  corporation,  the 
object  and  purpose  of  which  is  to  acquire,  construct, 
operate  or  maintain  a  public  utility,  no  tax  shall  bo 
levied  under  the  provisions  of  this  Act  upon  the  income 
derived  from  the  operation  of  such  public  utility,  so  far 
as  the  payment  thereof  will  impose  a*  loss  or  burden  upon 
such  State,  Territory,  or  the  District  of  Columbia,  or  a 
political  subdivision  of  a  State  or  Territory;  but  this 

182 


provision  is  not  intended  to  confer  upon  such  person  or 
corporation  any  financial  gain  or  exemption  or  to  relieve  Exemptions 
such  person  or  corporation  from  the  payment  of  a  taXgains°orPpronts 
as  provided  for  in  this  section  upon  the  part  or  portion  contracts™?1 
of  the  said  income  to  which  such  person  or  corporation  persons  or 
shall  be  entitled  under  such  contract.  corporations, 

(b)  Such  net  income  shall  be  ascertained  by  deducting  Net  income  of 
from  the  gross  amount  of  the  income  of  such  corpora-  JJS^rtock*' 
tion,   joint-stock  company  or   association,   or  insurance  companies, 
company,    received   within   the   year   from   all  sources,  ascertained, 
(first)    all   the   ordinary   and   necessary   expenses   paid 
within  the  year  in  the  maintenance  and  operation  of  its 
business  and  properties,  including  rentals  or  other  pay- 
ments required  to  be  made  as  a  condition  to  the  continued 
use  or  possession  of  property;   (second)  all  losses  actu- 
ally sustained  within  the  year  and  not  compensated  by 
insurance  or  otherwise,  including  a  reasonable  allowance  Losses  and 
for  depreciation  by  use,  wear  and  tear  of  property,  i£  eprecia  lon 
any;  and  in  the  case  of  mines  a  reasonable  allowance 
for  depletion  of  ores  and  all  other  natural  deposits,  not 
to  exceed  5  per  centum  of  the  gross  value  at  the  mine 
of  the  output  for  the  year  for  which  the  computation 
is  made;  and  in  case  of  insurance  companies  the  net 
addition,  if  any,  required  by  law  to  be  made  within  the 
year  to  reserve  funds  and  the  sums  other  than  dividends 
paid  within  the  year  on  policy  and  annuity  contracts: 
Provided,  That  mutual  fire  insurance  companies  requir-  JJ^ Jere 
ing  their  members  to  make  premium  deposits  to  pro- companies, 
vide  for  losses  and  expenses  shall  not  return  as  income 
any  portion  of  the  premium  deposits  returned  to  their 
policyholders,  but  shall  return  as  taxable  income  all  in- 
come received  by  them  from  all  other  sources  plus  such 
portions  of  the  premium  deposits  as  are  retained  by  the 
companies  for  purposes  other  than  the  payment  of  losses 
and  expenses  and  reinsurance  reserves:     Provided  /^r-Mutuai^ marine 
ther,  That  mutual  marine  insurance  companies  shall  in- companies, 
elude  in  their  return  of  gross  income  gross  premiums 
collected  and  received  by  them  less  amounts  paid  for  re- 
insurance, but  shall  be  entitled  to  include  in  deductions 
from  gross  income  amounts  repaid  to  policyholders  on 
account  of  premiums  previously  paid  by  them  and  in- 
terest paid  upon  such  amounts  between  the  ascertain- 
ment  thereof   and   the   payment    thereof   and   life   in-  companSSnce 
surance  companies  shall  not  include  as  income  in  any 
year    such    portion    of    any    actual    premium    received 
from   any  individual  policyholder   as   shall  have  been  ^telrest  extent 
paid  back  or  credited  to  such  individual  policyholder,  accruing:  and 
or  treated  as  an  abatement  of  premium  of  such  indi- ytar  on7nfebt- 
vidual    policyholder,    within    such    year;     (third)     the ^ness mayjDe 
amount  of  interest  accrued  and  paid  within  the  year  income. 

183 


Bonds  issued 
with  guaranty- 
that  interest 
shall  be  free 
from  taxation. 


Interest  on 
deposits 
maybe 
deducted  from 
gross  income. 


Taxes  paid. 


Foreign 
corporations, 
etc.,  income 
from  business 
in  United 
States. 


Ordinary- 
expenses, 
rentals,  etc. 


Losses  and 
depreciation. 


Reserve  funds 
of  insurance 
companies. 


on  its  indebtedness  to  an  amount  of  such  indebted- 
ness not  exceeding  one-half  of  the  sum  of  its  interest 
bearing  indebtedness  and  its  paid-up  capital  stock 
outstanding  at  the  close  of  the  year,  or  if  no  capital 
stock,  the  amount  of  interest  paid  within  the  year  on  an 
amount  of  its  indebtedness  not  exceeding  the  amount  of 
capital  employed  in  the  business  at  the  close  of  the  year : 
Provided,  That  in  case  of  indebtedness  wholly  secured 
by  collateral  the  subject  of  sale  in  ordinary  business  of 
such  corporation,  joint-stock  company,  or  association, 
the  total  interest  secured  and  paid  by  such  company,  cor- 
poration, or  association  within  the  year  on  any  such  in- 
debtedness may  be  deducted  as  a  part  of  its  expense  of 
doing  business:  Provided  further,  That  in  the  case  of 
bonds  or  other  indebtedness,  which  have  been  issued  with 
a  guaranty  that  the  interest  payable  thereon  shall  be 
free  from  taxation,  no  deduction  for  the  payment  of 
the  tax  herein  imposed  shall  be  allowed ;  and  in  the  case 
of  a  bank,  banking  association,  loan,  or  trust  company, 
interest  paid  within  the  year  on  deposits  or  on  moneys 
received  for  investment  and  secured  by  interest-bearing 
certificates  of  indebtedness  issued  by  such  bank,  banking 
association,  loan  or  trust  company;  (fourth)  all  sums 
paid  by  it  within  the  year  for  taxes  imposed  under  the 
authority  of  the  United  States  or  of  any  State  or  Terri- 
tory thereof,  or  imposed  by  the  Government  of  any  for- 
eign country:  Provided,  That  in  the  case  of  a  corpora- 
tion, joint-stock  company  or  association,  or  insurance 
company,  organized,  authorized,  or  existing  under  the 
laws  of  any  foreign  country,  such  net  income  shall  be 
ascertained  by  deducting  from  the  gross  amount  of  its 
income  accrued  within  the  year  from  business  transacted 
and  capital  invested  within  the  United  States,  (first)  all 
the  ordinary  and  necessary  expenses  actually  paid  with- 
in the  year  out  of  earnings  in  the  maintenance  and  oper- 
ation of  its  business  and  property  within  the  United 
States,  including  rentals  or  other  payments  required  to 
be  made  as  a  condition  to  the  continued  use  or  posses- 
sion of  property;  (second)  all  losses  actually  sustained 
within  the  year  in  business  conducted  by  it  within  the 
United  States  and  not  compensated  by  insurance  or 
otherwise,  including  a  reasonable  allowance  for  depre- 
ciation by  use,  wear  and  tear  of  property,  if  any,  and 
in  the  case  of  mines  a  reasonable  allowance  for  depletion 
of  ores  and  all  other  natural  deposits,  not  to  exceed  5 
per  centum  of  the  gross  value  at  the  mine  of  the  out- 
put for  the  year  for  which  the  computation  is  made;  and 
in  case  of  insurance  companies  the  pet  addition,  if  any. 
required  by  law  to  be  made  within  the  year  to  reserve 
funds  and  the  sums  other  than  dividends  paid  within 

184 


the  year  on  policy  ana  annuit}^  contracts :    Provided  fur-  JJsurance  e 
ther,  That  mutual  fire  insurance  companies  requiring 
their  members  to  make  premium  deposits  to  provide  for 
losses  and  expenses  shall  not  return  as  income  any  por- 
tion of  the  premium  deposits  returned  to  their  policy- 
holders, but  shall  return  as  taxable  income  all  income 
received  by  them  from  all  other  sources  plus  such  por- 
tions of  the  premium  deposits  as  are  retained  by  the 
companies  for  purposes  other  than  the  payment  of  losses 
and  expenses  and  reinsurance  reserves:     Provided  fur- 
ther, That  mutual  marine  insurance  companies  shall  in-  ^su?anSarin 
dude  in  their  return  of  gross  income  gross  premiums 
olleeted  and  received  by  them  less  amounts  paid  for  re- 
insurance, but  shall  be  entitled  to  include  in  deductions 
from  gross  income  amounts  repaid  to  policyholders  on 
account  of  premiums  previously  paid  by  them,  and  in- 
terest paid  upon  such  amounts  between  the  ascertain- 
ment thereof  and  the  payment  thereof  and  life  insurance 
companies  shall  not  include  as  income  in  any  year  such 
portion  of  any  actual  premium  received  from  any  indi- 
vidual policyholder  as  shall  have  been  paid  back  or  cre- 
dited to  such  individual  policyholder,  or  treated  as  an 
abatement  of  premium  of  such  individual  policyholder, 
within  such  year;    (third)    the  amount  of  interest  ac*  Accruing  and 
crued  and  paid  within  the  year  on  its  indebtedness  to  paid  during 
an  amount  of  such  indebtedness  not  exceeding  the  pro-  fndeMedness. 
portion  of  one-half  of  the  sum  of  its  interest  bearing  in- 
debtedness and  its  paid-up  capital  stock  outstanding  at 
the  close  of  the  year,  or  if  no  capital  stock,  the  capital 
employed  in  the  business  at  the  close  of  the  year  which 
the  gross  amount  of  its  income  for  the  year  from  business 
transacted  and  capital  invested  within  the  United  States 
bears  to  the  gross  amount  of  its  income  derived  from  all 
sources  within  and  without  the  United  States:   Provided, Bonds  whose 
That  in  the  case  of  bonds  or  other  indebtedness  which JJSjSftopay 
have  been  issued  with  a  guaranty  that  the  interest  pay-interest  withe 
able  thereon  shall  be  free  from  taxation,  no  deduction tax  deduction, 
for  the  payment  of  the  tax  herein  imposed  shall  be  al- 
lowed ;  (fourth)  all  sums  paid  by  it  within  the  year  for 
taxes  imposed  under  the  authority  of  the  United  States  Taxes 
or  of  any  State  or  Territory  thereof  or  the  District  of 
Columbia.     In  the  ease  of  assessment  insurance   com- 
panies, whether  domestic  or  foreign,  the  actual  deposit 
of  sums  with  State  or  Territorial  officers,  pursuant  to 
law,  as  additions  to  guarantee  or  reserve  funds  shall  be  reserve  funds. 
treated  as  being  payments  required  by  law  to  reserve 
funds. 

(c)  The  tax  herein  imposed  shall  be  computed  upon  computed  on 
its   entire  net   income   accrued  within   each   preceding  netin.come 
calendar  year  ending  "December  thirty-first:     Provided,  calendar  year. 

1S5 


But  fiscal  year 
other  than 
calendar  may 
be  designated 
by  corporations. 


Returns,  when 
to  be  rendered. 


Returns,  under 
oath  or 
affirmation  to 
be  filed  with 
collector  of 
district. 


Information 
to  be  included 
in  return  of 
corporation. 


Paid-up  capital. 


Bonded 
Indebtedness. 


however,  That  for  the  year  ending  December  thirty-first, 
nineteen  hundred  and  thirteen,  said  tax  shall  be  imposed 
upon  its  entire  net  income  accrued  within  that  portion 
of  said  year  from  March  first  to  December  thirty-first, 
both  dates  inclusive,  to  be  ascertained  by  taking  five- 
sixths  of  its  entire  net  income  for  said  calendar  year: 
Provided  further,  That  any  corporation,  joint-stock  com- 
pany or  association,  or  insurance  company  subject  to  this 
tax  may  designate  the  last  day  of  any  month  in  the  year 
as  the  day  of  the  closing  of  its  fiscal  year  and  shall  be 
entitled  to  have  the  tax  payable  by  it  computed  upon  the 
basis  of  the  net  income  ascertained  as  herein  provided 
for  the  year  ending  on  the  day  so  designated  in  the  year 
preceding  the  date  of  assessment  instead  of  upon  the 
basis  of  the  net  income  for  the  calendar  year  preceding 
the  date  of  assessment ;  and  it  shall  give  notice  of  the  day 
it  has  thus  designated  as  the  closing  of  its  fiscal  year 
to  the  collector  of  the  district  in  which  its  principal 
business  office  is  located  at  any  time  not  less  than  thirty 
days  prior  to  the  date  upon  which  its  annual  return  shall 
be  filed.  All  corporations,  joint-stock  companies  or  asso- 
ciations and  insurance  companies  subject  to  the  tax  here- 
in imposed,  computing  taxes  upon  the  income  of  the 
calendar  year,  shall,  on  or  before  the  first  day  of  March, 
nineteen  hundred  and  fourteen,  and  the  first  day  of 
March  in  each  year  thereafter,  and  all  corporations, 
joint-stock  companies  or  associations,  and  insurance 
companies,  computing  taxes  upon  the  income  of  a  fiscal 
year  which  it  may  designate  in  the  manner  hereinbefore 
provided,  shall  render  a  like  return  within  sixty  days 
after  the  close  of  its  said  fiscal  year,  and  within  sixty 
days  after  the  close  of  its  fiscal  year  in  each  year  there- 
after, or  in  the  case  of  a  corporation,  joint-stock  com- 
pany or  association,  or  insurance  company,  organized  or 
existing  under  the  laws  of  a  foreign  country,  in  the 
place  where  its  principal  business  is  located  within  the 
United  States,  in  such  form  as  the  Commissioner  of 
Internal  Revenue,  with  the  approval  of  the  Secretary  of 
the  Treasury,  shall  prescribe,  shall  render  a  true  and 
accurate  return  under  oath  or  affirmation  of  its  presi- 
dent, vice-president,  or  other  principal  officer,  and  its 
treasurer  or  assistant  treasurer,  to  the  collector  of  in- 
ternal revenue  for  the  district  in  which  it  has  its  prin- 
cipal place  of  business,  setting  forth  (first)  the  total 
amount  of  its  paid-up  capital  stock  outstanding,  or  if 
no  capital  stock,  its  capital  employed  in  business,  at  the 
close  of  the  year;  (second)  the  total  amount  of  its 
bonded  and  other  indebtedness  at  the  close  of  the  year; 
(third)  the  gross  amount  of  its  income,  received  during 
such  year  from  all  sources,  and  if  organized  under  the 

180 


laws  of  a  foreign  country  the  gross  amount  of  its  income Gross  income, 
received  within  the  year  from  business  transacted  and 
capital  invested  within  the  United  States;    (fourth)  the 
total  amount  of  all  its  ordinary  and  necessary  expenses  ^penses  of 
paid  out  of  earnings  in  the  maintenance  and  operation  operation  and 
of  the  business  and  properties  of  such  corporation,  j0int-maintenance- 
stock   company   or   association,    or   insurance   company 
within  the  year,  stating  separately  all  rentals  or  other  Rental,  etc. 
payments  required  to  be  made  as  a  condition  to  the  con- 
tinued use  or  possession  of  property,  and  if  organized 
under  the  laws  of  a  foreign  country  the  amount  so  paid 
in  the  maintenance  and  operation  of  its  business  within 
the  United  States;  (fifth)  the  total  amount  of  all  losses  Losses  and 
actually  sustained  during  the  year  and  not  compensated  depreciatl0n" 
by    insurance    or    otherwise,    stating    separately    any 
amounts  allowed  for  depreciation  of  property,  and  in 
case  of  insurance  companies  the  net  addition,  if  any, 
required  by  law  to  be  made  within  the  year  to  reserve  ^^^^g 
funds  and  the  sums  other  than  dividends  paid  within 
the  year  on  policy  and  annuity  contracts :   Provided  fur- 
ther, That  mutual  fire  insurance   companies  requiring 
their  members  to  make  premium  deposits  to  provide  for 
losses  and  expenses  shall  not  return  as  income  any  por-  premffm 
tion  of  the  premium  deposits  returned  to  their  policy- deposits  not 
holders,  but  shall  return  as  taxable  income  all  income  as  taxable 
received  by  them  from  all  other  sources  plus  such  por-lncome- 
tions  of  the  premium  deposits  as  are  retained  by  the 
companies  for  purposes  other  than  the  payment  of  losses  Premiums, 
and  expenses  and  reinsurance  reserves:     Provided  fur-lf^snra'nce' 
ther,  That  mutual  marine  insurance  companies  shall  in- 
clude in  their  return  of  gross  income  gross  premiums 
collected  and  received  by  them  less  amounts  paid  for 
reinsurance,  but  shall  be  entitled  to  include  in  deduc- 
tions from  gross  income  amounts  repaid  to  policyholders 
on  account  of  premiums  previously  paid  by  them,  and 
interest  paid  upon  such  amounts  between  the  ascertain- 
ment thereof  and  the  payment  thereof  and  life  insur- 
ance companies  shall  not  include  as  income  in  any  year 
such  portion  of  any  actual  premium  received  from  any 
individual  policyholder  as  shall  have  been  paid  back  or 
credited  to  such  individual  policyholder,  or  treated  as  an 
abatement  of  premium  of  such  individual  policyholder, 
within  such  year;  and  in  case  of  a  corporation,  joint- 
stock  company  or  association,  or  insurance  company,  or- Foreign 
ganized  under  the  laws  of  a  foreign  country,  all  losses  £S5°rbus*nes« 
actually  sustained  by  it  during  the  year  in  business  con-  in  the 
ducted  by  it  within  the  United  States,  not  compensated United  states 
by    insurance    or    otherwise,    stating    separately    any 
amounts  allowed  for  depreciation  of  property,  and  in  Reserve  fund, 
ease  of  insurance  companies  the  net  addition,  if  any,  re- 

187 


Mutual  fire 

insurance 

companies. 


Mutual  marine 

insurance 

companies. 


Life  insurance 
companies. 


What  interest 
on  bonded 
indebtedness 
may  be 
deducted. 


Interest 
paid  on 
deposits 
deductible 
from  Incomes. 


Interest  on 
indebtedness  of 
foreign 
corporations. 


Taxes  paid. 


quired  b}r  law  to  be  made  within  the  year  to  reserve 
funds  and  the  sums  other  than  dividends  paid  within 
the  year  on  policy  and  annuity  contracts:  Provided 
further,  That  mutual  fire  insurance  companies  requiring 
their  members  to  make  premium  deposits  to  provide  for 
losses  and  expenses. shall  not  return  as  income  any  por- 
tion of  the  premium  deposits  returned  to  their  policy- 
holders, but  shall  return  as  taxable  income  all  income 
received  by  them  from  all  other  sources  plus  such  por- 
tions of  the  premium  deposits  as  are  retained  by  the 
companies  for  purposes  other  than  the  payment  of  losses 
and  expenses  and  reinsurance  reserves:  Provided  fur- 
ther. That  mutual  marine  insurance  companies  shall  in- 
clude in  their  return  of  gross  income  gross  premiums 
collected  and  received  by  them  less  amounts  paid  for 
reinsurance,  but  shall  be  entitled  to  include  in  deduc- 
tions from  gross  income  amounts  repaid  to  policyholders 
on  account  of  premiums  previously  paid  by  them  and 
interest  paid  upon  such  amounts  between  the  ascertain- 
ment thereof  and  the  payment  thereof  and  life  insur- 
ance companies  shall  not  include  as  income  in  any  year 
such  portion  of  any  actual  premium  received  from  any 
individual  policyholder  as  shall  have  been  paid  back  or 
credited  to  such  individual  policyholder,  or  treated  as  an 
abatement  of  premium  of  such  individual  policyholder, 
within  such  year;  (sixth")  the  amount  of  interest  accrued 
and  paid  within  the  year  on  its  bonded  or  other  indebt- 
edness not  exceeding  one-half  of  the  sum  of  its  interest 
bearing  indebtedness  and  its  paid-up  capital  stock,  out- 
standing at  the  close  of  the  year,  or  if  no  capital  stock, 
the  amount  of  interest  paid  within  the  year  on  an 
amount  of  indebtedness  not  exceeding  the  amount  of 
capital  employed  in  the  business  at  the  close  of  the  year, 
and  in  the  case  of  a  bank,  banking  association,  or  trust 
company,  stating  separately  all  interest  paid  by  it  within 
the  year  on  deposits;  or  in  case  of  a  corporation,  joint- 
stock  company  or  association,  or  insurance  company,  or- 
ganized under  the  laws  of  a  foreign  country,  interest  so 
paid  on  its  bonded  or  other  indebtedness  to  an  amount 
of  such  bonded  or  other  indebtedness  not  exceeding  the 
proportion  of  its  paid-up  capital  stock  outstanding  at  the 
close  of  the  year,  or  if  no  capital  stock,  the  amount  of 
capital  employed  in  the  business  at  the  close  of  the  year, 
which  the  gross  amount  of  its  income  for  the  year  from 
business  transacted  and  capital  invested  within  the 
United  States  bears  to  the  gross  amount  of  its  income 
derived  from  all  sources  within  and  without  the  United 
States;  (seventh)  the  amount  paid  by  it  within  the 
year  for  taxes  imposed  under  the  authority  of  the 
United  States  and  separately  the  amount  so  paid  by 


188 


it  for  taxes  imposed  by  the  Government  of  any  for- 
eign country ;  (eighth)  the  net  income  of  such  cor-  Not  income  to 
poration,  joint-stock  company  or  association,  or  return* wn  on 
insurance  company,  after  making  the  deductions  in 
this  subsection  authorized.  All  such  returns  shall 
as  received  be  transmitted  forthwith  by  the  collec- 
tor to  the  Commissioner  of  Internal  Revenue. 

All  assessments  shall  be  made  and  the  several  corpora- Assessments  to 
tions,  joint-stock  companies  or  associations,  and  insur-  £ot™Jdto  ?>ed 
ance  companies  shall  be  notified  of  the  amount  for  which  given. 
they  are  respectively  liable  on  or  before  the  first  da\ 
of  June  of  each  successive  year,  and  said  assessment  shall 
be  paid  on  or  before  the  thirtieth  day  of  June:     Pro- 
vided, That  every  corporation,  joint-stock  company  or 
association,    and   insurance   company,    computing   taxes 
upon  the  income  of  the  fiscal  year  which  it  may  designate 
in   the   manner   hereinbefore    provided,    shall   pay   the 
taxes  due  under  its  assessment  within  one  hundred  and  Assessed  taxes, 
twenty  days  after  the  date  upon  which  it  is  required  to  ^corporation 
file  its  list  or  return  of  income  for  assessment ;  except etc- 
in  cases  of  refusal  or  neglect  to  make  such  return,  and  when  false 
in  cases  of  false  or  fraudulent  returns,  in  which  cases rendereaaander 
the-  Commissioner  of  Internal  Revenue  shall,  upon  the  facts  are  ^^ 
discovery  thereof,  at  any  time  within  three  years  after  3  ey ears, 
said  return  is  due,  make  a  return  upon  information  ob-  S^neT  ma 
tained  as  provided  for  in  this  section  or  by  existing  law.  assessment. 
and  the  assessment  made  by  the  Commissioner  of  Interna! 
Revenue  thereon  shall  be  paid  by  such  corporation,  joint- 
stock  company  or  association,  or  insurance  company  im- 
mediately upon  notification  of  the  amount  of  such  assess- 
ment ;  and  to  any  sum  or  sums  due  and  unpaid  after  the 
thirtieth  day  of  June  in  any  year,  or  after  one  hundred 
and  twenty  days  from  the  date  on  which  the  return  of 
income  is  required  to  be  made  by  the  taxpayer,  and  after 
ten  days'  notice  and  demand  thereof  by  the  collector, 
there  shall  be  added  the  sum  of  5  per  centum  on  the  penalty  and 
amount  of  tax  unpaid  and  interest  at  the  rate  of  1  per  bnytefaeiiurentorpa 
centum  per  month  upon  said  tax  from  the  time  the  same  tax  within 

becomes  due.  prescribed    tun 

(d)  When  the  assessment  shall  be  made,  as  provided  in  Returns 
this  section,  the  returns,  together  with  any  corrections  Jne^witn*0  be 
thereof  which  may  have  been  made  by  the  commissioner,  commissioner  < 
shall  be  filed  in  the  office  of  the  Commissioner  of  Internal  ifevenue. 
Revenue  and  shall  constitute  public  records  and  be  open 
to  inspection  as  such:    Provided,  That  any  and  all  such 
returns  shall  be  open  to  inspection  only  upon  the  order  Jpen1^  to  be 
of  the  President,  under  rules  and  regulations  to  be  pre-  inspection  und< 
scribed  by  the  Secretary  of  the  Treasury  and  approved  conditions. 
by  the  President ;  Provided  further,  That  the  proper  offi- 
cers of  any  State  imposing  a  general  income  tax  may, 

189 


upon  the  request  of  the  governor  thereof,  have  access  to 
said  returns  or  to  an  abstract  thereof,  showing  the  name 
and  income  of  each  such  corporation,  joint-stock  com- 
pany, association  or  insurance  company  at  such  times 
and  in  such  manner  as  the  Secretary  of  the  Treasury 
may  prescribe. 
Penalty  to  If  any  of  the  corporations,  joint-stock  companies  or 

etc.^fo^rSusing associations,  or  insurance  companies  aforesaid,  shall  re- 
or  neglecting  to  fuge  or  neglect  to  make  a  return  at  the  time  or  times 
returnQU  w  hereinbefore  specified  in  each  year,  or  shall  render  a  false 

or  fraudulent  return,  such  corporation,  joint-stock  com- 
pany or  association,  or  insurance  company  shall  be  liable 
to  a  penalty  of  not  exceeding  $10,000. 

H.    That  the  word  " State"  or  " United  States"  when 
used  in  this  section  shall  be  construed  to  include  any 
Territory,  Alaska,  the  District  of  Columbia,  Porto  Rico, 
and  the  Philippine  Islands,  when  such  construction  is 
necessary  to  carry  out  its  provisions. 
3173*3176'  8172'       *•     ^nat  sections  thirty-one  hundred  and  sixty-seven, 
Revised  statutes,  thirty-one  hundred  and  seventy-two,  thirty-one  hundred 
amended.  ^^  seventy-three,  and  thirty-one  hundred  and  seventy- 

six   of  the  Revised   Statutes   of  the  United   States   as 
amended  are  hereby  amended  so  as  to  read  as  follows:- 
sec.  3167.  <<SEC>  3167.     It*  shall  be  unlawful  for  any  collector, 

deputy  collector,  agent,  clerk,  or  other  officer  or  employee 
of  the  United  States  to  divulge  or  to  make  known  in  any 
manner  whatever  not  provided  by  law  to  any  person 
the  operations,  style  of  work,  or  apparatus  of  any  manu- 
facturer or  producer  visited  by  him  in  the  discharge  of 
his  official  duties,  or  the  amount  or  source  of  income, 
profits,  losses,  expenditures,  or  any  particular  thereof,  set 
forth  or  disclosed  in  any  income  return  by  any  person 
or  corporation,  or  to  permit  any  income  return  or  copy 
thereof  or  any  book  containing  any  abstract  or  particu- 
lars thereof  to  be  seen  or  examined  by  any  person  except 
as  provided  by  law;  and  it  shall  be  unlawful  for  any 
person  to  print  or  publish  in  any  manner  whatever  not 
provided  by  law  any  income  return  or  any  part  thereof 
or  the  amount  or  source  of  income,  profits,  losses,  or  ex- 
penditures appearing  in  any  income  return;  and  any 
offense  against  the  foregoing  provision  shall  be  a  misde- 
meanor and  be  punished  by  a  fine  not  exceeding  $1,000 
or  by  imprisonment  not  exceeding  one  year,  or  both,  at 
the  discretion  of  the  court:  and  if  the  offender  be  an 
officer  or  employee  of  the  United  States  he  shall  be  dis- 
missed from  office  and  be  incapable  thereafter  of  holding 
any  office  under  the  Government. 
sec.  3172.  ''Sec.  3172.    Every  collector  shall,  from  time  to  time, 

cause  his  deputies  to  proceed  through  every  part  of  his 
district  and  inquire  after  and  concerning  all   persons 

100 


therein  who  are  liable  to  pay  any  internal-revenue  tax, 
and  all  persons  owning  or  having  the  care  and  manage- 
ment of  any  objects  liable  to  pay  any  tax,  and  to  make 
a  list  of  such  persons  and  enumerate  said  objects. 

"Sec.  3173.  It  shall  be  the  duty  of  any  person,  part- Sec-  3173- 
nership,  firm,  association,  or  corporation,  made  liable  to 
any  duty,  special  tax,  or  other  tax  imposed  by  law,  when 
not  otherwise  provided  for,  in  case  of  a  special  tax,  on 
or  before  the  thirty-first  day  of  July  in  each  year,  in 
case  of  income  tax  on  or  before  the  first  day  of  March 
in  each  year,  and  in  other  cases  before  the  day  on  which 
the  taxes  accrue,  to  make  a  list  or  return,  verified  by 
oath  or  affirmation,  to  the  collector  or  a  deputy  collector 
of  the  district  where  located,  of  the  articles  or  objects, 
including  the  amount  of  annual  income  charged  with 
a  duty  or  tax,  the  quantity  of  goods,  wares,  and  merchan- 
dise made  or  sold  and  charged  with  a  tax,  the  several 
rates  and  aggregate  amount,  according  to  the  forms  and 
regulations  to  be  prescribed  by  the  Commissioner  of 
Internal  Revenue,  with  the  approval  of  the  Secretary  of 
the  Treasury,  for  which  such  person,  partnership,  firm, 
association,  or  corporation  is  liable:  Provided,  That  if 
any  person  liable  to  pay  any  duty  or  tax,  or  owning, 
possessing,  or  having  the  care  or  management  of  prop- 
erty, goods,  wares,  and  merchandise,  articles  or  objects 
liable  to  pay  any  duty,  tax,  or  license,  shall  fail  to  make 
and  exhibit  a  list  or  return  required  by  law,  but  shall 
consent  to  disclose  the  particulars  of  any  and  all  the 
property,  goods,  wares,  and  merchandise,  articles,  and 
objects  liable  to  pay  any  duty  or  tax,  or  any  business 
or  occupation  liable  to  pay  any  tax  as  aforesaid,  then, 
and  in  that  case  it  shall  be  the  duty  of  the  collector 
or  deputy  collector  to  make  such  list  or  return,  which, 
being  distinctly  read,  consented  to,  and  signed  and  veri- 
fied by  oath  or  affirmation  by  the  person  so  owning, 
possessing,  or  having  the  care  and  management  as  afore- 
said, may  be  received  as  the  list  of  such  person:  Provided 
further,  That  in  case  no  annual  list  or  return  has  been 
rendered  by  such  person  to  the  collector  or  deputy  col- 
lector as  required  by  law,  and  the  person  shall  be  absent 
from  his  or  her  residence  or  place  of  business  at  the 
time  the  collector  or  a  deputy  collector  shall  call  for  the 
annual  list  or  return,  it  shall  be  the  duty  of  such  collector 
or  deputy  collector  to  leave  at  such  place  of  residence  or 
business,  with  some  one  of  suitable  age  and  discretion,  if 
such  be  present,  otherwise  to  deposit  in  the  nearest  post 
office,  a  note  or  memorandum  addressed  to  such  person, 
requiring  him  or  her  to  render  to  such  collector  or  deputy 
collector  the  list  or  return  required  by  law  within  ten 
days  from  the  date  of  such  note  or  memorandum,  verified 

191 


by  oath  or  affirmation.  And  if  any  person,  on  being 
notified  or  required  as  aforesaid,  shall  refuse  or  neglect 
to  render  such  list  or  return  within  the  time  required  as 
aforesaid,  or  whenever  any  person  who  is  required  to 
deliver  a  monthly  or  other  return  of  objects  subject  to 
tax  fails  to  do  so  at  the  time  required,  or  delivers  any 
return  which,  in  the  opinion  of  the  collector,  is  false  or 
fraudulent,  or  contains  any  undervaluation  or  under- 
statement, it  shall  be  lawful  for  the  collector  to  sum- 
mon such  person,  or  any  other  person  having  possession, 
custody,  or  care  of  books  of  account  containing  entries 
relating  to  the  business  of  such  person,  or  any  other  per- 
son he  may  deem  proper,  to  appear  before  him  and  pro- 
duce such  books,  at  a  time  and  place  named  in  the  sum- 
mons, and  to  give  testimony  or  answer  interrogatories, 
under  oath,  respecting  any  objects  liable  to  tax  or  the 
returns  thereof.  The  collector  may  summon  any  person 
residing  or  found  within  the  State  in  which  his  district 
lies ;  and  when  the  person  intended  to  be  summoned  does 
not  reside  and  cannot  be  found  within  such  State,  he 
may  enter  any  collection  district  where  such  person  may 
be  found  and  there  make  the  examination  herein  author- 
ized. And  to  this  end  he  may  there  exercise  all  the  au- 
thority which  he  might  lawfully  exercise  in  the  district 
for  which  he  was  commissioned. 

"Sec.  3176.  "When  any  person,  corporation,  company, 
or  association  refuses  or  neglects  to  render  any  return 
or  list  required  by  law  or  renders  a  false  or  fraudulent 
return  or  list,  the  collector  or  any  deputy  collector  shall 
make,  according  to  the  best  information  which  he  can 
obtain,  including  that  derived  from  the  evidence  elicited 
by  the  examination  of  the  collector,  and  on  his  own  view 
and  information,  such  list  or  return,  according  to  the 
form  prescribed,  of  the  income,  property,  and  objects 
liable  to  tax  owned  or  possessed  or  under  the  care  or 
management  of  such  person  or  corporation,  company  or 
association,  and  the  Commissioner  of  Internal  Revenue 
shall  assess  all  taxes  not  paid  by  stamps,  including  the 
amount,  if  any,  due  for  special  tax,  income  or  other  tax, 
and  in  case  of  any  return  of  a  false  or  fraudulent  list  or 
valuation  intentionally  he  shall  add  100  per  centum  to 
such  tax :  and  in  case  of  a  refusal  or  neglect,  except  in 
cases  of  sickness  or  absence,  to  make  a  list  or  return  or  to 
verify  the  same  as  aforesaid,  he  shall  add  50  per  centum 
to  such  tax.  In  case  of  neglect  occasioned  by  sickness 
or  absence  as  aforesaid  the  collector  may  allow  such  fur- 
ther time  for  making  and  delivering  such  list  or  return 
as  he  may  deem  necessary,  not  exceeding  thirty  days. 
The  amount  so  added  to  the  tax  shall  be  collected  at  the 
same  time  and  in  the  same  manner  as  the  tax  unless  the 

192 


neglect  or  falsity  is  discovered  after  the  tax  has  been 
paid,  in  which  case  the  amount  so  added  shall  be  col- 
lected in  the  same  manner  as  the  tax;  and  the  list  or 
return  so  made  and  subscribed  by  such  collector  or  dep 
uty  collector  shall  be  held  prima  facie  good  and  suffi- 
cient for  all  legal  purposes.' ' 

J.     That  it  shall  be  the  duty  of  every  collector  of  in- Receipts  for  tax 
ternal  revenue,  to  whom  any  payment  of  any  taxes  other  by  coi°iector\lven 
than  the  tax  represented  by  an  adhesive  stamp  or  other 
engraved  stamp  is  made  under  the  provisions  of  this  sec- 
tion, to  give  to  the  person  making  such  payment  a 
full    written    or    printed    receipt,    expressing    the 
amount  paid  and  the  particular  account  for  which 
such  payment  was  made;  and  whenever  such  pay- 
ment is  made  such  collector  shall,  if  required,  give  a  separate  receipts 
separate  receipt  for  each  tax  paid  by  any  debtor,  on  ^rtain  Sis?  in 
account  of  payments  made  to  or  to  be  made  by  him  when  required, 
to  separate  creditors  in  such  form  that  such  debtor 
can  conveniently  produce  the  same  separately  to  his 
several  creditors  in  satisfaction  of  their  respective 
demands  to  the  amounts  specified  in  such  receipts; 
and  such  receipts  shall  be  sufficient  evidence  in  favor 
of  such  debtor  to  justify  him  in  withholding  the 
amount  therein  expressed  from  his  next  payment  to 
his  creditor;  but  such  creditor  may,  upon  giving  to 
his  debtor  a  full  written  receipt,  acknowledging  the 
payment  to  him  of  whatever  sum  may  be  actually 
paid,  and  accepting  the  amount  of  tax  paid  as  afore- 
said (specifying  the  same)  as  a  further  satisfaction 
of  the  debt  to  that  amount,  require  the  surrender  to 
him  of  such  collector's  receipt. 

K.     That  jurisdiction  is  hereby  conferred  upon  the  Jurisdiction 
district  courts  of  the  United  States  for  the  district  within .distfreictecourts  in 
which  any  person  summoned  under  this  section  to  ap-  ^Sn^ncf  of 
pear  to  testify  or  to  produce  books  shall  reside,  to  com-  witnesses,  etc. 
pel  such  attendance,  production  of  books,  and  testimony 
by  appropriate  process. 

L.     That  all  administrative,  special,  and  general  pro-  Laws  relating  to 
visions  of  law,  including  the  laws  in  relation  to  the  as-  remfsXnf' 
sessment,  remission,  collection,  and  refund  of  internal-  refund^1'  o?d 
revenue  taxes  not  heretofore  specifically  repealed  and  taxes  made 
not  inconsistent  with  the  provisions  of  this  section,  are  aPPlicable- 
hereby  extended  and  made  applicable  to  all  the  provi- 
sions of  this  section  and  to  the  tax  herein  imposed. 

M.     That  the  provisions  of  this  section  shall  extend  Provisions 
to  Porto   Rico  and  the  Philippine   Islands:  Provided ^£eg  t0 
That  the  administration  of  the  law  and  the  collection  tax  extended  to 
of  the  taxes  imposed  in  Porto  Rico  and  the  Philippine  Philippine0  a 
Islands  shall  be  by  the  appropriate  internal-revenue  of- Islands- 
ficers  of  those  governments,  and  all  revenues  collected 

193 


in  Porto  Rico  and  the  Philippine  Islands  thereundei 
shall  accrue  intact  to  the  general  governments,  thereof 
respectively:  And  provided  further,  That  the  jurisdic 
tion  in  this  section  conferred  upon  the  district  court: 
of  the  United  States  shall,  so  far  as  the  Philippine  Isl- 
ands are  concerned,  be  vested  in  the  courts  of  the  firsl 
instance  of  said  islands :  And  provided  further,  Thai 
nothing  in  this  section  shall  be  held  to  exclude  from  tht 
computation  of  the  net  income  the  compensation  paid 
any  official  by  the  governments  of  the  District  of  Colum- 
bia. Porto  Rico  and  the  Philippine  Islands  or  the  politi- 
cal subdivisions  thereof.     *     *     * 

Section  4  (paragraph  S)  of  the  act  of  October  3, 
1913,  further  provides  *  *  *  That  a  special  excise 
tax  with  respect  to  the  carrying  on  or  doing  of  busi- 
ness, equivalent  to  1  per  centum  upon  their  entire 
net  income,  shall  be  levied,  assessed,  and  collected 
upon  corporations,  joint-stock  companies  or  asso- 
ciations, and  insurance  companies,  of  the  character 
described  in  section  thirty-eight  of  the  Act  of 
August  fifth,  nineteen  hundred  and  nine,  for  the  pe- 
riod from  January  first  to  February  twenty-eighth,  nine- 
teen hundred  and  thirteen,  both  dates  inclusive,  which 
said  tax  shall  be  computed  upon  one-sixth  of  the  entire 
net  income  of  said  corporations,  joint-stock  companies 
or  associations,  and  insurance  companies,  for  said  year 
said  net  income  to  be  ascertained  in  accordance  with  the 
provisions  of  subsection  G  of  section  two  of  this  Act: 
Provided  further,  That  the  provisions  of  said  section 
thirty-eight  of  the  Act  of  August  fifth,  nineteen  hundred 
and  nine,  relative  to  the  collection  of  the  tax  therein 
imposed  shall  remain  in  force  for  the  collection  of  the 
excise  tax  herein  provided,  but  for  the  year  nineteen 
hundred  and  thirteen  it  shall  not  be  necessary  to  make 
more  than  one  return  and  assessment  for  all  the  taxes 
imposed  herein  upon  said  corporations,  joint-stock  com- 
panies or  associations,  and  insurance  companies,  either 
by  way  of  income  or  excise,  which  return  and  assess- 
ment shall  be  made  at  the  times  and  in  the  manner  pro- 
vided in  this  Act.        *  *  *  * 


1U4 


Treasury  Decisions 


Following  is  a  complete  list  of  Treasury  Decisions  handed  down 
by  the  Commissioner  of  Internal  Revenue  since  Jan.  5,  1914,  the 
date  of  "Regulations  No.  33"  which  digested  and  interpreted  all 
decisions  handed  down  prior  to  that  date. 

CAUTION. — It  should  be  borne  in  mind  that  the  many  provisions 
of  the  decisions  which  follow  have  been  nullified  by  later  de- 
cisions. This  section  of  the  book  should  be  used  in  connection 
with  the  "Digest  of  Treasury  Regulations"  on  a  later  page, 
which  incorporates  the  latest  ruling  on  every  subject  covered 
and  refers  to  the  proper  Treasury  Decision  as  authority. 


(T.  D.  1933.) 

Mutual  telephone  companies,  mutual  insurance  companies,  and 
like  organizations  whose  status,  under  the  law,  is  not 
dependent  upon  whether  or  not  they  are  organized  for 
profit,  and  not  being  specifically  enumerated  as  exempt, 
must  make  returns  of  annual  net  income  pursuant  to  the 
requirements  of  section  2,  act  of  October  3,  1913. 

Treasury  Department, 
Office  of  Commissioner  of  Internal  Revenue, 

Washington,  D.  C,  January  12,  1914. 

Sir:  This  office  is  in  receipt  of  your  letter  of  the  31st 
ultimo,  asking  advice  as  to  whether  or  not  mutual  tele- 
phone companies  will  be  required  to  file  returns  of  an- 
nual net  income  under  the  provisions  of  section  2,  act  of 
October  3,  1913. 

In  reply  you  are  informed  that  under  the  provisions 
of  the  act  above  cited,  every  corporation,  joint-stock 
company,  and  every  insurance  company,  no  matter  how 
created  or  organized,  is  subject  to  the  income  tax  and 
will  be  required  to  make  returns  of  annual  net  income, 
except  such  as  are  specifically  enumerated  in  the  act  as 
exempt  from  its  provisions.  In  the  list  of  those  so 
enumerated  as  exempt  do  not  appear  mutual  telephone 
companies  or  similar  organizations. 

Since  under  this  act  no  exemption  is  provided,  either 
express  or  implied,  for  mutual  telephone  and  like  com- 
panies, and  liability  is  not  dependent  upon  whether  or 
not  the  corporation  is  organized  for  profit,  it  is  held  that 
all  corporations  not  specifically  enumerated  as  exempt 
will  be  required  to  make  returns  of  annual  net  income 
and  to  pay  any  tax  that  may  be  assessed  upon  the  net 
income  returned. 

This  ruling  will  comprehend  all  telephone  companies, 
local  insurance  companies,  and  like  corporations  whether 

195 


or  not  they  are  organized  primarily  for  the  mutual  bene- 
fit of  their  members. 

Respectfully,  Robt.  Williams,  Jr., 

Acting  Commissioner  of  Internal  Revenue. 
Collector  of  Internal  Revenue,  Omaha,  Nebr. 

(T.  D.  1934.) 

Individuals  whose  net  income  from  March  1  to  December  31, 
1913,  both  dates  inclusive,  is  $2,500  or  more  must  make 
returns  of  annual  net  income  for  1913. 

Treasury  Department, 
Office  of  Commissioner  of  Internal  Revenue. 

Washington,  D.  C,  January  16,  1914. 

Section  2,  act  of  October  3,  1913,  provides  that  on  or 
before  the  1st  day  of  March,  1914,  and  the  1st  day  of 
March  in  each  year  thereafter,  a  true  and  accurate  re- 
turn, under  oath  or  affirmation,  shall  be  made  to  the 
collector  of  internal  revenue  by  each  person  of  lawful 
age  who  may  be  subject  to  the  tax  imposed  by  this  sec- 
tion who  has  a  net  income  of  $3,000  or  over  for  the 
taxable  year. 

It  is  further  provided  that  for  the  year  ending  De- 
cember 31,  1913,  the  tax  shall  be  computed  on  the  net 
income  accruing  from  March  1  to  December  31,  1913, 
both  dates  inclusive,  after  deducting  five-sixths  only  of 
the  specific  exemption  and  deductions  allowable  for  an 
entire  taxable  year. 

Since  the  return  of  annual  net  income  for  the  year 
1913,  as  applied  to  individuals,  is  for  but  five-sixths  of 
the  calendar  year,  and  as  the  law  provides  that  returns 
shall  be  made  on  the  basis  of  five-sixths  of  the  year,  it  is 
held  that  individuals  whose  net  income  is  $2,500  or 
more  for  the  10  months  constituting  the  taxable  period 
of  1913  shall  make  returns  of  annual  net  income  in 
accordance  with  the  general  provisions  of  the  law  cover- 
ing the  1913  taxable  period. 

W.  H.  Osborn, 
Commissioner  of  Internal  Revenue. 

Approved : 

W.  G.  McAdoo, 

Secretary  of  the  Treasury. 

0T.  D.  1936.) 
Special  excise  tax  on  corporations — Decision  of  court. 

1.  Taxes  Due  from  Stockholders. 

The  State  tax  on  capital  stock  of  banks  under  the  Massa- 
chusetts statute  falls  directly  on  the  stockholders,  and  these 

196 


taxes  can  not  be  legally  deducted  from  gross  income  in  re- 
turns made  by  banks  under  the  corporation  tax  act.  The 
tax  is  not  upon  the  banks,  and  in  paying  it  they  act  as 
agents.     T.  D.  1763  sustained. 

2.  Returns. 

The  Commissioner  of  Internal  Revenue,  upon  evidence 
produced  before  him,  is  authorized  to  amend  incorrect  re- 
turns, or  make  a  return,  as  the  case  may  be. 

3.  Assessments. 

The  Commissioner  of  Internal  Revenue  is  authorized  to 
make  additional  assessments  after  the  taxes  have  been 
assessed  and  paid  on  the  original  returns,  even  though  the 
errors  in  the  original  returns  were  made  without  any  inten- 
tion to  deceive  or  mislead. 

4.  The  Three  Years'  Limitation. 

The  statute  does  not  require  the  additional  assessment  to 
be  made  within  the  three  years'  period.  The  limitation  is 
upon  the  discovery  of  the  error  by  the  Commissioner  of 
Internal  Revenue  within  three  years. 

Treasury  Department, 
Office  of  Commissioner  of  Internal  Revenue, 

Washington,  D.  C,  January  20,  1914. 

The  appended  decision  of  the  United  States  District 
Court  for  the  District  of  Massachusetts  in  the  case  of 
The  Eliot  National  Bank  v.  James  D.  Gill,  collector  of 
internal  revenue,  is  published  for  the  information  of 
internal-revenue  officers  and  others  concerned. 

W.  H.  Osborn, 
Commissioner  of  Internal  Revenue. 

DIGESTED     DECISION    OF  UNITED    STATES    DISTRICT 
COURT  FOR  THE  DISTRICT  OF  MASSACHUSETTS 

in  the  case  of 

Elliott    National    Bank    vs.     James    D.    Gill,    Collector    of 
Internal  Revenue. 

(December  29,  1913.) 

Bingham,  Judge:  This  action  was  brought  by  the  Elliott 
National  Bank,  to  recover  certain  taxes  with  interest  paid  by 
the  plaintiff  for  the  years  1909,  1910  and  1911,  under  pro- 
visions of  the  corporation-tax  law  of  August  5,  1909.  In  the 
years  mentioned  the  shares  of  the  capital  stock  of  the  bank 
were  assessed  by  the  city  of  Boston  under  provisions  of  the 
revised  laws  of  Massachusetts  and  Massachusetts  statutes. 

Returns  were  made  by  the  plaintiff  to  the  collector  for  the 
three  years  in  question  for  the  assessment  of  the  corporation 
tax,  and  taxes  based  on  such  returns  were  levied  and  paid. 
On  or  before  February  27,  1913,  the  Commissioner  of  Internal 
Revenue  discovered  that  in  making  these  returns  the  bank 
had  deducted  from  its  gross  income  the  amounts  of  taxes  paid 
by  it  each  year  to  the  city  of  Boston.  The  commissioner 
thereupon  assessed  an  additional  tax  for  each  year  for  the 
amounts  so  deducted,  which  additional  tax  was  paid  by  the 
bank  under  protest. 

197 


The  court  decides  that  the  taxes  paid  by  the  bank  to  the 
city  of  Boston  in  the  years  in  question,  were  not  assessed 
upon  the  bank,  but  upon  the  shareholders,  and  were  paid  for 
their  benefit,  and  that  the  bank  therefore  is  not  entitled  to 
have  these  taxes  deducted  in  ascertaining  its  net  income. 

The  plaintiff  took  the  position  that  the  statute  confers  au- 
thority upon  the  Commissioner  of  Internal  Revenue  to  amend 
returns  and  assess  taxes  thereon  after  taxes  have  been  assessed 
and  paid  in  the  regular  course,  only  where  the  error  in  the 
original  returns  was  inserted  with  a  false  and  fraudulent  in- 
tent. The  court  holds  that  if  Congress  had  intended  that  the 
power  of  the  commissioner  in  the  assessment  of  taxes  upon 
amended  returns,  either  before  or  after  taxes  assessed  on  the 
original  returns  were  due  and  payable,  should  exist  only  in 
case  the  error  or  misstatement  was  inserted  in  the  original 
returns  with  an  intention  to  mislead  and  deceive,  it  would 
have  used  terms  as  plain  and  unambiguous  as  it  did  in  con- 
ferring authority  to  impose  a  penalty  of  one  hundred  per  cent. ; 
and  that  as  Congress  did  not  employ  such  language,  it  should 
be  held  not  to  have  been  intended. 

The  court  concludes  that  the  commissioner  was  authorized 
to  make  the  additional  assessment  even  though  the  errors  in 
the  original  returns  were  due  to  an  honest  mistake  and  were 
not  discovered  until  after  the  taxes  assessed  in  the  regular 
course  had  been  paid. 

The  petition  was  dismissed  with  costs. 

In  assessing  taxes  under  the  corporation- tax  law  the  fol- 
lowing steps  are  to  be  taken: 

(1)  The  corporation  is  to  make  a  true  and  accurate  return 
of  its  income  not  later  than  March  1  in  each  year  (par.  3). 

(2)  Upon  such  return  a  tax  is  to  be  assessed  and  the  cor- 
poration notified  of  the  amount  thereof  on  or  before  June  1  in 
each  year.  And  the  tax  is  to  be  paid  on  or  before  June  30 
(par.  5). 

(3)  If  the  commissioner,  upon  evidence  produced  before  him, 
is  of  the  opinion  that  a  corporation  has  made  an  incorrect 
return,  or  is  informed  by  the  collector  that  a  corporation  has 
failed  to  make  a  return,  the  commissioner  is  authorized  to 
designate  a  revenue  agent  to  examine  the  books  of  the  cor- 
poration and  to  take  testimony,  and  upon  obtaining  the  desired 
information,  to  amend  the  incorrect  return,  or  make  a  return, 
as  the  case  may  be  (par.  4). 

(4)  If  the  return  was  made  incorrect — that  is,  false  or 
fraudulent — or  no  return  was  made  through  failure  or  neglect, 
then  the  commissioner,  upon  discovery  thereof  at  any  time 
within  three  years  from  March  1  of  the  year  when  the  return 
was  due,  having  obtained  the  desired  information,  as  above 
provided,  and  amended  the  return,  or  made  one,  may  assess  the 
tax,  which  is  to  be  paid  by  the  corporation  on  June  30,  or 
immediately  upon  notification  of  the  amount,  depending  upon 
whether  the  notification  is  prior  or  subsequent  to  June  30,  in 
the  year  in  which  the  return  was  due  (par.  5). 

(5)  If  the  information  obtained  discloses  that  the  return 
was  made  with  false  and  fraudulent  intent,  the  commissioner 
is  to  add  a  penalty  of  one  hundred  per  centum  to  the  true  tax, 
and  in  case  the  corporation  has  refused  or  neglected  to  make 
a  return  before  March  1,  or  within  the  time  as  extended  by 
the  collector,  not  exceeding  thirty  days  (which  he  may  do 
when  the  neglect  is  occasioned  by  sickness  or  absence  of  the 
officers  of  the  corporation  required  to  make  the 'return,  or  for 
other  sufficient  reason),  then  the  commissioner,  having  made 
a  return  and  assessed  the  true  tax,  is  authorized  to  add  a 

198 


penalty  of  fifty  per  centum  to  the  tax.  The  penalties  so  added 
are  to  be  collected  at  the  same  time  and  in  the  same  manner 
as  the  tax  on  returns  regularly  made,  unless  the  refusal, 
neglect,  or  falsity  is  discovered  after  the  date  fixed  for  the 
payment  of  the  tax  on  returns  regularly  made.  But  if  the  dis- 
covery of  either  of  these  facts  is  not  made  until  after  that 
date,  then  the  commissioner  is  authorized,  upon  the  discovery 
of  either  of  them  within  three  years  after  March  1  in  the  year 
in  which  the  return  was  due,  and  having  assessed  the  true 
tax,  as  above  stated,  to  add  the  penalty  of  fifty  or  one  hundred 
per  centum  to  the  true  tax,  according  as  the  facts  warrant,  and 
to  collect  the  same  upon  notice  to  the  corporation  (par.  5). 


(T.  D.  1937.) 

Corporations  are  not  permitted  to  deduct  from  gross  or  net 
income  for  the  year  1913  any  portion  of  specific  exemp- 
tion authorized  under  corporation  tax  law. — Sec.  38,  act 
Aug.  5,  1909. 

Treasury  Department, 
Office  of  Commissioner  of  Internal  Revenue, 

Washington,  D.  C,  January  ,26,  1914. 

Section  2  of  the  act  approved  October  3,  1913,  known 
as  the  Federal  Income  Tax  Law,  provides  that  all  cor- 
porations, joint-stock  companies,  and  all  insurance 
companies,  except  those  specifically  enumerated  as 
exempt,  shall  be  subject  to  the  normal  tax  imposed 
upon  individuals,  such  tax  to  be  levied,  assessed  and 
paid  annually  upon  the  entire  net  income  arising  or 
accruing  from  all  sources  during  the  preceding  calen- 
dar year. 

The  provisions  of  this  act  apply  to  corporations 
which  have  or  may  have  income  arising  or  accruing 
on  and  after  March  1,  1913.  For  the  purpose  of  cover- 
ing the  liability  of  corporations  to  special  excise  tax 
for  the  months  of  January  and  February,  1913,  the 
provisions  of  the  corporation  tax  law  (sec.  38,  act  Aug. 
5,  1909)  were  extended,  and  in  subsection  S  of  the 
income  tax  law  it  is  provided  that  the  net  income  for 
these  two  months  shall  be  ascertained  in  accordance 
with  the  provisions  of  subsection  G  of  section  2  of  the 
act  of  October  3,  1913,  that  is,  in  the  same  manner  as 
the  net  income  for  the  remaining  10  months  of  the  year 
is  ascertained. 

In  the  subsection  G,  just  cited,  all  items  or  charges 
against  income,  which  constitute  allowable  deductions 
from  gross  income,  are  specifically  set  out.  No  pro- 
vision, either  express  or  implied,  is  made  in  this  sub- 
section or  elsewhere  in  the  act  for  the  allowance  of  all 
or  any  portion  of  the  specific  exemption  ($5,000)   al- 

199 


lowed  under  the  corporation  tax  law.  As  applied  to 
the  months  of  January  and  February,  1913,  the  income 
tax  law  in  effect  amends  the  corporation  tax  law  by 
eliminating  the  specific  exemption  previously  allowed, 
and  provides  that  the  tax  for  that  period  shall  be  meas- 
ured by  the  net  income  ascertained  according  to  the 
rule  set  out  in  subsection  G  of  the  later  act.  (See  sec- 
ond proviso  in  subsec.  S,  act  Oct.  3,  1913.) 

The  third  proviso  of  subsection  S  also  provides 
that— 

For  the  year  1913  it  shall  not  be  necessary  to  make  more 
than  one  return  and  assessment  for  all  taxes  imposed  *  *  • 
by  way  of  income  or  special  excise. 

The  net  income  for  both  kinds  of  taxes  and  for  both 
periods  of  the  year  being  ascertained  in  exactly  the 
same  manner,  but  one  return  covering  the  entire  calen- 
dar year  1913  is  required.  That  return  will  show  the 
entire  net  income  ascertained  in  accordance  with  the 
provisions  of  the  income  tax  law,  and  no  specific  ex- 
emption whatever  being  authorized,  such  net  income 
as  returned  for  the  entire  year  will  be  the  amount  upon 
which  the  tax  is  computed. 

W.  H.  Osborn, 
Commissioner  of  Internal  Revenue. 


(T.  D.  1938.) 

Extension  of  time  to  April  1,  1914,  for  the  use  of  Forms  1001, 
1003,  and  1004,  as  provided  in  T.  D.  1907  of  November 
26,  1913. 

Treasury  Department, 

Office  of  Commissioner  of  Internal  Revenue, 

Washington,  D.  C,  January  29, 1914. 

Notice  is  hereby  given  that  Forms  1001,  1003,  and 
1004,  as  adapted  to  the  use  of  foreign  organizations, 
foreign  partnerships,  and  foreign  fiduciaries,  when 
property  filled  in  and  signed,  and  giving  the  informa- 
tion required  by  regulations,  may  be  accepted  by  debt- 
ors or  withholding  agents  until  March  31,  1914. 

W.  H.  Osborn, 
Commissioner  of  Internal  Revenue. 

Approved : 

John  Skei/ton  Williams, 

Acting  Secretary  of  the  Treasury. 

200 


(T.  D.  1939.) 
Income  tax. 

Blank  forms  of  certificates  and  other  forms  required  in  con- 
nection with  the  collection  of  income  tax  and  making  of 
returns  by  taxpayers  will  be  furnished  on  application  to 
the  Commissioner  of  Internal  Revenue.  Forms  may  be 
printed  by  corporations  and  others,  provided  they  con- 
form strictly  to  department  requirements  as  to  size,  print, 
and  contents.  In  making  requisition  on  the  department 
for  forms  no  more  should  be  requested  than  the  absolute 
needs  of  the  office  make  necessary. 

Treasury  Department, 
Office  of  Commissioner  of  Internal  Revenue, 

Washington,  D.  C,  January  28,  1914. 
To  collectors  of  internal  revenue: 

You  are  instructed  that  the  department  will  furnish 
blank  forms  of  certificates  and  other  forms  required 
to  be  used  in  connection  with  the  collection  of  the  in- 
come tax  and  the  making  of  their  returns  by  taxpayers 
to  such  parties  as  may  make  application  for  the  same. 
Private  corporations  and  others  desiring  to  have  these 
forms  printed  for  themselves  may  do  so  if  they  will 
strictly  observe  the  requirements  of  the  department  as 
to  size,  print,  and  contents  of  the  forms  and  certificates 
as  prescribed  by  the  regulations. 

In  pursuance  of  the  desire  of  the  department  to  fur- 
nish every  possible  facility  to  aid  taxpayers  in  comply- 
ing with  the  law,  requisition  should  be  made  for  such 
quantity  of  the  various  forms  as  may  be  found  neces- 
sary in  each  collection  district,  and  these  forms  will  be 
forwarded  immediately  upon  application.  Attention  is 
called,  however,  to  the  fact  that  a  large  stock  of  these 
forms  should  not  be  accumulated  in  any  office,  and  that 
for  the  present,  particular  caution  should  be  exercised 
so  as  not  to  make  requisition  for  more  than  the  absolute 
needs  of  each  office.  It  is  contemplated  that  in  the  near 
future  a  combination  of  certain  forms  of  certificates 
may  be  arranged  for,  and  these  consolidated  or  com- 
bined certificates  will  be  furnished  as  soon  as  practicable. 
When  such  combined  certificates  shall  be  furnished,  the 
use  of  the  older  or  original  certificates — that  is,  those 
now  in  use — should  be  discontinued  at  the  earliest  possi- 
ble date. 

Robt.  Williams,  Jr., 
Acting  Commissioner  of  Internal  Revenue. 

Approved : 

John  Skelton  Williams, 

Acting  Secretary  of  the  Treasury. 

201 


(T.  D.  1941.) 

Corporation  tax — Building  and  loan  associations — ; 
Decision  of  court. 

1.  Construction  of  Clause. 

The  words  "no  part  of  the  net  income  of  which  inures 
to  the  benefit  of  any  private  stockholder  or  individual"  do 
not  apply  to  domestic  building  and  loan  associations  oper- 
ated for  the  mutual  benefit  of  members. 


2.  Exemption. 

Building   and   loan   associations   operated   exclusively   for 
the  mutual  benefit  of  their  members  are  exempt. 


3.  Issuance  of  Prepaid  Stock. 

The  issuance  of  prepaid  stock  does  not  destroy  mutuality 
(affirming  203  Fed.,  876). 


Treasury  Department, 
Office  of  Commissioner  of  Internal  Revenue, 

Washington,  D.  C,  January  31,  1914. 

The  appended  decision  of  the  United  States  Circuit 
Court  of  Appeals  for  the  Third  Circuit,  in  the  case  of 
Herold,  collector  of  internal  revenue,  v.  Park  View 
Building  and  Loan  Association,  is  published  for  the 
information  of  internal-revenue  officers  and  others  con- 
cerned. 

W.  H.  Osborn, 

Commissioner  of  Internal  Revenue. 


Digest  of  Court  Decision. 

United    States    Circuit    Court   of    Appeals,    Third    Circuit. 
October  Term,  1913.     No.  1801. 

Herold,  Collector,  v.  Park  Vieio  Building  &  Loan  Association. 

Error   to  the  District  Court  of  the  United   States  for  the 
District  of  New  Jersey. 


McPherson,* Circuit  Judge:  The  Park  View  Building  &  Loan 
Association  was  taxed  under  section  38  of  the  Act  of  Aug.  5, 
1909,  and  was  compelled  to  pay  $71.04,  tax  ana  penalty  for 
the  year  1909.  The  District  Court  of  New  Jersey  (Judge  Orr 
presiding),  to  which  suit  to  recover  the  tax  was  removed, 
entered  judgment  for  the  Association,  to  which  judgment  the 


Court  refers  with  approval.  A  question  arises  which  Judge 
Orr  did  not  decide, — namely,  what  construction  shall  be  given 
to  the  words  hereafter,  italicized  in  the  proviso  to  the  first 
paragraph  of  Section  38  of  the  act  of  1909,  and  their  repeated 
use  in  the  amended  law  of  1913:  "Provided,  however,  that 
nothing  in  this  section  shall  apply  to  labor,  agricultural  or- 
ganizations, *  *  *  etc.,  nor  to  domestic  building  and  loan 
associations,  *  *  *  organized  and  operated  exclusively  for 
the  mutual  benefit  of  their  members,  nor  to  any  corporation 
or  association'  organized  and  operated  exclusively  for  relig- 
ious, charitable  or  scientific  purposes,  no  part  of  the  net 
income  of  which  inures  to  the  benefit  of  any  private  stock- 
holder or  individual" 

The  Court  points  out  that  every  building  and  loan  associa- 
tion is  organized  and  operated  for  the  mutual  benefit  of  its 
members.  In  every  year  it  expects  to  have  a  net  income  and  of 
course  this  income  belongs  or  inures  to  the  benefit  of  its  mem- 
bers. While  members  can  hardly  be  described  accurately  as 
"private"  stockholders,  they  are  certainly  individuals,  and 
therefore  if  the  right  of  a  building  association  to  be  exempted 
by  the  proviso  is  to  be  tested  by  the  fact  that  no  private  stock- 
holder or  individual  receives  any  benefit  from  its  net  income, 
the  inevitable  result  will  follow  that  the  proviso  has  no 
effect  upon  building  and  loan  associations  at  all,  and  that 
no  such  association  can  be  exempted.  In  the  opinion  of  the 
Court  this  conclusion  comes  near  to  absurdity. 

The  chief  contention  of  the  government  is  that  the  associa- 
tion is  not  organized  and  operated  exclusively  for  the  benefit 
of  its  members,  and  the  sole  support  for  the  argument  is  found 
in  the  fact  that  the  association  issues  prepaid  stock.  This  is 
not  preferred  stock,  the  issue  of  which  is  forbidden  by  the 
New  Jersey  statutes.  The  holders  of  the  stock  in  question 
have  waived  their  right  to  share  with  instalment  stock  in  the 
general  profits  of  the  association  and  have  agreed  to  accept 
in  lieu  thereof  5  per  cent,  yearly  on  the  amount  prepaid.  This 
is  the  only  difference  between  prepaid  stock  and  instalment 
stock;  the  parties  have  stipulated  that  the  rights  of  the  two 
classes  of  stock  are  in  all  respects  identical  except  as  to  par- 
ticipation in  the  profits  of  the  association  as  above  set  forth. 

The  Court  thinks,  therefore,  that  the  question  may  be  prop- 
erly stated  in  this  form:  Is  the  foregoing  arrangement  for 
the  mutual  benefit  of  the  parties?  In  the  opinion  of  the  Court 
the  answer  should  be  in  the  affirmative. 

Looking  at  the  subject  from  as  many  view-points  as  possible, 
the  Court  is  persuaded  that  Congress  intended  the  word 
"mutual"  to  mean  "substantially  equal"  and  that  a  building 
and  loan  association  is  organized  and  operated  for  the  mutual 
benefit  of  its  members  when  they  share  in  the  profits  sub- 
stantially on  the  same  footing. 

In  brief,  the  Park  View  Building  and  Loan  Association  was 
"organized"  exclusively  for  the  mutual  benefit  of  members; 
the  New  Jersey  Legislature  required  such  benefit  to  be  its 
object,  and  (as  a  means  of  attaining  it)  expressly  permitted 
the  use  of  prepaid  stock.  The  Association  is,  in  fact,  "oper- 
ated" for  their  mutual  benefit,  if  we  may  trust  the  abundant 
and  well  reasoned  authority  which  approves  of  prepaid  stock, 
rnd  if  we  may  rely  on  the  strong  antecedent  authority  which 
approves  of  prepaid  stock,  and  if  we  may  rely  also  upon  the 
strong  antecedent  probability  that  the  members  would  not 
agree  to  any  arrangement  that  would  disturb  their  substan- 
tially equal  footing. 

The  judgment  is  affirmed. 

203 


(T.  D.  1942.) 
(Corrected  form.) 

Income  tax  ruling  as  to  income  derived  from  bonds  con- 
taining "tax-free  covenant  clause,"  and  how  same  may  be 
returned  on  Form  1040  when  exemption  is  not  claimed  at 
the  source. 

Treasury  Department, 
Office  of  Commissioner  of  Internal  Revenue, 
Washington,  D.  C,  February  3, 1914. 

To  collectors  of  internal  revenue: 

This  office  is  in  receipt  of  numerous  letters  asking 
whether  income,  tax  on  which  is  paid  or  to  be  paid  at 
the  source,  although  not  withheld  at  the  source,  can  be 
placed  in  column  A,  page  2,  of  Form  1040,  and  in  reply 
to  this  inquiry  you  will  advise  as  follows : 

The  stipulation  in  bonds  whereby  the  tax  which  may 
be  assessed  against  them  or  the  income  therefrom  is 
guaranteed  is  a  contract  wholly  between  the  corpora- 
tion and  the  bondholder,  and  in  so  far  as  the  income 
tax  law  applies,  the  Government  will  not  differentiate 
between  coupons  from  bonds  of  this  character  and  those 
from  bonds  carrying  no  such  guaranty.  The  debtor 
will  be  held  responsible  for  the  normal  tax  due  in  such 
cases  when  no  tax  has  been  withheld  and  no  exemption 
claimed. 

Income  paid  by  " debtors' '  from  March  1  to  November 
1,  1913,  shall  be  included  in  the  return  of  the  individual 
(under  column  B,  page  2,  of  Form  1040)  as  income 
upon  which  the  normal  tax  of  1  per  cent,  has  not  been 
withheld  and  paid  at  the  source. 

Income  received  by  individuals  between  November  1 
and  December  31,  1913,  upon  which  the  normal  tax 
has  been  withheld  at  the  source  shall  be  included  in  their 
annual  return  (under  column  A,  page  2,  of  Form  1040) 
as  income  upon  which  the  tax  has  been  withheld. 

W.  H.  Osborn, 
Commissioner  of  Internal  Revenue. 

(T.  D.  1943.) 

Instructions  to  collectors   relative  to  fiduciaries  and  returns 
to  be  made  by  them  on  Form  1041. 

Treasury  Department, 
Office  of  Commissioner  of  Internal  Revenue, 

Washington,  D.  C,  February  4,  1914. 
To  collectors  of  internal  revenue: 

T.  D.  1908  provides  that  all  fiduciaries  shall  on  or 
before  March  1  of  each  year,  when  the  annual  interest 

204 


of  any  beneficiary  in  the  income  of  the  estate  or  trust 
is  in  excess  of  $3,000  ($2,500  for  the  year  1913),  make 
and  render  a  return  of  the  income  of  the  person  or 
persons  (the  beneficiaries)  for  whom  they  act  to  the 
collector  of  internal  revenue  of  the  district  in  which  the 
fiduciary  resides. 

Where  a  decedent  died  after  March  1  in  the  year 
1913,  and  from  March  1  up  to  the  date  of  his  death  had 
a  net  income  of  $2,500  or  more,  the  fiduciary  (i.  e.,  the 
executor  or  administrator)  should  make  a  return  for  the 
decedent  on  Form  1040,  and  the  income  tax,  both  normal 
and  additional,  shown  to  be  due  thereon  will  be  a  debt 
against  the  estate  of  the  decedent.  The  same  principal 
will  apply  to  subsequent  years  if  the  net  income  of  the 
decedent  from  January  1  to  the  date  of  his  death 
amounts  to  $3,000  or  more.  No  other  return  is  required 
to  be  made  by  the  fiduciary  until  the  settlement  of  the 
estate  has  reached  the  stage  when  the  beneficiaries  there- 
of and  their  respective  interests  in  the  income  derived 
from  the  estate  are  determinable,  and  then  the  fiduciary 
is  required  to  file  a  return  on  or  before  March  1  of  each 
year,  as  prescribed  by  the  regulations. 

The  fiduciary  will  enter  on  page  2  of  Form  1041, 
under  the  appropriate  heads,  all  income  accruing  to  the 
beneficiaries  of  the  trust  or  estate  from  March  1  to 
December  31,  1913,  inclusive;  but  the  interest  derived 
from  the  obligations  of  a  State  or  any  political  subdi- 
vision thereof  and  the  obligations  of  the  United  States 
or  its  possessions  is  not  to  be  included. 

The  fiduciary  will  enter  on  page  3  of  Form  1041  for 
the  year  1913  five-sixths  of  the  deductions  allowable 
under  paragraph  B  of  the  law,  and  on  line  1  it  will  be 
proper  for  the  fiduciary  to  enter  all  legitimate  expenses 
incurred  in  administering  the  estate  or  trust.  If  the 
fiduciary  holds  and  rents  business  or  residential  prop- 
erty and  pays  insurance,  water  rents,  commissions  for 
the  collection  of  rents,  or  any  other  necessary  expenses 
in  managing  the  estate  or  trust,  it  will  be  proper  to 
enter  same  on  line  1  as  an  allowable  deduction. 

The  amount  to  be  shown  on  page  1,  line  3,  will  repre- 
sent the  total  amount  of  income  accruing  through  the 
fiduciary  to  the  beneficiaries  of  the  estate  or  trust  which 
is  subject  to  the  normal  tax,  and  when  the  interest  of 
any  one  beneficiary  in  this  amount  from  November  1 
to  December  31,  1913,  inclusive,  was  in  excess  of  $3,000, 
whether  distributed  or  not,  the  fiduciary  was  required  to 
withhold  and  pay  the  normal  tax  on  the  whole  $3,000 
and  excess  thereof,  unless  the  beneficiary  filed  with  the 
fiduciary  Form  1007,  as  prescribed  by  the  regulations, 
claiming  exemption   under  paragraph   C,   and  in   that 

205 


event  the  fiduciary  was  only  required  to  withhold  and 
pay  the  normal  tax  on  the  amount  in  excess  of  the 
exemption  claimed. 

T.  D.  1906  prescribes  that  when  fiduciaries  make  their 
annual  return  they  shall  give  the  name  and  full  address 
of  each  beneficiary  and  the  share  of  income  to  which 
each  may  be  entitled,  which  information  shall  be  given 
on  page  1  of  Form  1041.  Tn  the  column  "Amount  of 
income  paid  or  accrued  to  beneficiaries ' '  should  be 
entered  the  respective  interest  of  the  beneficiary  in  the 
amount  of  income  as  shown  on  page  1,  line  3. 

When  the  interest  of  any  beneficiary  in  the  amount 
of  income  subject  to  the  normal  tax,  as  shown  on  Form 
1041,  page  1,  line  3,  is  in  excess  of  $3,000,  and  the  same 
was  paid  to  the  beneficiary  within  the  period  from 
November  1  to  December  31,  1913,  both  dates  inclusive, 
the  fiduciary  was  required  to  withhold  and  pay  the 
normal  tax  as  prescribed  by  the  regulations,  and  the 
information  required  should  be  given  on  Form  1041, 
page  1,  giving  the  name  and  full  address  of  each  bene- 
ficiary, the  amount  of  income  paid  or  payable  to  each 
beneficiary  (this  amount  would  be  the  beneficiary's 
interest  in  the  amount  of  income  subject  to  the  normal 
tax  as  shown  on  line  3),  the  amount  of  exemption 
claimed  under  paragraph  C  (if  any),  the  amount  of 
income  on  which  normal  tax  should  be  withheld,  and  the 
amount  of  tax  withheld,  all  to  be  given  in  the  respective 
columns  in  the  order  named. 

A  fiduciary  acting  for  a  minor  or  insane  person  who 
had  a  net  income  of  $2,500  or  more  for  the  year  1913 
will  make  the  return  for  his  ward  on  Form  1040  and 
will  not  be  required  to  file  a  return  on  Form  1041, 
unless  he  has  more  than  one  ward  by  reason  of  the  same 
estate  or  trust;  then  in  that  event  a  return  will  be 
required  on  Form  1041,  and  a  separate  return  on  Form 
1040  for  each  ward  having  a  net  income  of  $2,500  or 
more  for  the  year  1913. 

The  income  accruing  or  paid  to  a  beneficiary  through 
a  fiduciary  may  be  composed  in  part  of  dividends,  or 
income  upon  which  the  normal  tax  has  been  withheld 
and  paid  or  to  be  paid  at  the  source,  or  income  derived 
from  the  obligations  of  a  State  or  any  political  subdi- 
vision thereof  or  from  the  obligations  of  the  United 
States  or  its  possessions  (income  from  obligations  of  a 
State  or  any  political  subdivision  thereof  and  from  the 
obligations  of  the  United  States  or  its  possessions  is 
not  subject  to  the  tax  and  should  not  be  included). 
If  a  beneficiary  has  other  income  which,  added  to  the 
income  accruing  to  him  through  his  fiduciary,  gives  him 
a  net  income  of  $2,500  or  more  for  the  period  from 

206 


March  1  to  December  31,  1913,  inclusive,  he  should  make 
a  return  of  his  gross  income  on  Form  1040,  as  required 
by  the  regulations. 

To  illustrate:  If  a  fiduciary's  gross  income  was  $10,- 

000.  derived  from  the  following  sources: 

1.  Interest  upon  the  obligations  of  the  United  States..  $1,000 

2.  Dividends  on  stock  or  net  earnings  of  corporations.     2,000 

3.  Interest    from    bonds    containing    "tax-free    covenant 

clause,"  upon  which  the  fiduciary  did  not  claim 
any  exemption  at  source  and  which  he  entered 
on  Form  1041,  on  page  2,  column  A,  as  income 
on  which  normal  tax  was  withheld 2,000 

4.  Income  from  rents,  etc 5,000 

10,000 

the  fiduciary's   return   on   Form   1041   would  show  as 

follows : 

Page  2.  Line  3,  Column  B,  amount  of  rents $5,000 

Line  5,  interest  from  bonds,  "tax-free  clause," 

column  A   2,000 

Line  10,  dividends    2,000 

Aggregate  total  of  gross  income 9,000 

(No  entry  of  interest  on  United  States  Bonds,  $1,000.) 

Page  3.  Line  1,  necessary  expenses  actually  paid  in  car- 
rying on  business,  including  compensation  of 

fiduciary,   water  rents,  insurance,   etc 450 

Line  3,  taxes  paid  400 

Line    6,   actual   repairs   made   on   building,   or 

amount  allowed  for  wear  and  tear 150 

Line  7,  dividends  not  subject  to  normal  tax..     2,000 
Line  8,  amount  of  income  on  which  normal  tax 
has   been   deducted  and  withheld  at  source, 
bonds  with  "tax-free  clause" 2,000 

Total   deductions 5,000 

Page  1.  Line   1,   gross   income    9,000 

Line  2,  total  deductions   5,000 

Line    3,    amount    of    income    due    beneficiary, 
which  is  subject  to  normal  tax   4,000 

The  beneficiary  has  filed  with  the  fiduciary  as  a  with- 
holding agent  a  claim  for  exemption  under  paragraph 
C  for  $2,500  (exemption  of  single  person  for  1913),  and 
the  return  on  Form  1041  would  show  on  page  1,  in 
addition  to  the  foregoing  entries,  the  following: 
John  Doe,  76  B  Street,  New  York  City. 

In  third  column,  amount  of  income  paid  or  accrued 
to  beneficiary    $4,000 

In  fourth  column,  amount  of  exemption  claimed 2,500 

In  fifth  column,  amount  of  income  on  which  fiduciary 
is  liable  to  tax   1,500 

In  sixth  column,  amount  of  normal  tax  withheld 15 

207 


In  the  foregoing  illustration  the  beneficiary,  in  his 
return  on  Form  1040,  would  make  no  return  of  item  1, 
interest  on  United  States  bonds.  Item  2,  dividends, 
would  be  entered  on  page  2,  line  11,  and  for  the  purpose 
of  calculating  the  normal  tax  would  be  an  allowable 
deduction  on  page  1,  line  4.  Item  3,  interest  on  bonds, 
would  be  entered  on  page  2,  line  7,  column  A,  and  for 
the  purpose  of  calculating  the  normal  tax  would  be  an 
allowable  deduction  on  page  1,  line  5.  Item  4,  rents, 
would  be  entered  on  page  2,  line  7 ;  $1,500  in  column  A, 
and  $2,500  in  column  B  (exemption  of  $2,500  claimed 
and  no  tax  withheld  on  this  amount).  This  would 
show — 

Income  received  from  fiduciary  subject  to  be  returned 
on  Form  1040   $8,000 

Deductions  and  exemption  allowable  in  calculating  nor- 
mal  tax    8,000 

No  normal  tax  due,  it  having  been  paid  at  the  source 
by  the  fiduciary  as  shown  by  his  return  on  Form  1041. 

In  making  the  foregoing  entry  on  Form  1040,  on  line 
11,  there  should  be  written  just  above  the  printed  head- 
ing, " Amount  received  from  fiduciary,"  and  the  amount 
should  be  entered  in  the  appropriate  column. 

No  illustration  is  given  of  income  accruing  to  the 
beneficiary  from  other  sources,  an  illustration  of  this 
not  being  deemed  necessary,  as  such  income  is  entered 
in  the  usual  way. 

W.   H.   OSBORN, 

Commissioner  of  Internal  Revenue. 


Note. — The  following  regulation  has  been  extended  to  cover 
returns  made  by  fiduciaries  in  their  fiduciary  capacity.  See 
T.  D.  1947. 

(T.  D.  1945.) 

Regulation  relative  to  exclusion  of  income  derived  from  divi- 
dends or  net  earnings  of  corporations,  joint-stock  com- 
panies or  associations,  and  insurance  companies  by  per- 
sons subject  to  the  normal  tax  only  in  computing  their 
net  income  for  the  taxable  year. 

Treasury  Department, 
Office  of  Commissioner  of  Internal  Revenue, 

Washington,  D.  C,  February  7,  1914. 
To  collectors  of  internal  revenue: 

Referring  to  that  provision  of  the  income-tax  law 
which  reads  as  follows: 

Provided  further,  That  persons  liable  for  the  normal  income 
tax  only,  on  their  own  account  or  in  behalf  of  another,  shall 

208 


not  be  required  to  make  return  of  the  income  derived  from 
dividends  on  the  capital  stock  or  from  the  net  earnings  of 
corporations,  joint-stock  companies  or  associations,  and  insur- 
ance companies  taxable  upon  their  net  income  as  hereinafter 
provided — 

you  are  informed  that  returns  of  individuals,  when  such 
individuals  are  subject  to  the  normal  tax  only,  need  not 
include  the  income  derived  from  the  dividends  or  net 
earnings  referred  to  above.  When  individuals  are  sub- 
ject to  the  additional  tax,  such  income  derived  from  said 
dividends  or  net  earnings  must  be  shown  on  the  return. 

Persons  having  an  annual  net  income  of  $3,000  or 
more,  including  the  income  derived  from  dividends  or 
net  earnings  of  corporations,  etc.,  but  whose  total  net 
income  is  less  than  $20,000,  and  whose  net  income,  exclu- 
sive of  the  income  derived  from  dividends  or  net  earn- 
ings of  such  corporations,  etc.,  is  less  than  $3,000  for 
the  taxable  year  ($2,500  for  the  year  1913),  shall  not 
be  required  to  make  a  return  of  annual  net  income. 

Returns  which  have  been  or  may  be  received  from 
persons  subject  to  the  normal  tax  only,  in  which  such 
dividends  are  included  and  deducted,  need  not  be 
changed  to  meet  the  provisions  of  this  regulation. 

All  previous  rulings  of  the  department,  including  the 
general  regulations  No.  33,  are  amended  accordingly. 

W.   H.   OSBORN, 

Commissioner  of  Internal  Revenue. 
Approved : 

Charles  S.  Hamlin, 

Acting  Secretary  of  the  Treasury. 

(T.  D.  1946.) 
Special  assessment  districts  created  under  the  laws  of 
the  several  States  for  public  purposes,  such  as  the 
improvement  of  streets  and  public  highways,  the 
provision  of  sewerage,  gas  and  light,  and  the  recla- 
mation, drainage  or  irrigation  of  bodies  of  land,  and 
levee  and  schools  districts  are  held  to  be  political 
subdivisions  of  a  State. 

Treasury  Department, 
Office  of  Commissioner  of  Internal  Revenue, 

Washington,  D.  C,  February  10,  1914. 
To  Collectors  of  Internal  Revenue: 

Referring  to  paragraph  B,  section  2  of  the  Income 
Tax  Law,  which  reads  as  follows : 

"That  in  computing  net  income  there  shall  be  ex- 
cluded interest  upon  the  obligations  of  a  State  or 
any  political  subdivision  thereof/ ' 
you  are  informed  that  under  date  of  January  30,  1914, 


The  Honorable,  The  Attorney  General,  held  that  special 
assessments  districts  created  under  the  laws  of  the  several 
States  for  public  purposes,  such  as  the  improvement  of 
streets  and  public  highways,  the  provision  for  sewerage, 
gas  and  light,  and  the  reclamation,  drainage  or  irriga- 
tion of  bodies  of  land  within  such  special  assessment  dis- 
tricts when  such  districts  are  for  public  use,  are  political 
subdivisions  of  the  State  within  the  meaning  of  the  above 
proviso. 

It  is  held  that  the  term  "political  subdivision ' '  in- 
cludes special  assessment  districts  or  divisions  of  a  State 
created  by  the  proper  authority  of  the  State  acting 
within  its  constitutional  powers  and  under  its  general 
laws,  for  the  purpose  of  carrying  out  a  portion  of  those 
functions  of  the  State  which  by  long  usage  and  inherent 
necessities  of  government  have  always  been  regarded  as 
public. 

Levee  and  school  districts,  when  lawfully  created 
under  the  authority  of  the  State  and  which  are  author- 
ized by  the  laws  of  the  State  to  levy  a  tax  to  meet  the 
obligations  of  such  districts,  are  also  held  to  be  political 
subdivisions  of  a  State  within  the  meaning  of  the  Income 
Tax  law. 

The  income  derived  from  interest  upon  the  obligations 
of  all  such  public  districts  shall,  therefore,  be  excluded 
in  computing  net  income  for  the  income  tax. 

This  decision  supersedes  Treasury  Decision  1910. 

,     W.   II.   OSBORN, 

Approved:  Commissioner. 

C.  S.  Hamlin, 

Acting  Secretary. 


(T.  D.  1947.) 

Extending  T.  D.  1945  to  cover  returns  made  by  fidu- 
ciaries in  their  fiduciary  capacity. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  February  12,  1914. 

To  Collectors  of  Internal  Revenue: 

You  are  advised  that  the  provisions  of  T.  D.  1945 
— in  matter  of  exclusion  of  dividends  or  net  earnings 
of  corporations,  joint-ctock  companies  or  associa- 
tions, and  insurance  companies,  by  persons  subject 
to  the  normal  tax  only,  in  computing  their  net 
income  for  the  taxable  year — are  extended  to  cover 
such  returns  by  fiduciaries. 

210 


To  make  clear  any  doubt  on  the  subject,  the  pro- 
visions of  T.  D.  1945  are  hereby  specifically  extended 
to  include  returns  made  by  fiduciaries  as  such. 
Respectfully, 

W.  H.  OSBORN, 

Commissioner. 
Approved : 

C.  S.  HAMLIN, 

Acting  Secretary. 

(T  D.  1948.) 

This  regulation  was  an  amendment  to  T.  D.  1942,  which  has 
been  included  in  the  corrected  form  of  that  regulation.  See 
page  204 

(T.  D.  1950.) 

Time  for  filing  returns  of  income,  and  penalties  in  connection 
therewith. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  February  19,  1914. 
To  collectors  of  internal  revenue: 

You  are  advised,  and  will  so  announce  from  your 
respective  offices,  that  the  law  and  regulations 
require  returns  of  income  for  the  taxable  period, 
March  1  to  December  31,  1913,  to  be  made  and  filed 
on  or  before  March  1,  1914.  The  law  is  mandatory 
and  allows  no  discretion  to  be  exercised  by  any  offi- 
cer. Section  3176,  Revised  Statutes  of  the  United 
States,  as  amended  and  made  part  of  the  income-tax 
law,  gives  to  collectors  of  internal  revenue  (they 
being  satisfied  as  to  the  merits  of  the  claim,  and  in 
the  reasonable  exercise  of  their  judgment  and  dis- 
cretion) authority  to  grant  extension  of  time  not  to 
exceed  30  days  from  the  time  prescribed  by  law  in 
which  to  file  a  return  of  net  income,  and  then  only  in 
cases  where  such  failure,  neglect,  or  refusal  is  the 
result  of  "sickness  or  absence." 

You  are  also  advised,  and  will  so  announce,  that 
there  will  be  no  change  in  income-tax  regulations  as 
they  now  exist  prior  to  March  1,  1914,  and  that  all 
persons  and  corporations  required  to  make  a  return 
which  have  not  as  yet  done  so  should  make  and  file 
their  returns  at  the  earliest  opportunity  and  on  or 
before  March  1. 

Collectors  will  forward  to  this  office  immediately  a 
report  showing  the  number  of  returns  filed  in  their 
respective  offices  as  of  February  20,  1914. 

211 


Penalfies  and  additional  tax,  in  connection  with  refusal 
or  neglect  to  file  return  of  income  within  the  pre- 
scribed time. 

As  to  corporations. — For  neglect  or  refusal  to  make 
a  return  within  the  prescribed  time,  corporations  are 
liable  to  a  penalty  not  to  exceed  $10,000 ;  and  in  case 
of  neglect  or  refusal  to  make,  or  for  a  false  or  fraud- 
ulent return  made,  100  per  cent  is  to  be  added  to  the 
tax;  and  in  the  case  of  neglect  or  refusal  to  make 
and  verify  a  return  within  the  prescribed  time 
(except  in  case  of  sickness  or  absence)  50  per  cent 
is  to  be  added  to  the  tax ;  and  in  case  of  an  officer 
of  a  corporation  or  like  institution  charged  with  the 
duty  and  responsibility  of  making  and  verifying  a 
return  who  makes  a  false  or  fraudulent  return  with 
the  intent  to  defeat  or  evade  any  assessment  or  tax, 
he  shall  be  guilty  of  a  misdemeanor,  and  be  subject 
to  a  fine  not  to  exceed  $2,000,  or  to  imprisonment  not 
to  exceed  one  year,  or  both,  at  the  discretion  of  the 
court,  together  with  costs. 

As  to  individuals. — For  neglect  or  refusal  to  make 
a  return  within  the  prescribed  time,  the  penalty  is 
not  less  than  $20  nor  more  than  $1,000 ;  and  in  case 
of  intentional  neglect  or  refusal  to  make,  or  for  a 
false  or  fraudulent  return  made,  there  shall  be  added 
100  per  cent  to  the  tax;  and  in  case  of  neglect  or 
refusal  to  make  a  return  within  the  prescribed  time 
(except  in  case  of  sickness  or  absence)  there  shall  be 
added  50  per  cent  to  the  tax. 

W.  H.  OSBORN, 
'Commissioner  of  Internal  Revenue. 

Approved : 

W.  G.  McADOO, 

Secretary  of  the  Treasury. 

(T.  D.  1953.) 

Extension  of  time  for  filing  returns  under  income-tax  law  by 
citizens  of  the  United  States  living  abroad. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C  March  2,  1914. 

To  collectors  of  internal  revenue: 

Referring  to  that  portion  of  section  3176,  as  incor- 
porated in  the  income-tax  law,  which  provides  that — 

212 


In  case  of  neglect  occasioned  by  sickness  or  absence  as  afore- 
said, the  collector  may  allow  such  further  time  for  making  and 
delivering  such  list  or  return  as  he  may  deem  necessary,  not 
exceeding  thirty  days — 

you  are  informed  as  follows : 

Various  citizens  of  the  United  States  living  abroad 
were  unable  through  such  absence  from  this  country 
to  inform  themselves  as  to  the  requirements  of  the 
law,  and  were  also  unable  to  obtain  the  necessary 
blank  forms  on  which  to  make  their  returns  of 
annual  net  income  for  the  income  tax.  You  are 
therefore  authorized  to  mark  the  returns  received 
from  foreign  countries  after  March  2  and  up  to  and 
including  March  31  as  having  the  time  extended  to 
cover  the  period  of  filing  such  return. 

The  State  Department  has  cabled  the  consular 
service  and  others  residing  in  foreign  countries  that 
they  shall  forward  a  letter,  in  which  their  income 
shall  be  stated,  and  that  such  letter  will  be  received 
in  lieu  of  the  return  so  far  as  the  date  of  filing  is 
concerned. 

Such  letters  are  now  coming  to  this  office,  and 
they  are  being  forwarded  to  the  various  collection 
districts  to  be  held  as  tentative  returns  until  the 
returns  on  Form  1040  shall  be  received.  The  regular 
returns  on  Form  1040  when  received  should  be 
attached  to  the  tentative  returns  and  both  should  be 
forwarded  to  this  office  with  the  assessment  lists  on 
which  the  same  shall  be  listed.  The  date  of  filing 
the  returns  should  be  considered  that  on  which  such 
tentative  returns  were  filed. 

W.  H.  OSBORN, 
Commissioner  of  Internal  Revenue. 

Approved : 

W.  G.  McADOO, 

Secretary  of  the  Treasury. 

(T.  D.  1955.) 

Extension  to  June  30,  1914,  of  waiver  of  T.  D.  1901, 
Treasury  requirements  for  the  filling  in  on 
certificates  of  the  numbers  of  the  bonds  of 
corporations,  etc. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE 

Washington,  D.  C,  March  10,  1914. 

Notice  is  hereby  given  that  Treasury  Decision 
1901,  issued  November  28,  1913,  waiving  until 
March  31,  1914,  the  requirement  that  the  numbers 

213 


of  the  bonds,  or  other  like  obligations  of  corporations, 
etc.,  from  which  interest  coupons  are  detached,  or 
upon  which  registered  interest  is  to  be  paid,  shall 
be  filled  in  on  the  certificates,  is  hereby  extended  to 
June  30,  1914. 

In  all  other  respects,  the  certificates  referred  to 
must  be  filled  in  in  accordance  with  the  Treasury 
regulations,  before  the  coupons  or  orders  for  regis- 
tered interest  to  which  they  may  be  attached  shall 
be  paid. 

W.  H.  OSBORN, 

Commissioner. 

Approved: 

W.  G.  McADOO, 

Secretary. 

(T.  D.  1956.) 

Inquiries  relative  to  the  Income  Tax  covered  by 

Regulations  and  Rulings  to  be  answered 

by  Collectors. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  February  14,  1914. 

To  Collectors  of  Internal  Revenue: 

A  large  part  of  the  volume  of  correspondence 
coming  to  this  office  asking  for  information  relative 
to  making  return  and  ascertainment  of  net  income, 
etc.,  for  the  income  tax,  is  sufficiently  covered  by 
regulations,  and  should  be  answered  in  the  offices 
of  collectors. 

Collectors  have  been  furnished  with  copies  of 
regulations  No.  33,  and  will  be  advised  from  time 
to  time  of  additional  rulings  in  income  tax  matters. 

Collectors  are  therefore  advised  that  letters 
coming  to  this  office  asking  for  information  which 
should  be  supplied  by  collectors  in  accordance  with 
instructions  and  regulations  furnished  them,  will  be 
referred  to  collectors  for  reply  and  writers  of  the 
letters  advised  of  the  reference.  Collectors,  upon 
receipt  of  letter  referred  to  them  by  this  office,  will 
give  immediate  attention  to  the  subject-matter  of 
the  inquiry,  in  accordance  with  the  regulations  and 
instructions  bearing  upon  the  same. 

W.  H.  OSBORN, 

Commissioner. 

214 


(T.  D.  1957.) 

Partnerships  are  not  subject  to  Income  Tax,  but  are  required 
to  file  certificates  of  ownership  of  bonds,  etc.,  in  connection 
with  coupon  and  registered  interest  payments  to  prevent 
withholding  of  their  income  at  the  source. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  March  12,  1914. 
To  Collectors  of  Internal  Revenue: 

Referring  to  the  following  provision  in  Para- 
graph D  of  the  Income  Tax  Law : 

"That  any  persons  carrying  on  business  in 
partnership  shall  be  liable  for  income  tax  only 
in  their  individual  capacity,  and  the  share  of  the 
profits  of  a  partnership  to  which  any  taxable 
partner  would  be  entitled  if  the  same  were 
divided,  whether  divided  or  otherwise,  shall  be 
returned  for  taxation  and  the  tax  paid,  under 
the  provisions  of  this  section,  and  any  such  firm, 
when  requested  by  the  Commissioner  of  Internal 
Revenue,  or  any  district  collector,  shall  forward 
to  him  a  correct  statement  of  such  profits  and 
the  names  of  the  individuals  who  would  be 
entitled  to  the  same,  if  distributed ;" 

it  is  held:  That  the  income  of  partnerships,  per  se, 
is  not  subject  to  the  income  tax.  The  provisions  of 
the  law  "relating  to  the  deduction  and  payment  of 
the  tax  at  the  source  of  income"  do  not  apply  to  the 
income  of  partnerships,  as  such.  Taxable  members 
of  partnerships  will  be  required  to  account,  in  their 
individual  returns,  for  their  respective  shares  or 
interest  in  the  partnership  profits,  whether  the  same 
are  divided  and  distributed  or  not. 

Partnerships  owning  "bonds  and  mortgages,  or 
deeds  of  trust  and  other  similar  obligations  of  cor- 
porations, joint  stock  companies  or  associations,  and 
insurance  companies,"  shall  file  certificates  of  owner- 
ship, in  Form  1001,  evidencing  the  fact  of  partner- 
ship ownership,  when  presenting  for  collection  or 
payment  coupons  or  interest  orders  for  interest  upon 
said  obligations ;  and  when  such  certificates  are  filed, 
the  tax  on  such  interest  payments  to  partnerships 
shall  not  be  withheld. 

The  last  sentence  in  Art.  14,  page  35,  and  Art.  47 
of  Income  Tax  Regulations  No.  33,  providing  for 
claim  by  partnerships  for  deduction  for  legitimate 

215 


expense  incurred  in  conducting  the  business  of  a 
partnership,  are  hereby  superseded  and  repealed. 

W.  H.  OSBORN, 

Approved :  Commissioner. 

W.  G.  McADOO, 

Secretary. 

(T.  D.  1960.) 

Corporations  are  allowed  by  law  to  deduct  interest  actually 
accrued  and  paid  within  the  year  on  an  amount  not  in  excess 
of  paid-up  capital  stock,  outstanding  at  the  close  of  the  year, 
plus  one-half  the  interest-bearing  indebtedness  then  also  out- 
standing. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  March  18,  1914. 
To  Collectors  of  Internal  Revenue: 

Your  attention  is  called  to  that  provision  of  the 
Income  Tax  Law  designated  as  the  third  deduction, 
subdivision  (b) ,  paragraph  G,  reading  as  follows : 
"The  amount  of  interest  accrued  and  paid 
within    the   year   on   its    indebtedness    to   an 
amount  of  such  indebtedness  not  exceeding  one- 
half  of  the  sum  of  its  interest-bearing  indebt- 
edness and  its  paid-up  capital  stock  outstanding 
at  the  close  of  the  year,  and  if  no  paid-up 
capital  stock,  the  amount  of  interest  paid  within 
the  year  on  an  amount  of  its  indebtedness  not 
exceeding  the  amount  of  capital  employed  in 
the  business  at  the  close  of  the  year." 

It  is  held  that  in  the  case  of  a  corporation  having 
capital  stock,  this  deductible  interest  is  interest 
actually  accrued  and  paid  within  the  year,  on  an 
amount  of  indebtedness  not  exceeding  the  paid-up 
capital  stock  outstanding  at  the  close  of  the  year, 
increased  by  the  addition  thereto  of  one-half  the 
interest-bearing  indebtedness  outstanding  at  the 
close  of  the  year. 

The  qualifying  phrase  "outstanding  at  the  close 
of  the  year"  appearing  in  the  foregoing  quotation, 
is  held  to  apply  to  both  paid-up  capital  stock  and 
indebtedness,  and  "one-half  the  sum  of"  qualifies 
only  the  indebtedness,  which  indebtedness,  like  the 
paid-up  capital  stock,  is  required  by  the  law  to  be 
reported,  in  making  return  of  annual  net  income,  as 
outstanding  at  the  close  of  the  year. 

If  no  indebtedness  is  outstanding  at  the  close  of 
the   year,   the   maximum    deduction   allowable   on 

21(3 


account  of  interest  paid,  will  be  the  amount  of 
interest  actually  accrued  and  paid  on  an  amount  of 
indebtedness  not  exceeding  at  any  time  within  the 
year,  the  entire  paid-up  capital  stock  outstanding  at 
the  close  of  the  taxable  year,  that  is,  in  such  case, 
the  paid-up  capital  stock  outstanding  at  the  close 
of  the  year,  measures  the  highest  amount  of  indebt- 
edness upon  which  deductible  interest  can  be  com- 
puted. 

For  the  purpose  of  an  allowable  deduction,  interest 
on  the  maximum  amount  of  indebtedness,  deter- 
mined in  the  manner  above  indicated,  can  be  com- 
puted upon  such  amount  only  for  the  time  during 
which  such  amount  of  indebtedness  is  not  in  excess 
of  the  paid-up  capital  stock  increased  by  one-half 
the  sum  of  the  interest-bearing  indebtedness  out- 
standing at  the  close  of  the  year. 

In  any  event,  the  amount  of  interest,  in  order  to 
constitute  an  allowable  deduction,  must  not  only  be 
within  the  limit  of  the  law  as  herein  denned,  but 
must  have  actually  accrued  and  been  paid  within  the 
year  for  which  the  return  is  made. 

In  cases  where  no  capital  stock  exists,  the  limita- 
tion as  to  deduction  is  confined  to  interest  actually 
paid  on  an  amount  of  indebtedness  not  exceeding  at 
any  time  during  the  year,  the  capital  employed  in 
the  business  at  the  close  of  the  year. 

Any  provision  in  the  Regulations  heretofore  issued 
inconsistent  with  the  foregoing,  is  hereby  revoked. 

W.  H.  OSBORN, 

Approved :  Commissioner. 

W.  G.  McADOO, 

Secretary. 

(T.  D.  1961.) 

Fiduciaries:  Forms  1015  and  1019  may  be  adapted  so  that  but 
one  certificate  will  be  required  to  be  filed  with  coupons  from 
the  same  issue  of  bonds,  the  property  of  different  estates  or 
trusts. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  March  19,  1914. 
To  Collectors  of  Internal  Revenue: 

Under  Income  Tax  Regulations  No.  33,  Articles  39 
and  70,  fiduciaries  are  required  to  file  certificates  on 
Form  1015  or  1019,  according  to  the  nature  of  the 
claim  to  be  made  by  the  fiduciary,  for  each  issue  of 
bonds  and  for  each  trust. 

217 


It  is  therefore  provided  that  where  fiduciaries 
have  the  custody  and  control  of  more  than  one  estate 
or  trust,  and  said  estates  or  trusts  have  as  assets, 
bonds  of  corporations,  etc.,  of  the  same  issue,  said 
fiduciaries  may  adapt  certificates  Form  1015  or 
Form  1019  by  changing*  the  words  "estate  or  trust" 
in  lines  2  and  3  of  said  forms  to  the  plural,  and 
inserting  in  the  blank  space  provided  in  line  3  of 
said  forms  for  the  description  of  the  estate  or  trust,  the 
words :  "As  noted  on  the  back  hereof." 

In  such  cases  the  notation  on  the  back  of  the 
certificate  should  show  for  each  estate  or  trust : 

(a)  The  name  of  the  estate  or  trust. 

(b)  The  amount  of  the  bonds. 

(c)  The  amount  of  the  interest. 

In  all  other  respects  the  certificates  should  be  filled 
out  as  indicated  thereon. 

W.  H.  OSBORN, 

Commissioner. 
Approved : 

W.  G.  McADOO, 

Secretary. 


(T.  D.  1965.) 

Advance  payment  of  tax  withheld  by  withholding  agents  not  to 
be  made  prior  to  thirty  days  preceding  the  date  on  which  the 
annual  return  is  required  to  be  filed. 

TKEASUitr   DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  March  23,  1914. 

To  Collectors  of  Internal  Revenue: 

Attention  is  directed  to  note  A  appearing  on  the 
bottom  of  Forms  1012,  1012c,  1043,  and  1044,  pro- 
viding that — 

"Withholding  agents  may,  if  they  so  desire, 
pay  at  the  time  this  list  is  filed,  to  the  collector 
of  internal  revenue  with  whom  the  list  is  filed, 
the  amount  of  tax  withheld  during  the  month 
for  which  the  list  is  made," 

and  to  note  A,  Form  1042,  providing  that — 

"The  amount  of  the  tax  withheld  during  the 
year  for  which  the  list  is  made,  may  be  paid  to 
the  collector  at  the  time  the  list  is  filed." 

218 


In  order  that  persons  whose  income  tax  is  de- 
ducted and  withheld  and  is  to  be  paid  at  the  source, 
may  have  an  opportunity  to  file  with  the  source 
which  is  required  to  withhold  and  pay  tax  for  them, 
certificates  claiming  the  benefit  of  deductions  and 
exemptions  provided  for  in  paragraph  B  and  allowed 
in  paragraph  C  of  the  law,  withholding  agents  will 
not  pay  to  collectors  of  internal  revenue  the  tax 
withheld  by  them  under  the  law  until  after  the  time 
for  filing  claims  for  deductions  and  exemptions  has 
expired.  (See  Reg.  No.  33,  Art.  33,  (a)  and  (b) 
Page  93.) 

W.  H.  OSBORN, 


Commissioner. 


Approved : 

W.  G.  McADOO, 

Secretary. 


(T.  D.  1967.) 

Organizations,  etc.,  exempted  by  the  first  proviso  of  paragraph  G 
of  Section  2  of  the  Act  of  October  3,  1913,  from  payment  of 
the  income  tax,  are  not  subject  to  the  provisions  of  the 
Income  Tax  Law  as  withholding  agents. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  March  25,  1914. 
To  Collectors  of  Internal  Revenue: 

This  office  is  in  receipt  of  several  communications 
relative  to  the  duty  as  withholding  agents  of  relig- 
ious corporations  and  other  organizations  which  are 
specifically  enumerated  in  the  first  proviso  of  para- 
graph G  of  Section  2  of  the  Act  of  October  3,  1913. 
The  language  of  said  proviso  is  as  follows : 

"That  nothing  in  this  section  shall  apply  to 
labor,  agricultural,  or  horticultural  organiza- 
tions, or  to  mutual  savings  banks  not  having 
a  capital  stock  represented  by  shares,  or  to 
fraternal  beneficiary  societies,  orders,  or  asso- 
ciations operating  under  the  lodge  system  or 
for  the  exclusive  benefit  of  the  members  of  a 
fraternity  itself  operating  under  the  lodge  sys- 
tem, and  providing  for  the  payment  of  life,  sick, 
accident,  and  other  benefits  to  the  members  of 
such  societies,  orders,  or  associations  and  de- 
pendents of  such  members,  nor  to  domestic 
building  and  loan  associations,  nor  to  cemetery 

210 


companies,  organized  and  operated  exclusively 
for  the  mutual  benefit  of  their  members,  nor 
to  any  corporation  or  association  organized  and 
operated  exclusively  for  religious,  charitable, 
scientific,  or  educational  purposes,  no  part  of 
the  net  income  of  which  inures  to  the  benefit 
of  any  private  stockholder  or  individual,  nor  to 
business  leagues,  nor  to  chambers  of  commerce 
or  boards  of  trade,  not  organized  for  profit  or 
no  part  of  the  net  income  of  which  inures  to 
the  benefit  of  the  private  stockholder  or  indi- 
vidual; nor  to  any  civic  league  or  organization 
not  organized  for  profit,   but  operated  exclu- 
sively for  the  promotion  of  social  welfare." 
You  are,  therefore,  advised  that  the  words  "this 
section"  are  held  to  refer  to  and  mean  the  whole  of 
Section  2  of  the  Act  of  October  3,  1913,  which  sec- 
tion comprises  the  Income  Tax  Law,  and  that  the 
words  "nothing  in  this  section  shall  apply  to"  were 
intended  to  relieve  such  organizations,  etc.,  as  prop- 
erly come  within  the  classifications  referred  to  in  the 
proviso  quoted,  not  only  from  the  payment  of  an 
income  tax  but  from  every  obligation  or  require- 
ment imposed  by  any  or  all  of  the  provisions  of  said 
section  upon  withholding  agents. 

ROBT.  WILLIAMS,  Jr., 

Acting  Commissioner. 
Approved : 

W.  G.  McADOO, 

Secretary. 

(T.  D.  1973.) 

Revision  of  Form  1044,  monthly  list  return  of  amount  of  normal 
income  tax  withheld  by  first  bank  or  collecting  agency. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washinyton,  D.  C,  April  21,  1914. 
To  Collectors  of  Internal  Revenue: 

Collectors  are  hereby  advised  that  Form  1044,  for 
monthly  list  return  of  amount  of  normal  tax  with- 
held by  first  bank  or  collecting  agency,  has  been 
revised  in  the  following  particulars,  so  that  the  tax 
withheld  from  interest  on  bonds  of  different  classes 
or  of  more  than  one  organization,  can  be  reported 
thereon : 

In  the  section  of  reading  matter  beginning,  "To 

220 


be  made  in  duplicate,"  in  the  fourth  line  thereof, 
change  "coupon"  to  "coupons,"  and  strike  out  "and 
interest  orders." 

In  the  last  line  next  above  the  tabular  list  strike 
out  the  blank  lines  and  the  words  thereunder,  "De- 
scribe the  particular  issue  of  bonds,"  and  "State 
name  and  address  of  debtor  organization." 

Strike  out  the  headings  in  the  tabular  list  and 
substitute  therefor,  in  separate  colums,  "Party  pre- 
senting coupons,"  and  immediately  thereunder,  in 
separate  columns,  "Name"  and  "Address";  "Name 
of  debtor  corporation" ;  "Name  of  particular  issue  of 
bonds";  "Amount  of  income  subject  to  tax";  and 
"Amount  of  tax  withheld." 

Immediately  after  and  under  the  line  of  totals  of 
the  tabular  list,  there  shall  be  a  double  rule  line. 
Strike  out  the  words  now  appearing  below  the  total 
line  of  the  tabular  list  on  Form  1044,  viz.,  "Amount 
of  tax  remitted  herewith  (if  any)  to  collector" ;  and 
strike  out  the  dotted  line  following  these  words,  and 
also  the  dollar  mark  on  the  same  line ;  and  strike  out 
the  double  rule  line  appearing  immediately  there- 
under. 

Strike  out  all  of  Note  A  appearing  at  the  bottom 
of  the  form. 

W.  H.  OSBORN, 

Commissioner. 

Approved : 

W.  G.  McADOO, 

Secretary. 

(T.  D.  1974.) 

Change  of  regulations  as  to  certificates  of  ownership  in  connection 
with  interest  orders  or  checks  for  interest  on  registered  bonds. 

TREASURY  DEPARTMENT, 
QFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  April  21,  1914. 

To  Collectors  of  Internal  Revenue: 

Articles  41  to  46  of  the  regulations  are  hereby 
amended  so  as  to  require,  in  the  case  of  interest 
payments  on  bonds  registered  as  to  both  principal 
and  interest,  that  debtors  in  such  cases  shall  deduct 
the  normal  tax  of  one  per  cent  from  accruing  inter- 
est on  all  such  bonds  before  sending  out  orders  or 
checks  for  said  interest  to  registered  owners,  unless 
there  shall  be  filed  with  said  debtors,  at  least  five 
days  before  the  due  date  of  said  interest,  the  pre- 
scribed certificates  claiming  exemption. 

221 


Where  such  certificates  are  so  filed,  the  said  debt- 
ors shall  stamp  or  write  on  the  interest  orders  or 
checks,  as  the  case  may  be,  "Exemption  claimed  by 
certificate  filed  with  debtor" 

Where  prescribed  certificates  are  not  so  filed,  said 
debtor  shall  deduct  and  withhold  the  normal  tax  of 
one  per  cent  from  the  amount  of  such  payment,  and 
shall  stamp  or  write  on  the  interest  order  or  check, 
as  the  case  may  be,  "Income  tax  withheld  by  debtor." 

Responsible  banks,  bankers,  or  collecting  agents 
receiving  for  collection  interest  orders  or  checks 
bearing  the  aforesaid  endorsements,  may  present 
said  interest  orders  or  checks  for  collection  without 
requiring  that  certificates  of  ownership  be  filed 
therewith. 

Certificates  of  ownership  are  not  required  to 
accompany  interest  orders  or  checks  in  payment  of 
interest  on  fully  registered  bonds,  as  information 
as  to  ownership  of  bonds  will  be  furnished  by  debtor 
organizations  on  monthly  list  returns,  Form  1012; 
but  claim  for  exemption  must  be  filed  with  debtors, 
or  the  tax  must  be  withheld;  and  the  form  of  cer- 
tificate provided  for  use  of  owners  of  coupon  bonds, 
may  be  used  by  owners  of  registered  bonds  for  the 
purpose  of  claiming  this  exemption. 

Where  because  of  failure  to  file  certificates  claim- 
ing exemption,  in  compliance  with  above  regulations, 
a  part  of  the  income  from  interest  on  registered 
bonds  has  been  withheld  for  the  payment  of  the 
normal  income  tax,  debtors  may,  upon  the  filing  of 
the  proper  certificates  as  provided  in  Article  42, 
Income  Tax  Regulations,  to  the  extent  of  exemption 
claimed,  release  and  pay  to  the  persons  entitled 
thereto  the  amount  of  such  income  so  withheld. 

W.  H.  OSBORN, 

Approved :  Commissioner. 

W.  G.  McADOO, 

Secretary. 


CIRCULAR  LETTER  No.  1. 

TREASURY   DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 
Washington,  D.  C,  April  20,  1914. 

To    Corporations,   Joint    Stock    Companies   or   Associations,  and 
Insurance  Companies. 

Gentlemen:  You  are  requested  to  furnish  on  the  inclosed  blank 
form  appropriate  for  that  purpose  the  following  information 
relative  to  the  outstanding  common  stock  and  holders  of  shares 


of  common  stock  in  your  corporation,  joint  stock  company  or 
association,  or  insurance  company,  as  the  case  may  be,  such 
information  being  desired  in  connection  with  the  administration 
of  the  Income  Tax  Law. 

(1)  Exact  name  of  corporation,  etc. 

(2)  Location  of  principal  office. 

(3)  Names  of  officers. 

(4)  The  total  amount  of  stock  outstanding  Dec.  31,  1913. 

(5)  The  par  value  per  share. 

(6)  Dates  and  rates  of  dividend  payments  during  the  calendar 

year  1913. 

(7)  A  list  containing  the  names  and  addresses  of  all  holders  of 

common  stock  outstanding  Dec.  31,  1913. 

(8)  Number  of  shares  held  by  each  shareholder  on  date  named. 

(9)  The  aggregate  amount  of  dividends  paid  or  credited  to  each 

shareholder  during  the  period  from  March  1  to  Dec.  31, 
1913,  both  dates  inclusive,  whether  by  March  1,  1913,  ap- 
portion of  the  stock  upon  which  dividends  were  so  paid 
or  credited  had  been  transferred  to  the  name  of  some 
other  shareholder  or  not,  unless  such  dividends  were  paid 
from  surplus. 

You  are  also  requested  to  furnish  on  the  other  blank  form 
inclosed  herewith,  similar  information  with  respect  to  the  pre- 
ferred stock.  In  case  more  than  one  class  of  preferred  stock  is 
outstanding,  separate  blanks  should  be  used  and  the  particular 
issue,  namely:  "1st,"  "2d,"  or  "3d,"  should  be  indicated  in  the 
spaces  provided  for  that  purpose. 

This  information  is  desired  only  from  corporations  which  paid 
dividends  between  March '1  and  Dec.  31,  1913,  both  inclusive.  If 
your  organization  did  not  pay  dividends  during  that  period,  the 
blanks  should  be  returned  with  the  statement  indorsed  thereon 
that  no  dividends  were  paid  during  the  period  named. 

The  blank  forms  when  filled  out  as  indicated  should  be  for- 
warded to  the  Commissioner  of  Internal  Revenue,  Washington, 
D.  C. 

When  additional  blank  forms  or  continuation  sheets  or  final 
sheets  for  either  the  common  stock  or  one  or  more  of  the  issues  of 
preferred  stock  are  required,  the  Collector  of  Internal  Revenue 
for  the  district  in  which  your  organization  is  located  will,  upon 
request,  furnish  the  same. 

You  are  also  requested  to  furnish  to  the  Collector  of  Internal 
Revenue  for  the  district  in  which  you  have  your  principal  place 
of  business  a  list  of  all  persons  who  are  citizens  or  residents  of 
the  United  States  employed  by  your  company,  either  as  officers  or 
in  any  capacity  whatever,  to  each  of  whom  a  salary  or  compen- 
sation in  any  form  whatever  was  paid  to  an  amount  of  $2,500  or 
more  for  services  rendered  from  March  1  to  Dec.  31,  1913,  both 
dates  inclusive.  Such  list  should  be  in  the  form  of  a  letter  show- 
ing the  name,  full  address,  and  amount  of  compensation  paid  for 
services  rendered  between  March  1,  1913,  and  Dec.  31,  1913, 
inclusive. 

No  blank  forms  are  provided  for  this  purpose,  as  it  is  realized 
that  in  most  instances  the  lists  will  be  very  short  and  in  no  case 
of  any  considerable  length. 

Particular  attention  is  called  to  the  fact  that  the  lists  of  stock- 
holders requested  herein  are  to  be  mailed  to  the  Commissioner  of 
Internal  Revenue  at  Washington,  D.  C,  while  the  lists  of  employees 
are  to  be  sent  to  the  Collector  of  Internal  Revenue  for  the  district 
in  which  your  principal  business  office  is  located. 

W.  H.   OSBORN, 
Commissioner  of  Internal  Revenue. 

223 


(T.  D.  1976.) 
Supplemental  regulations  prescribing  revised  forms  of  certifi- 
cates of  ownership,  exemption,  and  substitute  certificates 
in,  lieu  of  such  certificates  now   in  use. 

Treasury  Department, 
Office  of  Commissioner  of  Internal  Revenue, 

Washington,  D.  C,  May  2,  1914. 
The  following  certificates  are  prescribed  in  lieu  of 
certificates  now  in  use,  and  are  to  be  used  in  complying 
with  the  income-tax  regulations  requiring  the  filing  of 
certificates  when  presenting  coupons  or  interest  orders 
for  collection: 

Revised  Form  1000. 

Ownership  Certificate— Individual— EXEMPTION 

NOT  CLAIMED, 

shall  be  in  the  following  form  and  shall  be  printed  on 

white  paper: 

Ownership  Certificate — Individual — Exemption  not 

Claimed. 

(To  be   furnished    with   coupons   or   interest   orders   showing 

ownership  of  bonds.) 


Form 
1000 
Re- 
vised 


(Give  name  of  debtor.) 


(Full  description  of  bonds,  giving  name  of  issue  and 
interest  rate.) 

,  191 

(Date  of  maturity  of  interest.) 

Amount  of  coupon  or  registered 

interest,  $ 

I  do  solemnly  declare  that  I  am  a  citizen  or  resident 
of  the  United  States  and  am  the  owner  of  the  above- 
described  bonds  from  which  were  detached  the  accom- 
panying coupons,  or  from  which  1*  am  entitled  to  the 
above-described  registered  interest,  and  that  all  of  the 
information  as  given  in  this  certificate  is  true  and  cor- 
rect. I  do  not  now  claim  exemption  from  having  the 
normal  tax  of  1  per  cent  withheld  from  said  income  by 
the  debtor  at  the  source. 


Date,  ,191    

(Usual  business  signature  of 
♦Note    1. — To   be   filled   In                  owner  of  bonds.) 
only    when    duly    authorized 
agent    executes    this    certifi- 
cate   for    owner,     in    which        

case    the    name   and   address       (Pull    post-offlce   address    ot 
of  owner  must  be  given,  and  ^      owner  ) 

collecting  agent  first  receiv- 
ing certificate  must  stamp 
across  face,   "Satisfied  as  to  *tdv  An<>*>t 

identity   and   responsibility  of       ,_  ay/  ' '  •  '  \ ,'  •  "f geni: 

agent"   (giving  name  and  ad-       (Usual   business   signature  of 
dress  of  collecting  agent).  agent  authorized  to  sign 

Note   2.— If  securities   are                      for  owner.) 
owned  Jointly  by  several  per 
sons  one  may  sign,  and  the 
names,    addresses,    and    pro- 
portion of  ownership  of  each,         

Indorsed  on  the  back  hereof.         (Full    post-office    address    of 

Note     3. — When     numbers  afcent.) 

of  bonds  are  required  to  be 
given,  same  are  to  be  en- 
tered on  back  hereof. 

(signatures  must  be  clearly  and  legibly  written.) 

224 


On  the  back  of  said  certificate  there  shall  be  printed, 

for  the  use  of  joint  owners  of  bonds,  the  following  form, 

to  wit:  JOINT  OWNEBS. 

If  securities  described  on  other  side  are  owned  jointly,  the 
names  and  addresses  of  owners  and  the  proportion  of  owner- 
ship of  each  should  be  given. 


Names. 

Full  post-office  addresses 

Proportion 
owned. 

Form 
1000B 
Re- 
vised 


Revised  Form  1000  B. 
Ownership    Certificate— Individual— EXEMPTION    CLAIMED, 
shall  be  in  the  following  form,  and  shall  be  printed  on 
yellow  paper: 

Ownership  Certificate — Individual — Exemption 

Claimed. 

(To   be   furnished  with   coupons   or   interest   orders   showing 

ownership   of  bonds  and  amount   of  exemption  claimed 

under  paragraph  C  of  the  Federal  income  tax  law.) 

(Give  name  of  debtor) 


(Full  description  of  bonds,  giving  name  of  issue  and 
interest   rate.) 

,  191 

(Date  of  maturity  of  interest.) 

Amount  of  coupon  or  registered 

interest,  $ 

Total  exemption  allowed  under  paragraph  C,  $ 

Amount  of  exemption  now  claimed,  $ 

I  do  solemnly  declare  that  I  am  a  citizen  or  resident 
of  the  United  States  and  am  the  owner  of  the  above- 
described  bonds  from  which  were  detached  the  accom- 
panying coupons,  or  from  which  I  am  entitled  to  the 
above-described  registered  interest,  and  that  all  of  the 
information  as  given  in  this  certificate  is  true  and  cor- 
rect. 


fc  a 

HO 
§£ 

<  X 

PL|  g 

p  £ 

*l 

02 

H 

H 


Date ,  191 


(Usual  business  signature  of 
owner  of  bonds.) 


♦Note  1. — To  be  filled  in 
only  when  duly  authorized 
agent  executes  this  certifi- 
cate for  owner,  in  which  case 
the  name  and  address  of 
owner  must  be  given,  and 
collecting  agent  first  receiv- 
ing certificate  must  stamp 
across  face  "Satisfied  as  to 
identity  and  responsibility  of 
agent"  (giving  name  and  ad- 
dress of  collecting  agent). 

Note  2. — If  securities  are 
owned  jointly  by  several  per- 
sons one  may  sign,  and  the 
names,  addresses,  and  pro- 
portion of  ownership  of  each, 
indorsed  on  the  back  hereof. 

Note  3. — When  numbers  of 
bonds  are  required  to  be  giv- 
en, same  are  to  be  entered 
on  back  hereof. 

(SICNATUBES  MUST  BE  CLEARLY  AND  LEGIBLY  WBITTEN.) 
225 


(Full  post-office  address  of 
owner. ) 


♦By ,  Agent. 

(Usual  business  signature  of 

agent  authorized  to  sign 

for  owner.) 


(Full    post-office    address    of 
agent. ) 


On  the  back  of  said  certificate  there  shall  be  printed, 
for  the  use  of  joint  owners  of  bonds,  the  following 
form,    to    wit : 

JOINT    OWNEBS. 

If  securities  described  on  other  side  are  owned  jointly,  the 
names  and  addresses  of  owners  and  the  proportion  of  owner- 
ship of  each  should  be  given. 


Names. 


Full  post-office  addresses 


Proportion 
owned. 


Revised  Form  1001. 
Ownership  Certificate— FIRMS  AND  ORGANIZATIONS, 
shall  be  in  the  following  form,  and  shall  be  printed  on 
yellow  paper: 

Ownership  Certificate — Firms  and  Organizations. 

(Showing  ownership   of  bonds,    which  is  to  be  furnished   by 

firms    or    organizations    not    subject    to    withholding 

of  tax  on   interest  at   source.) 


Form 
1001 
Re- 
vised 


go 

o!£ 

P 
P 
35 


(Give  name  of  debtor.) 


(Full    description    of   bonds,    giving   name   of    issue    and 
interest  rate.) 

,  191 

(Date   of  maturity  of  interest.) 

Amount  of  coupon  or  registered 
interest,  ? 

I  do  solemnly  declare  that  the  firm  or  organization 
named  below,  and  of  which  I  am  a  member  or  an  of- 
ficer, is  the  owner  of  the  above-described  bonds  from 
which  were  detached  the  accompanying  coupons,  or  upon 
which  there  is  due  the  above-described  registered  inter- 
est, and  that  under  the  provisions  of  the  Income  Tax 
Law  and  Regulations  said  interest  is  exempt  from  having 
the  tax  withheld  at  the  source,  and  that  all  the  infor- 
mation given  herein  is  true  and  correct. 

Date,   ,191     .  

(Name  of  firm  or  organization.) 

By 

(Signature  of  person  duly  authorized 
to  sign,  and  his  official  position. ) 

Address:  . . ., 

(Give  full  post-office  address  of  firm  or 
organization.) 
Note. — When    numbers   of   bonds    are    required    to   be  given, 
same  are  to  be  entered  on  back  hereof. 


220 


Revised  Form  1002. 

CERTIFICATE  FOR  USE  OF  FIRST  BANK  OR 
COLLECTING  AGENCY, 

shall  be  in  the  following  form,  and  shall  be  printed  on 

green  paper: 

Certificate  oe  Bank  or  Collecting  Agency. 

(To  be  presented  with  coupons  or  interest  orders  when  not 
accompanied   by   certificate  of  owners.) 


Form 
1002 
Re- 
vised 


B3 
H  O 

MB 

3 

H 
SB 


(Give  name  of  debtor.) 


(Full  description  of  bonds,  giving  name  of  issue  and 
interest   rate.) 

,  191 

(Date  of  maturity  of  interest.) 

Amount  of  coupon  or  registered 

interest,  $ 

I  (we)  do  solemnly  declare  that  the  bank  or  collect- 
ing agency  named  below  has  purchased  or  accepted  for 
collection  the  accompanying,  coupons  or  interest  orders 

from ,  of   

(Name  of  party  from  whom  (Full  post-office 

received. )  address  of  said  party. ) 

and  that  no  certificate  of  ownership  accompanied  said 
coupons  or  interest  orders,  and  that  I  (we)  have  no 
knowledge  as  to  who  is  the  owner  or  owners  of  the 
bonds  (except  as  noted  on  back  hereof)*  upon  which 
the  above-described  interest  is  due,  and  the  bank  or 
collecting  agency  hereby  acknowledges  responsibility  of 
withholding  therefrom  the  normal  income  tax  of  1  per 
cent,  in  accordance  with  the  regulations  of  the  Treasury 
Department. 

Date,   ,191 . 

(Bank  or  collecting  agency.) 

By 

(Signature  of  officer  authorized 
to  sign  and  official  position.) 


(Full   address   of   bank   or 
withholding  agency.) 
♦Note. — If  the  ownership  of  bonds  is  known  to  person  signing 
this  certificate  he  must  give  the  name  and  address 
of  the  owner  on  the  back  hereof. 

(signatures  must  be  clearly  and  legibly  written.) 


227 


Revised  Form  1004. 

Ownership  Certificate— NONRESIDENT  ALIENS, 

shall  be  in  the  following  form,  and  shall  be  printed  on 

yellow  paper: 

Ownership  Certificate — Nonresident  Aliens. 

(To  be  furnished  with  coupons  detached  from  bonds  or  other 
obligations  owned  by  citizens  or  subjects,  firms,  corpora- 
tions, or  organizations  of  foreign  countries  and  who  are 
not  residents  of  the  United  States.) 


Form 
1004 
Re- 
vised 


i 


(Give  name  of  debtor.) 


(Full  description  of  bonds,  giving  name  of  issue  and 
interest  rate.) 

,  191 

( Date  of  maturity  of  interest. ) 

Amount  of  coupon  or  registered 

interest,  $ 

I  do  solemnly  declare  that  the  owner  of  the  bonds 
from  which  were  detached  the  accompanying  coupons, 
or  upon  which  there  matured  the  aforesaid  registered 
interest,  is  a  nonresident  alien  in  respect  to  the  United 
States,  and  is  exempt  from  the  income  tax  imposed  on 
such  income  by  the  United  States  Government  under 
the  law  enacted  October  3,  1913;  that  no  citizen  of  the 
United  States  wherever  residing,  or  foreigner  residing 
in  the  United  States  or  in  any  of  its  possessions,  has 
any  interest  in  said  bonds;  and  that  all  of  the  infor- 
mation as  given  in  this  certificate  is  true  and  correct. 

Date,  ,191     

(Signature    of    owner    or,    if 
organization,  name.) 


(If  organization,  signature  of 

official  authorized  to  sign, 

and   official   position.) 


(Full    post-office    address    of 
owner. ) 
Note. — When   numbers   of   bonds   are    required    to   be   given, 
same  are  to  be  entered  on  back  hereof. 
(SIGNATURES   MUST  BE  CLEARLY  AND  LEGIBLY  WRITTEN.) 


228 


Revised  Form  1007. 

CERTIFICATE   CLAIMING  EXEMPTION, 

allowed  citizens  and  resident  aliens  under  paragraph  C, 

shall  be  in  the  following  form,  and  shall  be  printed  on 

yellow  paper: 

Form  Exemption  Certificate 

Re-        (For  claiming  exemption  at  the  source  as  provided  in  para- 
vised      graph  C  of  the  Federal  Income  Tax  Law  of  October  3,  1913.) 


< 
Eh 

Eh  H 
B  O 

u 


>n  > 
«  H 
P  « 

w 
EH 

SZ5 


To 

(Give  name  of  withholding  agent.) 


(Full  post-office-address.) 
I  hereby  serve  you  with  notice  that  I  am  single — mar- 
ried, with  my  (wife — husband)  living  with  me,  and  that 

I  now  claim  the  benefit  of  the  exemption  of  $ , 

as  allowed  in  paragraph  C  of  the  Federal  Income  Tax  Law 
of  October  3,  1913  (my  total  exemption  under  said  para- 
graph being  $ ). 

Date,   ,191     .        Signed:    

Address:    

(Full  post-office  address.) 
Note. — Claim  for  exemption  on  Form  1007  can  be  filed  with 
the  debtor  or   withholding   agent  at  any   time,   not   less 
than   30   days   prior  to  March   first  next  succeeding  the 
year  for  which   exemption   is  claimed. 
(signatures  must  be  clearly  and  legibly  wbitten.) 

Revised  Form  1015. 
Ownership  Certificate— FIDUCIARY,  THE  SOURCE, 
shall  be  in  the  following  form,  and  shall  be  printed  on 
yellow  paper: 

Ownership  Certificate — Fiduciary,  The   Source. 

(To  be  filed  with  debtor  or  withholding  agents  by  fiduciaries 

claiming  exemption   from   withholding  at  the   source.) 


Form 
1015 
Re- 
vised 


|8 

S  SB 
En  3 

O  H 

Si 

KM 

5  a 
<  3 


(Give  name  of  debtor.) 

(Pull  description  of  bonds,  giving  name  of  issue  and 
interest  rate.) 

,191 

(Date  of  maturity  of  interest.) 

Amount  of  coupon  or  registered 

interest,  $ 

I  (we)  do  solemnly  declare  that  the  estate  or  trust 
named  below  is  the  owner  of  the  above-described  bonds 
from  which  were  detached  the  accompanying  coupons, 
or  upon  which  there  is  due  the  above-described  regis- 
tered interest,  and  acting  for  the  estate  or  trust  in  the 
capacity  herein  stated,  I  (we)  hereby  declare  that  I 
(we)  do  now  claim  exemption  from  having  the  normal 
tax  of  1  per  cent  withheld  from  said  income  by  the 
debtor  at  the  source.  I  (we)  hereby  assume  the  duty 
and  responsibility,  imposed  upon  withholding  agents  un- 
der the  law,  of  withholding  and  paying  the  income  tax 
due,  for  which  I   (we)   may  be  liable. 


( Name  of  fiduciary. )           ( Capacity  in  which  acting. ) 
Date,   191     .        For 

(Name  of  estate  or  trust.) 


(Full  post-office  address.) 
Note. — When   numbers    of  bonds   are    required   to   be  given, 
same  are  to  be  entered  on  the  back  hereof. 
(signatures  must  be  clearly  and  legibly  wbitten.) 
229 


Revised  Form  1019. 
Certificate  of  Ownership— FIDUCIARY,  NOT  SOURCE, 
shall  be  in  the  following  form,  and  shall  be  printed  on 
white  paper: 

Ownership   Certificate — Fiduciary,   Not   Source. 


Form 
1019 
Re- 
vised 


g  O 

U 

I" 


(To  be  filed  with  debtor  or  withholding  agents  by  fiduciaries 
when  not  claiming  any  exemption,  as  an  alternative  to 
the  filing  of  Form  No.  1015  in  which  exemption  is 
claimed.) 


(Give  name  of  debtor.) 


(Full  description  of  bonds,  giving  name  of  issue  and 
interest   rate.) 

191 

(Date  of  maturity  of  interest. ) 

Amount  of  coupon  or  registered 

interest,  $ 

I  (we)  do  solemnly  declare  that  the  estate  or  trust 
named  below  is  the  owner  of  the  above-described  bonds 
from  which  were  detached  the  accompanying  coupons, 
or  upon  which  there  is  due  the  above-described  regis- 
tered interest,  and  acting  for  the  estate  or  trust  in  the 
capacity  herein  stated,  I  (we)  hereby  declare  that  I 
(we)  do  not  now  claim  exemption  from  having  the 
normal  tax  of  1  per  cent  withheld  from  said  income 
by  the   debtor  at  the  source. 


(Name  of  fiduciary. )       (Capacity  in  which  acting. ) 
Date,  ,191    .        For 

(Name  of  estate  or  trust. ) 


(Full  post-office  address.) 
Note. —  When    numbers    of   bonds   are    required   to  be    given, 
same  are  to  be  entered  on  the  back  hereof.) 

(SIGNATURES  MUST  BE  CLEARLY  AND  LEGIBLY  WRITTEN.) 


230 


Form  1058. 
Substitute  Certificate— EXEMPTION   CLAIMED, 
shall  be  in  the  following  form,  and  shall  be  printed  on 
yellow  paper: 

Substitute  Certificate — Exemption  Claimed. 


Form 
1058 


IS 

£1 

«H 
P  « 
m 

S  a 

a 

S5 


(To  be  attached  to  interest  coupons  when  the  collecting 
agent's  certificate  is  substituted  for  the  certificate  of 
owner  in  which  exemption  was  claimed.) 


(Give  name  of  debtor.) 


(Full  description  of  bonds,  giving  name  of  issue  and 
interest  rate.) 

,191     . 

(Date  of  maturity  of  interest.) 

Amount  of  coupon  or  registered 

interest,  % 

Total  exemption  allowed  under  paragraph  C,  $ 

Amount  of  exemption  claimed,  $ 

I  (we)  do  solemnly  declare  that  the  owner  of  the 
above-described  bonds  from  which  were  detached  the 
accompanying  interest  coupons  has  filed  with  me  (us)  a 
certificate  of  ownership,  Form  No ,  duly  ex- 
ecuted and  filled  in  according  to  Treasury  Regulations, 
which  certificate  has  been  indorsed  by  me  (us)  as  re- 
quired by  Treasury  Regulations,  and  that  under  the 
provisions  of  the  income  tax  law  and  regulations,  said 
interest  is  exempt  from  the  withholding  and  payment 
of  the  income  tax  at  the  source,  or  that  exemption  was 
claimed  as  stated  herein;  and  I  (we)  do  hereby  promise 
and  pledge  myself  (ourselves)  to  forward  the  said  cer- 
tificate to  the  Commissioner  of  Internal  Revenue,  at 
Washington,  D.  C,  not  later  than  the  20th  day  of  next 
month,   in   accordance  with  Treasury  Regulations. 

Date,   ,191     

(Name  of  bank  or  collecting 
agency. ) 

By 

(Signature  of  person  authorized 
to  sign,  and  his  official  position.) 

No 

(Full    post-office    address    of 
collecting  agency.) 


231 


Form  1059. 
Substitute  Certificate— EXEMPTION  NOT  CLAIMED, 
shall  be  in  the  following  form,  and  shall  be  printed  on 
white  paper: 

Substitute  Certificate — Exemption  Not  Claimed. 


Form 
1059 


II 

3 

55 


(To  be  attached  to  interest  coupons  when  collecting  agent's 
certificate  is  substituted  for  certificate  of  owner  in  which 
exemption   was   not   claimed.) 


(Give  name  of  debtor.) 


(Full  description  of  bonds,  giving  name  of  issue  and 
interest   rate.) 

,191     . 

(Date  of  maturity  of  interest.) 

Amount  of  coupon  or  registered 
interest,  $ 

I  (we)  do  solemnly  declare  that  the  owner  of  the 
above-described  bonds  from  which  were  detached  the  ac- 
companying coupons  has  filed  with  me  (us)  a  certificate 

of   ownership,   Form   No ,   duly   executed   and 

filled  in  according  to  Treasury  Regulations,  which  cer- 
tificate has  been  indorsed  by  me  (us)  as  required  by 
Treasury  Regulations,  and  which  certificate  did  not 
claim  any  exemption  from  having  the  normal  tax  of  1 
per  cent  withheld  by  the  debtor  at  the  source;  and  I 
(we)  do  hereby  promise  and  pledge  myself  (ourselves) 
to  forward  the  said  certificate  to  the  Commissioner  of 
Internal  Revenue  at  Washington,  D.  C,  not  later  than 
the  20th  day  of  next  month,  in  accordance  with  Treas- 
ury Regulations. 


Date,  ,191    

(Name  of  bank  or  collecting 
agency. ) 

By 

(Signature  of  person  authorized  to 
sign,  and  his  official  position.) 

No 

(Full  post-office  address  of 
collecting  agency.) 

All  certificates  shall  be,  in  size,  8  by  3%  inches,  and 
shall  be  printed  to  read  from  left  to  right  along  the 
8-inch  dimension. 

All  certificates  claiming  exemption  shall  be  printed 
on  yellow  paper;  all  certificates  not  claiming  exemption 
shall  be  printed  on  white  paper;  and  certificate  Form 
1002,  for  use  by  the  first  bank  or  collecting  agency, 
shall  be  printed  on  green  paper. 

All  paper  upon  which  certificates  shall  be  printed 
shall  correspond  in  weight  and  texture  to- white  writing 
paper  21  by  32,  about  40  pounds  to  the  ream  of  500 
sheets. 


Certificates  heretofore  authorized,  when  properly  ex- 
ecuted, will  be  accepted  up  to  October  1,  1914. 

The  revised  certificates  hereby  provided  will  be  print- 
ed by  the  Government  and  furnished  without  cost  for 
the  use  of  bond  owners. 

All  existing  regulations  which  may  be  in  conflict  with 
the  prescriptions  of  this  regulation  are  hereby  super- 
seded. 

individuals  or  organizations  desiring  to  print  their 
own  certificates  may  do  so,  but  certificates  so  printed 
must  conform  in  size  and  be  printed  in  similar  type, 
upon  the  same  color,  shade,  and  weight  of  paper  as 
used  by  the  Government. 

W.    H.    OSBORN, 

Commissioner  of  Internal  Revenue. 
Approved : 

W.  G.  McAdoo, 

Secretary  of  the  Treasury. 

«Note. — Sample  certificates  showing  size  of  type  and  color 
of  paper  can  be  secured  from  collectors  of  internal  revenue  in 
their  several  districts  or  from  the  Commissioner  of  Internal 
Revenue  at  Washington,  D.  C. 


(T.  D.  1977.) 

Ownership  certificate  to  be  executed  by  foreign  banks,  bankers, 
etc.,  claiming  exemption  of  nonresident  alien  from  income 
tax  on  interest  on  bonds  owned  by  said  nonresident  alien, 
viz.:  Citizens  or  subjects,  firms,  corporations,  or  organi- 
zations of  foreign  countries  who  are  not  residents  of  the 
United  States. 

Treasury  Department. 

Office  of  Commissioner  of  Internal  Revenue, 

Washington,  D.  C,  May  2,  1914. 

For  the  purpose  of  complying  with  income-tax  regu- 
lations requiring  the  filing  of  certificates  of  ownership 
of  bonds  when  presenting  coupons  or  interest  orders  for 
collection  of  interest  on  bonds  of  domestic  corporations 
of  the  United  States  owned  by  nonresident  aliens  as  to 
the  United  States,  a  certificate  in  the  form  following 
is  provided,  which  may  be  executed  by  responsible  banks 
or  bankers  in  foreign  countries  for  and  in  behalf  of 
nonresident  alien  owners  of  bonds  of  United  States  cor- 
porations : 

233 


Form 
1060 


fe"fl 
H  O 

IT 


Form  1060. 
Ownership  Certificate — Nonresident  Alien — To  be 
Executed  by  Banks,  Bankers,  Etc. 
(For  use  by  foreign  banks  or  bankers,  to  accompany  coupons 
detached  from  bonds  or  other  obligations  owned  by  citi- 
zens or  subjects,  firms,  corporations,  or  organizations  of 
foreign    countries,    and    who    are    not    residents    of    the 
United  States.) 


(Give  name  of  debtor.) 


(Full  description  of  bonds,  giving  name  of  issue  and 
interest  rate.) 

191     . 

(Date  of  maturity  of  interest. ) 

Amount  of  coupon  or  registered 

interest,  % 

I  (we)  do  solemnly  declare  that  the  owners  of  the 
bonds  from  which  were  detached  the  accompanying  cou- 
pons or  upon  which  there  matured  the  aforesaid  regis- 
tered interest  are  nonresident  aliens  as  to  the  United 
States  and  are  exempt  from  the  income  tax  imposed  on 
such  income  by  the  United  States  Government  under 
the  law  enacted  October  3,  1913;  that  no  citizen  of  the 
United  States,  wherever  residing,  or  foreigner  residing 
in  the  United  States  or  in  any  of  its  possessions,  has 
any  interest  in  said  bonds;  and  that  all  of  the  informa- 
tion as  given  in  this  certificate  is  true  and  correct.  I 
(we)  hereby  agree  that  if  at  any  time  within  three 
years  from  the  date  of  this  certificate  it  shall  appear 
that  the  income  or  any  part  thereof  represented  or  cov- 
ered by  this  certificate  was  or  is  subject  to  the  normal 
tax  imposed  by  the  United  States,  upon  presentation 
of  proof  of  that  fact  to  me  (us)  by,  from,  or  through 
the  Commissioner  of  Internal  Revenue,  Washington, 
D.  C,  I  (we)  will  pay  and  remit  to  the  United  States 
Government  the  amount  of  tax  claimed  to  be  due;  and 
I  (we)  hereby  further  agree  that  whenever  in  the  judg- 
ment of  the  Commissioner  of  Internal  Revenue  it  shall 
be  necessary  in  or  to  the  administration  of  the  income- 
tax  law,  I  (we)  will,  upon  request  of  the  said  Commis- 
sioner of  Internal  Revenue,  disclose  and  furnish  to  him 
the  names  and  addresses  of  the  owners  and  the  amounts 
of  the  bonds  aforesaid. 

Date 191    

(Name  of  bank  or  banker.) 

By 

(Signature  of  official  authorized 
to  sign.) 


(Official  position.) 


(Full    post-office    address    of 
bank  or  banker.) 
Note. — When   numbers    of  bonds    are   required   to   be   given, 
same  are  to  be  entered  on  back  hereof. 
(signatures  must  be  clearly  and  legibly  written.) 

When  foreign  banks  or  bankers  shall  use  the  forego- 
ing certificate,  they  may  include  in  one  certificate  all  the 
coupons  from  bonds  of  the  same  class  and  same  issue, 
and  may  include  in  one  certificate  all  the  interest  orders 
or  checks  for  interest  on  registered  bonds  of  the  same 
class  and  same  issue. 

234 


The  above  certificate  shall  be  in  size  8  by  Sy2  inches, 
and  shall  be  printed  to  read  from  left  to  right  along 
the  8-inch  dimension. 

The  certificate  shall  be  printed  on  yellow  paper  and 
such  paper  shall  correspond  in  weight  and  texture  to 
white  writing  paper  21  by  32,  about  40  pounds  to  the 
ream  of  500  sheets. 

The  revised  certificate  hereby  authorized  will  be 
printed  by  the  Government  and  furnished  without  cost. 

Individuals  or  organizations  desiring  to  furnish  their 
own  certificates  may  do  so,  but  certificates  so  printed 
must  conform  in  size  to  that  prescribed  above  and  be 
printed  in  similar  type  upon  the  same  color,  shade,  and 
weight  of  paper  as  used  by  the  Government. 

Sample  certificates  showing  size  of  type  and  color  of 
paper  can  be  secured  from  collectors  of  internal  rev- 
enue in  their  several  districts,  or  from  the  Commission- 
er of  Internal  Revenue,  Washington,  D.  C. 

W.    H.    OSBORN, 

Commissioner  of  Internal  Revenue. 
Approved : 

W.  G.  McAdoo, 

Secretary  of  the  Treasury. 


PAYMENT  OF  THE  INCOME  TAX  BY  PERSONS 
RESIDING  ABROAD  AGAINST  WHOM  THE 
PRESUMPTION  OF  EXPATRIATION  HAS 
ARISEN. 

DEPARTMENT  OP  STATE, 

Washington,  D.  C,  March  18,  1914. 

TO   THE   AMERICAN   DIPLOMATIC   AND    CONSULAR    OFFICERS 
(INCLUDING  CONSULAR  AGENTS). 

GENTLEMEN : 

The  Department  has  received  several  inquiries 
concerning  the  payment  of  the  income  tax  under 
the  provision  of  Section  2  of  the  Act  of  October  3, 
1913,  by  persons  residing  abroad  who  claim  Ameri- 
can citizenship.  These  inquiries  involve  particularly 
two  questions:  (1)  Whether  a  naturalized  American 
citizen  who  has  brought  upon  himself  the  presump- 
tion of  expatriation,  under  the  provision  of  the  sec- 
ond paragraph  of  Section  2  of  the  Act  of  March  2, 
1907,  by  protracted  residence  abroad,  and  has  failed 
to  overcome  such  presumption  under  the  established 
rules,  is  required  to  pay  the  income  tax  as  an  Ameri- 
can citizen,  and  (2)  whether  a  naturalized  American 
citizen  residing  abroad  can  overcome  the  presump- 
tion of  expatriation  by  payment  of  the  income  tax. 

235 


The  question  as  to  the  liability  of  a  particular 
person  to  pay  the  income  tax  must  be  determined 
not  by  this  Department  but  by  the  Treasury  Depart- 
ment, under  which  the  income  tax  law  is  adminis- 
tered. Persons  making  inquiry  concerning  this  point 
should,  therefore,  be  advised  to  apply  to  the  Treas- 
ury Department  for  information. 

With  reference  to  the  second  inquiry  mentioned 
above,  your  attention  is  called  to  the  fact  that  natu- 
ralized citizens  of  the  United  States  who  have 
brought  upon  themselves  the  presumption  of  expa- 
triation, under  the  provision  of  the  second  paragraph 
of  Section  2  of  the  Act  of  March  2,  1907,  by  pro- 
tracted residence  abroad,  may  overcome  such  pre- 
sumption only  upon  presenting  "satisfactory  evi- 
dence to  a  diplomatic  or  consular  officer  of  the  United 
States,  under  such  rules  and  regulations  as  the  De- 
partment of  State  may  prescribe.,,  The  Department 
has  not  prescribed  a  rule  that  the  presumption  of 
expatriation  arising  under  the  law  mentioned  may 
be  overcome  by  showing  that  the  person  concerned 
has  paid,  or  is  ready  to  pay,  the  income  tax  of  the 
United  States.  However,  if  a  person  against  whom 
the  presumption  of  expatriation  has  arisen  presents, 
in  connection  with  an  application  for  a  passport  or 
for  registration  in  a  consulate  or  for  actual  protec- 
tion, evidence  that  he  has  paid  the  income  tax,  this 
fact  will  receive  due  consideration  in  connection  with 
other  evidence  submitted  to  overcome  the  presump- 
tion of  expatriation  under  the  established  rules,  and 
particularly  with  regard  to  the  question  of  the  intent 
to  return  to  this  country  to  reside.  The  payment  of 
the  income  tax  will  also  be  duly  considered  in  decid- 
ing the  question  of  the  right  to  the  continued  protec- 
tion of  this  Government  in  cases  of  native  American 
citizens  who  have  resided  abroad  for  a  period  so 
long  that  the  natural  presumption  may  be  held  to 
have  arisen  that  they  have  abandoned  this  country. 

I  am,  Gentlemen,  Your  obedient  servant, 

W.  J.  BRYAN. 


23« 


(T.  D.  1983.) 

Income  tax — Decision  of  court. 

1.  Constitutionality. 

The  income  tax  law  is  not  unconstitutional. 

2.  Injunction. 

As  the  taxes,  if  collected  illegally,  may  be  recovered  back, 
there  is  no  occasion  for  interference  of  a  court  of  equity  by 
injunction. 

3.  Dismissal  of  Bill. 

The  motion  for  injunction  was  overruled  and  the  bill  of 
complaint  dismissed  with  costs. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  May  28,  1914. 

The  appended  decision  of  the  Supreme  Court  of 
the  District  of  Columbia  in  the  case  of  John  F.  Dodge 
and  Horace  E.  Dodge  v.  William  H.  Osborn,  Com- 
missioner of  Internal  Revenue,  is  published  for  the 
information  of  internal-revenue  officers  and  others 
concerned. 

W.  H.  OSBORN, 

Commissioner  of  Internal  Revenue. 

Supreme  Court  of  the  District  of  Columbia  Holding  Equity  Court. 
No.  32515. 

John  F.  Dodge  and  Horace  E.  Dodge,  plaintiffs,  v.  William  H. 
Osborn,  Commissioner  of  Internal  Revenue,  defendant. 

[Decided  May  14,  1914.] 

Stafford,  Judge:  *  *  *  In  my  best  opinion  that  act  is  not 
unconstitutional  in  either  respect  in  which  it  is  challenged  by  the 
plaintiffs.  I  think  the  contentions  are  satisfactorily  met  and 
answered  in  the  brief  filed  in  behalf  of  the  Government,  so  that  I 
will  not  take  the  trouble  to  write  an  opinion  in  the  case  or  go  into 
it  fully  at  this  time. 

******* 

The  plaintiffs  are  amply  able  to  pay  the  tax,  and  I  think  the 
act  provides  a  proper  and  reasonable  method  for  the  recovery  of 
any  taxes  illegally  exacted  under  the  act.  The  defendant  is  pro- 
ceeding in  accordance  with  the  explicit  directions  of  the  statute, 
and  there  is  a  provision  that  if  the  taxes  are  collected  illegally 
they  may  be  recovered  back;  and  inasmuch  as  no  irreparable  dam- 
age will  be  inflicted  upon  the  plaintiffs  by  the  payment  of  such 
taxes,  even  if  illegal,  and  subsequent  recovery  of  them  is  provided 
for  by  the  statute,  I  think  there  is  no  occasion  for  the  interference 
of  a  court  of  equity  by  injunction.  I  make  this  statement  because 
the  same  question  may  arise  in  some  future  case  with  reference  to 
the  scope  and  effect  of  section  3224  of  the  Revised  Statutes.  So 
that  this  bill  will  be  dismissed  with  costs. 

Note. — Counsel  for  the  plaintiffs  noted  an  appeal 
to  the  Court  of  Appeals  of  the  District  of  Columbia. 

237 


(T.  D.  1985.) 

Extension  to  October  31,  1914,  of  waiver  of  regulations  providing 
for  the  filling  in  on  certificates  used  in  connection  with  the 
income  tax  of  the  numbers  of  bonds  of  corporations,  etc. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  May  28,  1914. 

Notice  is  hereby  given  that  Treasury  Decision 
No.  1955,  issued  May  10,  1914,  waiving  until  June  30, 
1914,  the  requirement  that  the  numbers  of  bonds 
or  other  like  obligations  of  corporations,  etc.,  from 
which  interest  coupons  are  detached  or  upon  which 
registered  interest  is  to  be  paid,  shall  be  filled  in 
on  the  certificates  to  be  used  in  connection  with  the 
income  tax,  is  hereby  extended  to  October  31,  1914. 

W.  H.  OSBORN, 

Commissioner. 
Approved : 

C.  S.  HAMLIN, 
Acting  Secretary. 


(T.  D.  1986.) 

Execution  of  income  tax  substitute  certificates  1058  and  1059  by 
banks  or  collecting  agents. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  0.,  May  29,  1914. 

To  Collectors  of  Internal  Revenue: 

You  are  advised  that  as  a  convenience  to  banks 
and  collecting  agents  who  desire  to  substitute  their 
certificates  Form  1058  and  1059  for  the  owner's  cer- 
tificate accompanying  the  coupons  deposited  for  col- 
lection, it  is  hereby  provided  that  the  name  of  the 
bank  or  collecting  agent  may  be  printed  or  stamped, 
and  that  a  fac-simile  of  the  signature  of  the  person 
authorized  to  sign  the  substitute  certificate  for  the 
bank  or  collecting  agent  may  also  be  printed  or 
stamped  on  the  certificate;  Provided,  that  in  all 
cases  the  bank  shall  first  file  with  the  Commissioner 
of  Internal  Revenue  a  certificate  of  its  authorization 
in  substantially  the  form  following : 


(City)  (Date) 

238 


The  Commissioner  of  Internal  Revenue, 

Washington,  D.  C. 

The  undersigned  hereby  authorizes  the  use  of  the 
fac-simile  signature  shown  below  upon  all  substitute 
income  tax  certificates  issued  in  its  name  until  this 
authorization  is  revoked  by  written  notice  to  you. 

(Name  of  bank  or  collecting  agent.) 

By 

(Signature  of  person  authorized  to  sign.) 
(Fac-simile  signature  of  person  authorized  to  sign.) 

(Official  position.) 

W.  H.  OSBORN, 

Commissioner. 
Approved : 

C.  S.  HAMLIN, 
Acting  Secretary. 

(T.  D.  1987.) 

Fiduciaries:  Forms  1015  and  1019,  revised,  may  bo  adapted  so 
that  but  one  certificate  will  be  required  to  be  filed  with  cou- 
pons from  the  same  issue  of  bonds,  the  property  of  different 
estates  or  trusts. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  May  29,  1914. 
To  Collectors  of  Internal  Revenue: 

Under  Income  Tax  Regulations  No.  33,  Articles  39 
and  70,  fiduciaries  are  required  to  file  certificates  on 
Forms  1015  or  1019  (now  1015  and  1019,  revised), 
according  to  the  nature  of  the  claim  to  be  made  by 
the  fiduciary,  for  each  issue  of  bonds  and  for  each 
trust. 

It  is  therefore  provided  that  where  fiduciaries 
have  the  custody  and  control  of  more  than  one  estate 
or  trust,  and  said  estates  or  trusts  have  as  assets 
bonds  of  corporations,  etc.,  of  the  same  issue,  said 
fiduciaries  may  adapt  certificates  Form  1015  or  1019, 
revised,  by  changing  the  words  "estate  or  trust"  in 
lines  1,  2  and  3  of  said  forms  to  the  plural,  and  writ- 
ing on  blank  line  provided  for  the  (name  of  the  estate 
or  trust)  the  words :  "As  noted  on  the  back  hereof." 

In  such  cases  the  notation  on  the  back  of  the  cer- 
tificate should  show  for  each  estate  or  trust : 

239 


(a)  The  name  of  the  estate  or  trust. 

(b)  The  amount  of  the  bonds. 

(c)  The  amount  of  the  interest. 

In  all  other  respects  the  certificates  should  be  filled 
out  as  indicated  thereon. 

W.  H.  OSBORN, 

Commissioner. 
Approved : 

C.  S.  HAMLIN, 
Acting  Secretary, 

(T.  D.  1988.) 

Certificate  of  ownership  of  bonds — non-resident  alien — (Form 
1060)  provided  to  be  executed  by  foreign  banks  or  bankers 
may  be  used  by  domestic  banks  or  bankers. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  June  2,  1914. 

To  Collectors  of  Internal  Revenue: 

The  provisions  of  T.  D.  1977  permitting  respon- 
sible banks  or  bankers  of  foreign  countries  to  exe- 
cute certificates  of  ownership  Form  1060  for  non- 
resident alien  owners  of  bonds  of  domestic  corpora- 
tions, are  hereby  extended  to  and  for  the  use  of 
responsible  banks  or  bankers  in  the  United  States 
for  and  in  behalf  of  non-resident  alien  owners  of 
bonds  of  United  States  corporations. 


W.  H.  OSBORN, 

Commissioner. 


Approved : 

C.  S.  HAMLIN, 
Acting  Secretary. 


(T.  D.  1989.) 

Designation   of   losses   which   are   deductible   from   gross   income 
within  a  taxable  year. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  June  2,  1914. 
To  Collectors  of  Internal  Revenue: 

Several  letters  have  been  received  in  which  inquiry 
has  been  made  as  to  whether  losses  resulting  from 
the  sale  of  real  estate  by  individuals  are  properly 

240 


deductible  from  gross  income  in  the  returns  of  an- 
nual net  income  of  individuals  for  the  income  tax. 

Under  paragraph  B  of  the  income  tax  law  it  is 
provided  that  among  the  deductions  to  be  allowed 
shall  be 

"losses  actually  sustained  during  the  year,  in- 
curred in  trade  or  arising  from  fires,  storms,  or 
shipwreck,  and  not  compensated  for  by  insur- 
ance or  otherwise." 

Losses  arising  from  fires,  storms,  or  shipwreck, 
and  not  compensated  for  by  insurance  or  otherwise, 
are  easily  ascertained,  and  there  would  not  appear 
to  be  any  chance  of  an  erroneous  construction  as  to 
these.  Losses  actually  sustained  during  the  year 
incurred  in  trade  are  limited  by  the  language  of  the 
act  itself. 

"In  trade"  is  synonymous  with  business. 
"Business"  has  been  defined  as : 

"That  which  occupies  and  engages  the  time, 
attention  and  labor  of  any  one  for  the  purpose  of 
livelihood,  profit,  or  improvement;  that  which 
is  his  personal  concern  or  interest ;  employment, 
regular  occupation,  but  it  is  not  necessary  that 
it  should  be  his  sole  occupation  or  employment." 
The  doing  of  a  single  act  incidentally  or  of  neces- 
sity not  pertaining  to  the  particular  business  of  the 
person  doing  the  same  will  not  be  considered  engag- 
ing in  or  carrying  on  the  business. 

It  is  therefore  held  that  no  losses  are  deductible 
in  a  return  of  income  save  and  only  those  losses  per- 
mitted and  provided  for  by  the  statute,  viz.,  those 
actually  sustained  during  the  year — 

Which  are "incurred  in  trade" 

Or  which  arise  from "fires,  storms,  or  ship- 
wreck, and  not  compen- 
sated for  by  insurance  or 
otherwise." 

W.  H.  OSBORN, 

Commissioner. 
Approved : 

C.  S.  HAMLIN, 
Acting  Secretary. 


241 


(T.  D.  1992.) 

Bonds  of  foreign  corporations  payable,  as  to  interest,  wholly 
within  the  United  States,  or  within  or  without  the  United 
States  at  the  option  of  the  owner  of  the  bonds,  to  be  treated, 
for  income  tax  purposes,  as  domestic  bonds  when  accompanied 
by  certificates  of  ownership  properly  executed. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  June  4,  1914. 
To  Collectors  of  Internal  Revenue: 

Where  foreign  corporations  have  an  issue  of  bonds 
the  interest  upon  which  is  payable  wholly  within  the 
United  States  or  within  or  without  the  United  States 
at  the  option  of  the  owner  of  the  bonds,  in  all  cases 
where  said  foreign  corporations  have  fiscal  agents 
within  the  United  States  and  the  said  bonds  are 
owned  by  citizens  of  the  United  States  or  aliens  resi- 
dent within  the  United  States,  the  collection  of  inter- 
est on  said  bonds  shall  be  considered  to  be  and  be 
treated  as  a  domestic  transaction  upon  the  filing 
with  said  coupons  certificates  of  ownership  properly 
executed;  Provided,  that  whenever  coupons  from 
foreign  bonds  not  accompanied  by  certificates  of 
ownership  are  presented  for  collection,  they  shall  be 
treated  as  foreign  items,  and  the  first  bank  or  col- 
lecting agency  receiving  or  accepting  the  same  for 
collection  or  otherwise  shall  deduct,  withhold  and 
pay  the  tax  as  provided  by  income  tax  regulations 
for  the  collection  of  foreign  income. 

Where  a  foreign  corporation  has  an  issue  of  regis- 
tered bonds  the  interest  on  which  is  payable  through 
a  fiscal  agent  in  the  United  States,  certificates  of 
exemption  may  be  filed  with  said  fiscal  agent  in 
manner  and  form  as  prescribed  by  T.  D.  1974  and 
payment  by  said  fiscal  agent  shall  be  made  in  ac- 
cordance with  the  provisions  of  T.  D.  1974. 

W.  H.  OSBORN, 
Approved :  Commissioner. 

W.  G.  McADOO, 

Secretary. 

INTERPRETATION  OF  T.  D.  1992. 

COUPONS  OF  FOREIGN  CORPORATIONS  PAYABLE 

IN  THIS  COUNTRY. 

Under  date  of  July  10  we  received  the  following  from  a  large- 
New  York  banking  institution   (name  withheld  by  request) : 

July  10,  1914. 
"The  Standard  Statistics  Company, 

"47  West  Street,  New  York  City. 
"Gentlemen. — Since  the  issuance  of  Treasury  Decision  1992,  con- 
cerning the  matter  of  collecting  coupons  from  obligations  of  foreign 
corporations,  payable  in  this  country,  we  have  experienced  con- 

242 


siderable  trouble  in  collecting  certain  kinds  of  these  coupons. 

"Some  of  the  paying  agents  have  refused  to  accept  such 
coupons,  accompanied  by  proper  income  tax  certificates,  because 
the  regulation  refers  to  'fiscal  agents';  while  they  claim  they 
are  merely  'paying  agents';  others  have  refused  said  coupons 
because  foreign  governments,  in  their  estimation,  as  well  as 
foreign  municipalities,  are  not  corporations. 

"In  order  to  procure  a  correct  interpretation  of  this  regulation 
we  addressed  the  Commissioner  of  Internal  Revenue.  The  enclosed 
is  a  copy  of  his  reply,  and  will  be,  we  feel,  of  considerable  interest 
to  your  clients." 

COPY. 

Lettter   received   from   L.    F.   SPEER,   Deputy   Commissioner   of 
Internal  Revenue,  in  reply  to  letter  of  banking  institution. 

Washington,  D.  C,  dated  July  9,  1914. 

"Gentlemen. — This  office  is  in  receipt  of  your  letter  of  June 
30th,  1914,  in  reference  to  the  provisions  of  Treasury  Decision 
1992,  and  in  reply  thereto  you  are  advised  as  follows: 

"As  stated  in  office  letter  addressed  to  you  under  date  of  June 
29,  1914,  the  American  fiscal  agent,  or  paying  agent,  of  a  foreign 
corporation,  will  be  required  to  forward  to  the  Collector  of  Inter- 
nal Revenue  for  the  district  in  which  the  said  agent  is  located 
all  certificates  received  with  coupons  detached  from  foreign  bonds, 
payable,  as  to  interest,  wholly  within  the  United  States,  or 
within  or  without  the  United  States  at  the  option  of  the  bond- 
holder, when  such  coupons  have  been  handled  as  items  of  domestic 
income  under  the  provisions  of  Treasury  Decision  1992,  and  will 
be  required  to  render  such  returns  and  meet  such  requirements  as 
are  imposed  by  law  and  regulations  upon  withholding  agents. 

"The  term  'bonds  of  foreign  corporations,'  as  used  in  Treasury 
Decision  1992,  embraces  the  bonds  issued  by  foreign  governments, 
municipalities,  towns  and  other  foreign  political  subdivisions." 


(T.  D.  1993.) 

Interest  paid  on  indebtedness  wholly  secured  by  collateral  the 
subject  of  sale  in  the  ordinary  business  of  a  corporation  may 
be  deducted  as  a  part  of  its  expense  of  doing  business. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  June  5,  1914. 

To  Collectors  of  Internal  Revenue: 

This  office  is  in  receipt  of  numerous  letters  asking 
a  ruling  of  this  office  as  to  the  application  of  the 
following  proviso  quoted  from  subdivision  (b)  of 
subsection  G  of  Section  2,  Act  of  Congress  approved 
October  3,  1913,  to  wit: 

"Provided,  That  in  the  case  of  indebtedness 
wholly  secured  by  collateral  the  subject  of  sale 
in  the  ordinary  business  of  such  corporation, 
joint-stock  company  or  association,  the  total 

243 


interest  secured  and  paid  by  such  company,  cor- 
poration, or  association,  within  the  year  on  any 
such  indebtedness  may  be  deducted  as  a  part  of 
its  expense  of  doing  business." 
Many  of  these  inquiries  come  from  corporations 
engaged  in  buying  and  selling  real  estate,  which  real 
estate  is  pledged  for  the  payment  of  indebtedness, 
and  the  question  submited  is  whether  or  not  such 
real  estate  is  "collateral"  within  the  meaning  of  the 
proviso  quoted  and  whether  or  not  corporations  pay- 
ing interest  on  indebtedness  wholly  secured  by  such 
collateral  may  deduct  from  gross  income  as  "an  ex- 
pense of  doing  business"  the  amount  of  interest  paid 
on  such  indebtedness. 

Relative  to  this  you  are  informed  that  "collateral," 
as  used  in  this  proviso,  comprehends  and  includes 
real  estate  or  any  form  of  physical  or  tangible  prop- 
erty bound  for  the  performance  of  certain  covenants, 
the  payment  of  certain  obligations,  and  if  such  real 
estate  or  other  physical  or  tangible  property  is  the 
"subject  of  sale  in  the  ordinary  business  of  the  cor- 
poration" owning  the  same,  that  is,  if  such  corpora- 
tion is,  as  a  matter  of  its  ordinary  business,  engaged 
in  buying  and  selling,  or  dealing  in  such  property, 
the  interest  actually  paid  within  the  year  on  indebt- 
edness wholly  secured  by  such  collateral  (a  mort- 
gage on  such  property)  may  be  allowably  deducted 
from  gross  income  under  item  4  (a)  of  the  return 
form  as  an  expense  of  doing  business,  without  re- 
gard to  the  limit  of  deductible  interest  as  set  out  in 
subdivision  "Third,"  paragraph  (b),  subsection  G  of 
the  Federal  income  tax  law  hereinbefore  cited. 

This  construction  of  the  proviso  quoted  is  not 
intended  to  and  does  not  authorize  the  deduction 
as  "an  expense  of  doing  business"  of  any  interest 
paid  or  indebtedness  secured  by  property,  real  or 
personal,  which  is  not  the  "subject  of  sale  in  the 
ordinary  business  of  the  corporation,"  but  which  is 
held  by  it  for  the  purpose  of,  or  as  an  instrument 
in  carrying  on,  its  ordinary  business — such  as  the 
rights  of  way  and  other  property  of  public  utility 
companies,  permanent  office  buildings  and  property 
of  like  character  held  or  occupied  for  their  own  par- 
ticular use  or  purpose  in  the  furtherance  of  the  ob- 
jects of  the  corporation,  but  which  property  is  not 
the  subject  of  sale  in  their  ordinary  business,  and 
which  is  simply  occupied  or  used  as  an  instrument  or 
means  of,  or  essential  to,  the  carrying  on  of  the 
ordinary  business  for  the  transaction  of  which  they 

244 


are  organized.  The  fact  that  such  property  may  be 
subject  to  sale  under  extraordinary  or  peculiar  con- 
ditions does  not  qualify,  but  rather  disqualifies,  it  as 
"collateral"  such  as  is  contemplated  by  this  provision 
of  the  act  cited. 

The  only  corporations,  joint-stock  companies,  or 
associations,  which  will  be  allowed  under  this  pro- 
viso, as  herein  interpreted,  to  deduct  as  "an  expense 
of  doing  business"  interest  paid  on  indebtedness 
wholly  secured  by  mortgage  on  real  estate,  or  other 
physical  and  tangible  property,  are  those  corpora- 
tions, joint-stock  companies,  or  associations,  which 
are  organized  and  operated  for  the  exclusive  purpose 
of  buying,  selling  and  dealing  in  the  particular  kind 
of  property  upon  which  the  mortgage  is  given,  and, 
the  particular  property  pledged  for  the  debt  upon 
which  the  interest  is  paid  must  be  the  "subject  of 
sale  in  the  ordinary  business  of  the  corporation." 

Any  corporation  whose  indebtedness  is  secured  by 
a  trust  mortgage,  or  by  any  form  of  indenture  which 
covers  and  includes  in  the  lien  any  property  which  is 
not  the  subject  of  sale  in  the  ordinary  business  of 
such  corporation,  will  be  and  is  excluded  from  the 
benefit  of  this  proviso,  as  hereinbefore  construed, 
and  its  interest  deduction  will  be  limited  to  the 
amount  authorized  in  subdivision  "Third"  above  re- 
ferred to — that  is,  the  interest  actually  paid  within 
the  year,  at  the  contract  rate,  on  an  amount  of 
bonded  or  other  indebtedness  at  no  time  within  the 
year  in  excess  of  a  sum  ascertained  by  adding  to  the 
paid-up  capital  stock  outstanding  at  the  close  of  the 
year  one-half  of  the  total  amount  of  the  interest- 
bearing  indebtedness  also  then  outstanding. 

Corporations  which  under  this  ruling  are  entitled 
to  deduct  as  "an  expense  of  doing  business"  the  total 
amount  of  interest  paid  within  the  year  on  "indebt- 
edness wholly  secured  by  collateral  the  subject  of 
sale  in  the  ordinary  business  of  such  corporations," 
are  required  to  state  separately  in  their  returns  the 
amount  of  indebtedness  upon  which  such  interest  is 
paid,  segregating  it  from  the  indebtedness  not  so 
secured  and  upon  which  the  interest  paid  is  taken 
credit  for  or  deducted  under  item  6(a)  of  the  return 
form.  The  interest-bearing  indebtedness  stated 
under  item  2  of  the  return  form  as  one  of  the  bases 
for  determining  the  amount  of  interest  which  may 
be  allowably  deducted  under  item  6(a)  must  not 
include  any  "indebtedness  wholly  secured  by  collat- 
eral the  subject  of  sale  in  the  ordinary  business  of 

245 


the  corporation."  Failure  to  segregate  the  two 
forms  of  indebtedness  will  render  the  interest  deduc- 
tion under  item  6(a)  subject  to  suspension  and  dis- 
allowance. 

W.  H.  OSBORN, 
Commissioner  of  Internal  Revenue. 
Approved : 

W.  G.  McADOO, 

Secretary  of  the  Treasury. 

(T.  D.  1996.) 

Co-operative  dairies  and  like  organizations  do  not  fall  within  the 
classes  of  organizations  enumerated  in  subsection  G,  Section 
2,  Act  of  October  3,  1913,  as  exempt,  and  are  required  to 
make  returns  of  annual  net  income. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  June  15,  1914. 
To  Collectors  of  Internal  Revenue: 

Attention  is  called  to  Article  92  of  Regulations  No. 
33,  Approved  January  5,  1914,  in  which  it  is  provided 
that  co-operative  dairies  not  issuing  stock  and  allow- 
ing patrons  dividends  based  on  the  percentage  of 
butter  fat  in  milk  furnished,  are  not  liable  to  the  re- 
quirements of  Section  2,  Act  of  October  3,  1913. 

This  Article  is  amended  to  the  effect  that  co-opera- 
tive dairy  associations,  whether  issuing  capital  stock 
or  not,  are  required  to  make  returns  of  annual  net 
income  pursuant  to  the  requirements  of  this  act. 

The  only  corporations,  joint-stock  companies,  or 
associations,  or  insurance  companies,  exempt  from 
the  requirements  of  this  act  are  those  which  fall 
within  one  or  another  of  the  classes  specifically  enu- 
merated in  the  first  proviso  of  subsection  G  of  the  act 
cited,  as  exempt. 

Co-operative  dairies,  no  matter  how  organized,  do 
not  appear  to  fall  within  any  of  these  exempted 
classes  and  will,  therefore,  be  required  to  make 
returns. 

In  the  preparation  of  their  returns,  co-operative 
dairies  may  include  in  their  deductions  from  gross 
income  the  amount  actually  paid  to  members  and 
patrons  for  milk,  but  any  amount  retained  at  the 
end  of  the  year  over  and  above  expenditures  will  be 
returned  as  net  income  upon  which  the  tax  will  be 
computed  and  assessed. 

In  so  far  as  Article  92,  hereinbefore  referred  to,  is 
in  conflict  with  this  ruling,  it  is  hereby  revoked,  and 
Collectors  will  require  all  organizations  of  this  char- 
acter to  make  returns  of  annual  net  income  and  in 

24G 


other  respects  comply  with  the  requirements  of  the 
Federal  income  tax  law  as  it  applies  to  corporations, 
joint-stock  companies,  or  associations,  and  insurance 
companies. 

In  so  far  as  applicable,  this  ruling  also  applies  to 
mutual  or  co-operative  telephone  companies,  far- 
mers' insurance  companies,  and  like  organizations. 

W.  H.  OSBORN, 
Commissioner  of  Internal  Revenue. 
Approved:     W.  G.  McADOO, 
Secretary  of  the  Treasury. 

(T.  D.  1997.) 

Monthly  list  returns  not  to  be  made  under  oath. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  I).  C,  June  16,  1914. 
To  Collectors  of  Internal  Revenue: 

The  requirement  that  monthly  list  returns  be 
made  under  oath  (as  provided  by  Articles  35,  50,  53 
and  59,  Income  Tax  Regulations  No.  33,  when  filed 
by  withholding  agents  on  or  before  the  20th  of  the 
month  following  that  in  which  withholding  occurred) 
is  hereby  waived. 

In  all  cases  the  annual  list  return  required  of 
withholding  agents  (of  which  the  monthly  list  re- 
turns will  form  a  part  as  required  by  regulations) 
will  be  made,  sworn  to  and  filed  as  now  required  by 
existing  regulations  and  the  jurat  for  the  annual 
list  return  will  cover  the  entire  return  as  thus 
made  up. 

Respectfully, 

W.  H.  OSBORN, 
Approved :  Commissioner. 

W.  G.  McADOO, 

Secretary. 


(T.  D.  1998.) 

Exemption  certificate  provided  for  use  of  firms,  organizations  and 
fiduciaries  claiming  exemption  from  withholding  of  tax  at 
source  on  income  other  than  interest  on  bonds. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  June  16,  1914. 
To  Collectors  of  Internal  Revenue: 

The  following  certificate  is  hereby  provided  for 
use  of  firms,  organizations  and  fiduciaries  for  the 

247 


purpose  of  establishing  their  identity  and  non- 
liability to  withholding  at  the  source  of  income 
(other  than  interest  on  bonds)  payable  to  them. 
Said  certificates  shall  be  of  the  size,  and  be  printed 
on  yellow  paper  of  the  weight  and  texture,  all  as 
provided  by  T.  D.  1976,  the  requirements  of  which 
are  hereby  made  applicable  to  the  certificate  hereby 
provided. 


For"1  Form  1063. 

1063 

Exemption  Certificate— FIRMS,  ORGANIZATIONS,  OR 
FIDUCIARIES. 

(For  use  of  firms,  organizations  or  fiduciaries  entitled  to  receive 
income  other  than  from  interest  on  bonds,  to  establish  their 
H  identity  and  non-liability  to  withholding  at  the  source.) 

H 
|j  B  (Give  name  of  debtor.) 

H  O 

pj  ft  dividends  from  foreign  corporations,  etc.) 


y< 


(Character  of  income — other  than  interest  on  bonds — as :    rent, 


0,  w  I  do   solemnly  declare  that   the   firm,   organization   or   person 

E  ^  named  below  is  entitled  to  receive  the  above  described  income, 

H  and  that  under  the  provisions  of  the  income  tax  law  and  regula- 

£2  |j  tions  said  income  is  exempt  from  having  the  tax  withheld  at  the 

p  tf  source,  and  that  all  the  information  given  herein   is   true   and 

9  j  correct. 

«  fc         Date, ,  191. 

g 

^  (Name  of  firm,  organization  or  fiduciary.) 


By 

(Signature  of  person  duly  authorized  to  sign  for  firm  or  organiza- 
tion and  his  official  position,  or  name  of  trust.) 

Address  

(Give  full  post-office  address  of  firm  or  organization  or 
fiduciary.) 

The  exemption  certificate  provided  for  the  use  of 
individuals  is  form  1007,  which  will  be  used  by  indi- 
viduals in  all  cases,  except  for  interest  on  bonds,  for 
which  forms  1000  and  1000B  are  provided. 

Respectfully, 

W.  H.  OSBORN, 

Commissioner. 
Approved : 

W.  G.  McADOO, 

Secretary. 


248 


(T.  D.  2001). 

Corporations  desiring  to  make  returns  of  annual  net  income  on 
the  basis  of  a  fiscal  year  must  give  notice  in  writing  to  the 
collector  not  less  than  30  days  prior  to  March  1,  designating 
in  such  notice  the  last  day  of  some  month  as  the  close  of  the 
fiscal  year.  Failure  to  give  such  notice  at  least  30  days  prior 
to  March  1,  or  to  make  return  for  the  preceding  calendar  year 
on  or  before  March  1,  renders  corporations  liable  to  additional 
tax  and  penalty. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  June  22,  1914. 
To  Collectors  of  Internal  Revenue: 

Your  attention  is  called  to  the  following  provision 
quoted  from  paragraph  C,  subsection  G  of  Section  2, 
Act  of  October  3,  1913 : 

"The  tax  herein  imposed  shall  be  computed 
upon  its  entire  net  income  accrued  within  each 
preceding  calendar  year  ending  December 
thirty-first ;  *  *  *  Provided  further,  that  any 
corporation,  etc.,  subject  to  this  tax  may  desig- 
nate the  last  day  of  any  month  in  the  year  as 
the  day  of  the  closing  of  its  fiscal  year  and  shall 
be  entitled  to  have  the  tax  payable  by  it  com- 
puted upon  the  basis  of  the  net  income  ascer- 
tained as  herein  provided  for  the  year  ending 
on  the  day  so  designated  *  *  *  and  it  shall 
give  notice  of  the  day  it  has  thus  designated  as 
the  closing  of  the  fiscal  year  to  the  collector  of 
the  district  in  which  its  principal  business  office 
is  located  at  any  time  not  less  than  thirty  days 
prior  to  the  date  upon  which  its  annual  return 
shall  be  filed." 

Except  as  provided  in  the  Act,  all  corporations  are 
required  to  make  their  returns  of  annual  net  income 
on  the  basis  of  the  calendar  year  and  to  file  such 
returns  on  or  before  the  first  day  of  March  next 
following.  March  1st  is,  therefore,  the  primary  due 
date  for  the  returns  of  all  corporations.  This  due 
date  can  be  postponed  only  in  accordance  with  some 
legal  or  authorized  action.  Unless  such  action  is 
taken  within  the  prescribed  time,  or  the  returns  filed 
on  or  before  March  1st,  all  corporations  in  existence 
at  the  preceding  December  31st  and  failing  to  take 
action,  or  so  file  their  returns  for  the  period  ended 
December  31,  will  be  held  to  be  delinquent,  and  will 
be  subject  to  50%  additional  tax  and  the  penalty  of 
the  law. 

The  filing  of  returns  at  any  date  other  than  on  or 
before  March  1st,  and  on  a  basis  other  than  the  cal- 


endar  year,  can  be  authorized  only  in  cases  wherein 
corporations,  not  less  than  30  days  prior  to  March 
1st,  give  notice  in  writing  to  the  collector  of  the 
district  in  which  are  located  their  principal  places 
of  business,  designating  in  such  "notice  the  last  day 
of  some  month  as  the  close  of  their  fiscal  year.  In 
this  case  the  corporations  will  make  their  returns  for 
the  year  so  established,  and  will  file  their  returns  on 
or  before  the  last  day  of  the  60-day  period  next  fol- 
following  the  date  designated  as  the  close  of  the 
fiscal  year. 

For  the  purpose  of  the  income  tax  law,  a  fiscal 
year,  when  designated,  must  be  so  designated  that 
the  return  made  on  this  basis  will  not  comprehend  a 
period  greater  than  twelve  consecutive  months.  If 
the  required  notice  is  delayed  until  it  cannot  be 
given  at  least  30  days  prior  to  March  1,  or  if  the 
date  designated  as  the  close  of  the  fiscal  year  com- 
prehends a  period  greater  than  twelve  months  from 
the  close  of  the  period  for  which  the  last  prior  return 
was  made,  the  returns  must  be  made  as  of  the  calen- 
dar year  and  must  be  filed  on  or  before  March  1 
until  such  time  as  a  fiscal  year  for  this  purpose  can 
be  legally  established. 

If  a  corporation,  which  shall  have  filed,  on  or  be- 
fore March  1,  its  return  for  the  preceding  period 
ended  December  31,  desires  to  establish,  as  a  basis 
for  making  future  returns,  a  fiscal  year  ended  at 
some  date  prior  to  the  next  December  31,  it  may 
do  so  by  filing,  at  least  30  days  prior  to  the  date  when 
its  returns,  on  a  fiscal  year  basis,  will  be  due,  a 
notice  with  the  collector  designating  the  last  day  of 
some  month  as  the  close  of  its  fiscal  year.  It  will 
then,  on  or  before  the  last  day  of  the  sixty-day 
period  next  following  the  date  so  designated,  file  a 
return  covering  the  period  from  January  1  to  the 
date  so  designated  in  the  same  year,  and  thereafter 
its  returns  will  be  made  for  each  twelve-months 
period  next  following  such  date. 

The  above  rulings  will  apply  to  corporations  which 
began  business  within  the  year,  as  well  as  to  those 
which  were  in  existence  and  transacted  business 
throughout  the  year. 

Any  ruling  or  Treasury  Decision  heretofore  issued 
and  in  conflict  with  this  decision  is  hereby  recalled 
and  revoked.  w.  H.  OSBORN, 

Commissioner  of  Internal  Revenue. 

Approved:         W.  G.  McADOO, 
Secretary  of  the  Treasury. 

250  . 


(T.  D.  2003.) 
Assessments. 

Demand  and  notice,  Form  17,  to  be  served  on  July  1,  unless  pay- 
ment of  assessments  is  not  made  on  or  before  June  30,  or  on 
the  day  following  the  termination  of  the  120-day  period  in 
the  case  of  corporations  which  have  designated  fiscal  years, 
held  to  apply  in  case  of  delinquents  where  their  returns  are 
filed  prior  to  the  date  on  which  taxes  are  to  be  paid  in  the  ' 
ordinary  course. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  June  26,  1914. 
Collector,  Second  District,  New  York,  N.  Y.  : 

Sir:  This  office  is  in  receipt  of  your  letter  of  the 
16th  instant,  relative  to  the  collection  of  the  5  per 

cent,  penalty  against  the Co.  for  failure  to 

pay  the  income  tax  and  50  per  cent,  penalty  within 
10  days  after  the  service  of  demand  and  notice  on 
Form  17. 

You  were  advised  under  date  of  June  12  that  the 
5  per  cent,  penalty  does  not  attach  until  10  days 
after  the  service  of  the  demand  and  notice  and  in  no 
event  until  10  days  after  June  30,  and  you  call  atten- 
tion to  Mini.  991,  under  date  of  January  22,  1914,  in 
which  collectors  are  directed  to  issue  promptly  Form 
17  in  cases  of  assessments  for  special  excise  and  in- 
come taxes  where  the  tax  assessed  is  for  overdue  or 
additional  taxes  or  where  the  required  return  is  not 
filed  within  the  time  specified  in  the  statute,  as  in 
such  cases  the  right  to  30  days'  notice  (Form  627) 
has  been  forfeited. 

You  are  advised  that  this  office  is  of  the  opinion 
that  the  cases  referred  to  in  the  law  wh^re  the 
assessments  should  be  made  by  the  Cominiossloner 
of  Internal  Revenue  and  paid  immediately  upon  noti- 
fication of  the  amount  of  such  assessment  relate  to 
delinquent  corporations  who  have  failed  to  file  re- 
turns until  after  the  final  day  on  which  taxes  should 
be  paid  in  the  regular  course,  viz.,  June  30.  Under 
this  construction,  therefore,  it  will  be  seen  that  in 
cases  of  individuals  and  corporations  whose  delin- 
quency was  disclosed  prior  to  July  1  or  prior  to  the 
•  termination  of  the  120-day  period  following  the  day 
when  the  return  was  due  to  be  filed,  the  demand  and 
notice  on  Form  17  should  not  be  served  until  July  1 
or  on  the  day  following  the  termination  of  the  120- 
day  period  after  the  return  was  due  and  the  5  per 
cent,  penalty  should  not  be  demanded  until  the  ex- 

251 


piration  of  the  10-day  period  following  the  serving 
of  such  demand  and  notice.  Where,  however,  such 
demand  and  notice  has  been  served  and  payment  of 
the  5  per  cent,  penalty  made  before  the  termination 
of  the  10-day  period  following  June  30,  the  corpora- 
tions by  whom  such  payments  have  been  made 
should  be  advised  of  their  privilege  to  file  claim  for 
refund. 

All  rulings  or  decisions  in  conflict  with  the  above 
are  hereby  overruled. 

Respectfully, 

W.  H.  OSBORN, 

Commissioner  of  Internal  Revenue. 
Approved : 

W.  G.  McADOO, 

Secretary  of  the  Treasury. 

(T.  D.  2005.) 

Loss: — Instructions  and  rules  for  determining  what  amount  is  to 
be  allowed  as  a  deduction  for  loss  in  return  of  income. 

Depreciation  allowed  by  law  does  not  include  shrinkage  in  value 
of  stocks,  bonds,  etc. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  July  8,  1914. 
To  Collectors  of  Internal  Revenue  and  Revenue  Agents: 

For  the  purpose  of  checking  up  returns  and  ascer- 
taining the  amount  of  taxable  income  of  individuals 
and  corporations,  you  are  given  the  following  in- 
structions and  rules  for  use  in  determining  the 
amount  of  deductible  loss  allowable  to  individuals 
and  corporations  under  the  fourth  deduction  (Para- 
graph B,  page  5)  Regulations  No.  33,  and  second  de- 
duction, for  domestic  corporations  (Paragraph  G, 
page  14),  and  second  deduction,  for  foreign  cor- 
porations (Paragraph  G,  page  15)  Regulations  No.  33. 

The  loss  considered  here,  has  in  it  no  element  of 
"depreciation"  or  "allowance  for  wear  and  tear,"  or 
"compensation  from  insurance  or  otherwise."  It  is 
to  be  such  loss  as  is  absolute  and  complete  and  which 
has  been  actually  sustained. 

Depreciation  as  an  allowable  deduction  in  ascer- 
taining annual  net  income  for  the  income  tax  is 
separately  provided  for,  and  is  not  to  be  confused 
with  loss.  The  depreciation  provided  to  be  taken  as 
a  deduction  in  a  return  of  income  is  the  value  as- 
signed to  the  deterioration  of  physical  improvements 


or  assets,  such  as  are  susceptible  of  having  their 
value  lessened  through  wear  and  tear,  use  or  ob- 
solescence. 

The  depreciation  referred  to  in  the  income  tax 
law  does  not  relate  to  evidence  of  a  right  or  interest 
in  property,  and  hence,  any  shrinkage  in  the  value 
of  bonds,  stocks  and  like  securities,  due  to  fluctua- 
tions in  their  market  value,  is  not  deductible  in  a 
return  of  income  as  depreciation  or  loss. 

Losses  may  be  sustained  by  individuals  or  cor- 
porations on  personal  or  real  property.  Only  those 
losses  are  deductible  which  are  sustained  during  the 
tax  year  "in  trade" — that  is,  the  business  which  en- 
gages the  time,  attention  and  labor  of  any  one  for 
the  purpose  of  livelihood,  profit  or  improvement. 
Loss  to  be  deductibe,  must  be  an  absolute  loss,  not  a 
speculative  or  fluctuating  valuation  of  continuing  in- 
vestment, but  must  be  an  actual  loss,  actually  sus- 
tained and  ascertained  during  the  tax  year  for 
which  the  deduction  is  sought  to  be  made;  it  must 
be  incurred  in  trade,  and  be  determined  and  ascer- 
tained upon  an  actual,  a  completed,  a  closed  trans- 
action. 

Losses  sustained  by  individuals  or  corporations 
from  the  sale  of  or  dealings  in  personal  or  real  prop- 
erty growing  out  of  ownership  or  use  of  or  interest 
in  such  property,  will  not  be  deductible  at  all  unless 
they  are  an  incident  of,  connected  with  and  grow 
out  of  the  business  of  the  individual  or  corporation 
sustaining  the  loss,  and  are  ascertained,  determined 
and  fixed  as  absolute  in  the  above  sense,  within  the 
taxable  year  in  which  the  deduction  is  sought  to  be 
made.  When  loss  under  this  heading  is  ascertained 
to  be  deductible,  the  entire  amount  of  the  loss  will 
be  deductible  except  where  the  property,  in  connec- 
tion with  which  the  loss  occurred,  was  acquired  prior 
to  March  1,  1913,  in  the  case  of  individuals,  and  prior 
to  January  1,  1909,  in  the  case  of  corporations,  and 
then,  and  in  such  event,  the  loss  ascertained  will  be 
prorated  over  the  whole  time  the  property  was  held, 
and  that  part  of  the  whole  loss  apportioned  to  the 
taxable  period  will  be  taken  into  account  in  annual 
returns  of  income.  In  prorating,  fractional  parts  of 
years  will  not  be  considered. 

Loss  is  the  difference  between  selling  price  and 
cost,  where  the  selling  price  is  less  than  cost. 

Cost  of  property  purchased  prior  to  the  incidence 
of  the  special  excise  tax  (January  1,  1909)  or  the 
incidence  of  the  income  tax  (March  1,  1913)  will  be 

253 


the  actual  price  paid  for  the  property,  including  the 
expense  incident  to  the  procurement  of  the  property 
in  the  first  instance  and  its  sale  thereafter,  together 
with  carrying  charges  of  interest,  insurance  and 
taxes  actually  paid  prior  to  the  incidence  of  tax 
(special  assessments,  if  any,  "actually  paid"  as 
"local  benefits"  in  connection  with  real  estate)  ;  pro- 
vided that  where,  up  to  the  incidence  of  the  tax,  the 
expense  of  carrying  property  has  exceeded  the  in- 
come from  it,  the  difference  between  the  expense  of 
carrying  and  the  income  from  the  property  shall  be 
added  to  the  purchase  price  and  the  sum  thus  ascer- 
tained shall  be  the  cost  of  the  property;  and  pro- 
vided further,  that  in  the  case  of  property  pur- 
chased prior  to  the  incidence  of  the  tax  and  sale 
thereof  subsequent  to  the  incidence  of  the  tax,  there 
shall  be  excluded  from  consideration  in  ascertaining 
cost  any  items  of  income,  expense,  interest  and  taxes 
previously  taken  into  account  in  preparing  a  return 
of  annual  net  income. 

The  cost  of  property  acquired  subsequent  to  the 
incidence  of  the  tax  will  be  the  actual  price  paid  for 
it,  together  with  the  expense  incident  to  the  pro- 
curement of  the  property  in  the  first  instance  and 
its  sale  thereafter,  and  the  cost  of  improvement  or 
development,  if  any. 

All  existing  rulings  and  regulations  in  conflict 
herewith  are  hereby  annulled  and  superseded. 

W.  H.  OSBORN, 


Commissioner. 


Approved : 
W.  G.  McADOO, 

Secretary. 


(T.  D.  2006.) 

Definition  of  "foreign  corporation"  and  "fiscal  agent"  as  used  in 
T.  D.  1992,  and  further  explanation  of  method  of  handling 
collection  of  income  from  bonds  of  such  foreign  corporations 
and  foreign  countries  having  fiscal  agents  in  the  United 
States. 

TREASURY  DEPARTMENT, 
OFFICE  OF   COMMMISSIONER   OF   INTERNAL    REVENUE, 

Washington,  D.  C,  July  16,  1914. 

To  Collectors  of  Internal  Revenue: 

Doubt  having  arisen  as  to  the  comprehensiveness 
of  the  term  "foreign  corporation,"  and  the  duties  un- 
der the  income  tax  law  of  "fiscal  agents,"  as  pro- 

254 


vided  in  T.  D.  1992,  you  are  advised  that  "foreign 
corporations"  as  used  in  said  decision  was  intended 
to  include  municipal  and  private  corporations  hold- 
ing charters  under  laws  of  countries  foreign  to  the 
United  States,  and  "fiscal  agents"  refers  to  financial 
agents  in  the  ordinary  sense,  upon  whom  the  law 
casts  the  same  duties  with  reference  to  withholding 
and  paying  the  tax  as  are  imposed  upon  withholding 
and  paying  agents  of  domestic  corporations  by  ap- 
pointment. 

Where  a  foreign  government  has  a  fiscal  agent  in 
the  United  States  for  the  purpose  of  paying  the  in- 
terest on  its  obligations,  such  fiscal  agent  will  be 
charged  with  the  duty  of  withholding  and  paying  the 
tax  on  such  interest  payments,  except  to  the  extent 
of  exemption  claimed. 

Where  such  foreign  countries  or  corporations 
have  an  issue  of  bonds  payable  wholly  within  the 
United  States  or  within  or  without  the  United 
States,  at  the  option  of  the  owner  of  the  bonds,  and 
where  the  coupons  from  such  bonds  are  presented 
for  payment  to  the  fiscal  agent  in  the  United  States 
of  such  foreign  countries  or  corporations,  or  for  col- 
lection to  a  bank  or  collecting  agency  whether 
licensed  or  not,  with  ownership  certificate  attached, 
then  and  in  all  such  cases  said  coupons  shall  be 
treated  as  domestic  items  and  the  aforesaid  fiscal 
aorents  will  be  charged  with  the  duties  and  responsi- 
bilities of  withholding  and  paying  agents,  and  will 
make  return  on  Form  1012  as  provided  by  income 
tax  regulations.  • 

Where,  however,  such  coupons  are  not  presented 
with  such  ownership  certificates  attached,  they  shall 
be  received  only  by  a  licensed  bank  or  collecting 
agency,  and  when  so  received  shall  be  considered  to 
be  and  be  treated  as  foreign  items  ,in  accordance 
with  the  regulations  for  the  collection  of  foreign 
income. 

This  ruling  is  made  in  explanation  and  amendment 
of  T.  D.  1992  and  other  applicable  regulations. 

W.  H.  OSBORN, 

Commissioner. 
Approved : 

W.  G.  McADOO, 
Secretary. 


255 


(T.  D.  2011.) 

Taxability  of  commissions  on  renewal)    premiums  on   insurance. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  July  28,  1914. 
To  Collectors  of  Internal  Revenue: 

Commissions  on  renewal  premiums  for  insurance 
are  income  when  received  and  income  for  the  period 
in  which  received.  Therefore,  commissions,  on  re- 
newal premiums  received  between  Mar.  1  and  Dec. 
31,  1913,  are  taxable  income  for  that  period  and 
should  be  included  in  returns  of  income  for  1913. 

Where  commissions  on  renewal  premiums  received 
by  individuals  between  Mar.  1  and  Dec.  31,  1913 
(including  commissions  on  renewal  premiums  on 
business  written  prior  to  Mar.  1,  1913,  and  payable 
and  paid  subsequent  to  that  date),  were  not  included 
in  returns  of  income  of  such  individuals  for  1913, 
they  should  file  amended  returns  and  include  in  such 
amended  returns  the  amount  of  said  commissions  on 
renewal  premiums. 

Where  returns  of  annual  net  income  were  not 
made  by  individuals  in  receipt  of  commissions  on 
renewal  premiums  because  of  insufficient  income  to 
require  a  return  of  income,  and  such  showing  of 
insufficient  income  was  caused  by  the  exclusion  from 
the  return  of  said  commissions  on  renewal  prem- 
iums, such  individuals  should  make  and  file  returns 
of  income  and  include  therein  the  commissions  re- 
ceived by  them  on  renewal  premiums  within  the 
period  from  Mar.  1  to  Dec.  31,  1913. 

W.  H.  OSBORN, 
Approved :  Commissioner. 

W.  G.  McADOO, 

Secretary. 

(T.  D.  2012.) 

Extending  exemption  Certificate  No.  1063,  as  prescribed  in  T.  D. 
1908,  to  non-resident  alien  individuals. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  July  30,  1914. 

To  Collectors  of  Internal  Revenue: 

Exemption  certificate  1063  as  provided  in  T.  D. 
1998  is  hereby  extended  to  and  made  applicable  to 
the  use  of  persons  who  are  non-resident  aliens,  in 

250 


claiming  exemption  from  income  tax  on  dividends 
payable  in  the  United  States  from  stock  of  foreign 
corporations. 

W.  H.  OSBORN, 

Commissioner. 
Approved : 

C.S.  HAMLIN, 

Acting  Secretary. 

(T.  D.  2013.) 

Non-resident  aliens;  Amendment  of  Article  8  of  Regulations  33, 
providing  for  the  collection  of  tax  on  income  of  non-resident 
aliens  derived  from  trades  or  professions  in  the  United  States. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  Aug.  12,  1914. 
To  Collectors  of  Internal  Revenue: 

Article  8,  Income  Tax  Regulations  33,  is  hereby 
amended  by  adding  thereto  the  following: 

The  person,  firm,  company,  co-partnership,  cor- 
poration, joint-stock  company  or  association  and 
insurance  company  in  the  United  States — citizen  or 
resident  alien — in  whatever  capacity  acting  having 
the  control,  receipt,  disposal  or  payment  of  fixed  or 
determinable  annual  or  periodical  gains,  profits  and 
income,  of  whatever  kind,  to  a  non-resident  alien, 
under  any  contract  or  otherwise,  and  which  pay- 
ment shall  represent  income  of  a  non-resident  alien 
from  the  exercise  of  any  trade  or  profession  within 
the  United  States,  shall  make  return  for  such  non- 
resident alien  on  form  1040  and  shall  pay  any  and 
all  tax — normal  and  additional  tax — chargeable 
upon  the  said  income  of  such  non-resident  alien. 

So  that  Article  8  as  amended  shall  read: 

Art.  8.  The  income  of  non-resident  aliens 
subject  to  the  normal  tax  of  1  per  cent, 
shall  consist  of  the  total  gains,  profits  and 
income  derived  from  all  property  owned, 
and  from  every  business,  trade,  or  profes- 
sion carried  on  within  the  United  States  (to 
be  designated  as  gross  income),  less  de- 
ductions (1  to  8,  inclusive)  specifically 
enumerated  in  Paragraph  B  of  the  Act  (see 
Art.  6),  in  so  far  as  said  deductions  relate 
to  said  gains,  profits,  etc. 

257 


The  specifiic  exemption  in  Paragraph  C 
of  the  Act  cannot  be  allowed  as  a  deduction 
in  computing  the  normal  tax  of  non-resi- 
dent aliens. 

Non-resident  aliens  are  subject  to  addi- 
tional or  surtax  the  same  as  prescribed  in 
the  case  of  citizens  of  the  United  States  or 
persons  residing  in  the  United  States. 

The  responsible  heads,  agents,  or  repre- 
sentatives of  said  non-resident  aliens  who 
are  in  charge  of  the  property  owned  or 
business  carried  on  shall  make  full  and 
complete  return  of  said  income  and  shall 
pay  the  tax  as  provided  herein. 

The  person,  firm,  company,  co-partner- 
ship, corporation,  joint-stock  company  or 
association  and  insurance  company  in  the 
United  States — citizen  or  resident  alien — 
in  whatever  capacity  acting,  having  the 
control,  receipt,  disposal  or  payment  of 
fixed  or  determinable  annual  or  periodical 
gains,  profits  and  income,  of  whatever  kind, 
to  a  non-resident  alien,  under  any  contract 
or  otherwise,  and  which  payment  shall  rep- 
resent income  of  a  non-resident  alien  from 
the  exercise  of  any  trade  or  profession 
within  the  United  States,  shall  make  return 
for  such  non-resident  alien  on  form  1040 
and  shall  pay  any  and  all  tax — normal  and 
additional  tax — chargeable  upon  the  said 
income  of  such  non-resident  alien. 

W.  H.  OSBORN, 

Commissioner. 
Approved  : 

W.  G.  McADOO, 

Secretary. 


2.-.S 


(T.  D.  2016.) 

Inspection  of  income-tax  returns — Executive  order — Regulations. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  August  18,  1914. 
To  Internal  Revenue  Officers  and  Others  Concerned: 

The  following  Executive  order,  together  with 
regulations  signed  by  the  Secretary  and  approved 
by  the  President,  relative  to  the  publicity  feature  of 
section  2  of  the  act  of  October  3,  1913,  imposing  an 
income  tax,  is  hereby  published  for  your  information. 

W  .H.  OSBORN, 
Commissioner  of  Internal  Revenue. 

EXECUTIVE  ORDER. 

Pursuant  to  the  provisions  of  Section  2  of  the  Tariff  Act  of 
October  3,  1913,  said  section  providing  for  an  income  tax,  and 
which  contains  in  paragraph  G,  sub-paragraph  (d)  the  following 
provision, 

When  the  assessment  shall  be  made,  as  provided  in  this  section, 
the  returns,  together  with  any  corrections  thereof  which  may  have 
been  made  by  the  Commissioner,  shall  be  filed  in  the  office  of  the 
Commissioner  of  Internal  Revenue  and  shall  constitute  public 
records  and  be  open  to  inspection  as  such:  Provided,  that  any 
and  all  such  returns  shall  be  open  to  inspection  only  upon  the 
order  of  the  President,  under  rules  and  regulations  to  be  pre- 
scribed by  the  Secretary  of  the  Treasury  and  approved  by  the 
President:  Provided  further,  That  the  proper  officers  of  any  State 
imposing  a  general  income  tax  may,  upon  the  request  of  the 
governor  thereof,  have  access  to  said  returns  or  to  anj  abstract 
thereof,  showing  the  name  and  income  of  each  such  corporation, 
joint  stock  company,  association  or  insurance  company,  at  such 
times  and  in  such  manner  as  the  Secretary  of  the  Treasury  may 
prescribe, 

it  is  hereby  ordered,  that  all  such  returns  shall  be  subject  to 
inspection  in  accordance  and  upon  compliance  with  rules  and  regu- 
lations prescribed  by  the  Secretary  of  the  Treasury  and  approved 
by  the  President,  bearing  even  date  herewith. 

WOODROW  WILSON. 

The  White  House,  July  28,  1914. 

[No.  1999.] 

Regulations  Governing  the  Inspection  of  Returns  of  Corporations, 
Joint-Stock  Companies,  Associations,  or  Insurance  Companies, 
made  in  compliance  with  the  requirements  of  Section  2  of  the 
Act  of  October  3,  1913.  Returns  of  individuals  are  not  open 
to  the  inspection  of  anyone  except  the  proper  officers  and 
employees  of  the  Treasury  Department. 

TREASURY  DEPARTMENT, 

Washington,  D.  C,  July  28,  1914. 

Inspection  of  Returns. 

By  section  2  of  the  act  of  October  3,  1913,  Congress  imposed  a 
tax  upon  the  entire  net  income  arising  or  accruing  from  all  sources 


to  every  citizen  of  the  United  States,  whethor  residing  at  home  or 
abroad,  and  to  every  person  residing  in  the  United  States  though 
not  a  citizen  thereof,  and  upon  the  entire  net  income  from  all 
property  owned  and  of  every  business,  trade,  or  profession  carried 
on  in  the  United  States  by  persons  residing  elsewhere,  and  upon 
every  corporation,  joint-stock  company  or  association,  and  every 
insurance  company,  with  certain  exceptions,  engaged  in  business 
in  the  United  States,  and  prescribed  the  method  of  handling  the 
returns  of  annual  net  income  filed  in  compliance  with  said  law, 
as  follows: 

(d)  When  the  assessment  shall  be  made,  as  provided  in  this 
section,  the  returns,  together  with  any  corrections  thereof  which 
may  have  been  made  by  the  Commissioner,  shall  be  filed  in  the 
office  of  the  Commissioner  of  Internal  Revenue  and  shall  consti- 
tute public  records  and  be  open  to  inspection  as  such:  Provided, 
That  any  and  all  such  returns  shall  be  open  to  inspection  only 
upon  the  order  of  the  President,  under  rules  and  regulations  to  be 
prescribed  by  the  Secretary  of  the  Treasury  and  approved  by  the 
President :  Provided  further,  That  the  proper  officers  of  any  State 
imposing  a  general  income  tax  may,  upon  the  request  of  the 
governor  thereof,  have  access  to  said  returns  or  to  an  abstract 
thereof,  showing  the  name  and  income  of  each  such  corporation, 
joint  stock  company  or  association  or  insurance  company,  at  such 
times  and  in  such  manner  as  the  Secretary  of  the  Treasury  may 
prescribe. 

For  the  purpose  of  making  effective  the  legislative  intent  thus 
expressed,  the  President  has  ordered  that  such  returns  shall  be 
open  to  inspection  under  the  following  rules  and  regulations.  The 
word  "corporation,"  when  used  alone  herein,  shall  be  construed 
to  refer  to  corporations,  joint  stock  companies  or  associations,  and 
insurance  companies. 

1.  The  return  of  every  individual,  and  of  every  corporation, 
joint  stock  company  or  association,  and  every  insurance  company, 
whether  foreign  or  domestic,  shall  be  open  to  the  inspection  of  the 
proper  officers  and  employees  of  the  Treasury  Department.  Re- 
turns of  individuals  shall  not  be  subject  to  inspection  by  anyone 
except  the  proper  officers  and  employees  of  the  Treasury  Depart- 
ment. 

2.  Where  access  to  any  return  of  any  corporation  is  desired  by 
an  officer  or  employee  of  any  other  department  of  the  Government, 
an  application  for  permission  to  inspect  such  return,  setting  out 
the  reasons  therefor,  shall  be  made  in  writing,  signed  by  the  head 
of  the  executive  department  or  other  Government  establishment 
in  which  such  officer  or  employee  is  employed,  and  transmitted 
to  the  Secretary  of  the  Treasury.  If  the  return  of  a  corporation 
is  desired  to  be  used  in  any  legal  proceedings  other  than  those  to 
which  the  United  States  is  a  party,  or  to  be  used  in  any  manner 
by  which  any  information  contained  in  the  return  could  be  made 
public,  the  application  for  permission  to  inspect  such  return  or  to 
furnish  a  certified  copy  thereof  shall  be  referred  to  the  Attorney- 
General,  and  if  recommended  by  him  transmitted  to  the  Secretary 
of  the  Treasury. 

3.  All  returns,  whether  of  persons  or  of  corporations,  joint  stock 
companies  or  associations,  or  insurance  companies,  may  be  fur 
nished.  upon  approval  of  the  Secretary  of  the  Treasury,  for  use, 
either  in  the  original  or  by  certified  copies  thereof,  in  any  legal 
proceedings  before  any  United  States  grand  jury  or  in  the  trial  of 
any  cause  to  which  both  the  United  States  and  the  person  or 
corporation  or  association  rendering  the  return  are  parties  either 
as  plaintiff  or  defendant,  and  in  the  prosecution  or  defense  or  trial 
of  which  action,  or  proceeding  before  a  grand  jury,  such  return 

260 


would  constitute  material  evidence,  but  in  any  case  arising  in  the 
collection  of  the  income  tax,  the  Commissioner  of  Internal  Revenue 
may  furnish  for  use  to  the  proper  officer  either  the  original  or 
certified  copies  of  returns  without  the  approval  of  the  Secretary 
of  the  Treasury.  In  all  cases  where  the  use  of  the  original  return 
is  necessary,  it  shall  be  placed  in  evidence  by  the  Commissioner  of 
Internal  Revenue  or  by  some  officer  of  the  Bureau  of  Internal 
Revenue  designated  by  him  for  that  purpose,  and  after  such  orig- 
inal return  has  been  placed  in  evidence  it  shall  be  returned  to  the 
files  in  the  office  of  the  Commissioner  of  Internal  Revenue  at 
Washington,  D.  C. 

4.  The  Secretary  of  the  Treasury,  at  his  discretion,  upon  appli- 
cation to  him  made,  setting  forth  what  constitutes  a  proper 
showing  of  cause,  may  permit  inspection  of  the  return  of  any 
corporation,  by  any  bona  fide  stockholder  in  such  corporation. 
The  person  desiring  to  inspect  such  return  shall  make  application, 
in  writing,  to  the  Secretary  of  the  Treasury,  setting  forth  the 
reasons  why  he  should  be  permitted  to  make  such  inspection,  and 
shall  attach  to  his  application  a  certificate,  signed  by  the  presi- 
dent, or  other  principal  officer,  of  such  corporation,  countersigned 
by  the  secretary,  under  the  corporate  seal  of  the  company,  that 
he  is  a  bona  fide  stockholder  in  said  company.  (Where  this 
certificate  cannot  be  secured,  other  evidence  will  be  considered 
by  the  Secretary  of  the  Treasury  to  determine  the  fact  whether 
or  not  the  applicant  is  a  bona  fide  stockholder  and,  therefore,  en- 
titled to  inspect  the  return  made  by  such  company.)  Upon  receipt 
of  such  application  the  corporation  whose  return  it  is  desired  to 
inspect  shall  be  notified  of  the  facts  and  shall  be  given  oppor- 
tunity to  state  whether  any  legitimate  reason  exists  for  refusing 
permission  to  inspect  its  returns  of  annual  net  income  by  the 
stockholder  applying  for  permission  to  make  such  inspection. 
The  privilege  of  inspecting  the  return  of  any  corporation  is  per- 
sonal to  the  stockholders,  and  the  permission  granted  by  the 
Secretary  to  a  stockholders  to  make  such  inspection  cannot  be 
delegated  to  any  other  person. 

5.  The  returns  of  the  following  corporations  shall  be  open  to 
the  inspection  of  any  person  upon  written  application  to  the 
Secretary  of  the  Treasury,  which  application  shall  set  forth  briefly 
and  succinctly  all  facts  necessary  to  enable  the  Secretary  to  act 
upon  the  request : 

(a)  The  returns  of  all  companies  whose  stock  is  listed  upon 
any  duly  organized  and  recognized  stock  exchange  within  the 
United  States,  for  the  purpose  of  having  its  shares  dealt  in  by 
the  public  generally. 

(b)  All  corporations  whose  stock  is  advertised  in  the  press  or 
offered  to  the  public  by  the  corporation  itself  for  sale.  In  case 
of  doubt  as  to  whether  any  company  falls  within  the  classification 
above,  the  person  desiring  to  see  such  return  should  make  appli- 
cation, supported  by  advertisements,  prospectus,  or  such  other 
evidence  as  he  may  deem  proper  to  establish  the  fact  that  the 
stock  of  such  corporation  is  offered  for  general  public  sale. 

Returns  can  be  inspected  only  in  the  office  of  the  Commissioner 
of  Internal  Revenue,  in  Washington,  D.  C.  In  no  case  shall  any 
collector,  or  any  other  internal  revenue  officer  outside  of  the 
Treasury  Department  in  Washington,  permit  to  be  inspected  any 
return  or  furnish  any  information  whatsoever  relative  to  any 
return  or  any  information  secured  by  him  in  his  official  capacity 
relating  to  such  return,  except  in  answer  to  a  proper  subpoena, 
in  a  case  to  which  the  United  States  is  a  party. 

6.  Returns  of  individuals  shall  not  be  open  to  the  inspection  of 
any  person  other  than  the  proper  officers  and  employees  of  the 

261 


Treasury  Department  or  person  rendering  the  same,  and  are 
under  no  conditions  to  be  made  public,  except  where  such  publicity 
shall  result  through  the  use  of  such  returns  in  any  legal  proceed- 
ings in  which  the  United  States  is  a  party 

7.  Upon  request  of  the  governor  of  a  State  imposing  a  general 
income  tax,  the  proper  officer  of  such  State,  to  be  designated  by 
name  and  official  position  by  the  governor  of  such  State  in  his 
application  to  the  Secretary  of  the  Treasury,  may  have  access  to 
the  returns  or  to  abstracts  thereof  showing  the  name  and  income 
of  each  corporation,  joint  stock  company  or  association,  or  insur- 
ance company,  at  such  times  and  in  such  manner  as  the  Secretary 
of  the  Treasury  may  prescribe.  Such  application  shall  be  made  in 
writing,  addressed  to  the  Secretary  of  the  Treasury  and  shall 
show  (first)  that  the  State,  whose  governor  makes  the  request, 
imposes  a  general  income  tax;  (second)  the  name  and  address  of 
each  corporation,  etc.,  to  which  access  is  desired;  (third)  why 
permission  to  inspect  the  returns  of  the  corporation,  etc.,  named 
in  the  request  is  desired,  and  (fourth)  what  officer  or  officers  are 
designated  to  make  the  desired  inspection,  giving  their  names  and 
official  designations.  Such  request  must  be  signed  by  the  gover- 
nor of  the  State  and  sealed  with  the  seal  thereof,  and  shall  be 
transmitted  to  the  Secretary  of  the  Treasury  for  his  consideration 
and  action  thereon. 

No  provision  is  made  in  the  law  for  furnishing  a  copy  of  any 
return  to  any  person  or  corporation,  and  no  copy  of  any  return 
will  be  furnished  to  any  other  than  the  person  or  corporation 
making  the  return,  or  their  duly  constituted  attorney,  except  as 
hereinbefore  authorized. 

The  provisions  herein  contained  shall  be  effective  on  and  after 
the  1st  day  of  September,  1914. 

W.  G.  McADOO, 
Secretary  of  the  Treasury. 
Approved : 

WOODROW  WILSON, 

The  White  House,  July  28,  1914. 


(T.  D.  2017.) 

Non-taxability  of  interest  from  bonds  and  dividends  on  stock  of 
domestic  corporations  owned  by  non-resident  aliens. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D,  C,  August  25,  1914. 

To  Collectors  of  Internal  Revenue: 

Interest  on  bonds  of  domestic  corporations  and 
dividends  on  stock  of  domestic  corporations  owned 
by  non-resident  aliens,  and  whether  such  bonds 
and  stock  be  physically  located  within  or  without 
the  United  States,  are  not  subject  to  the  income  tax. 

W.  H.  OSBORN, 


Approved : 
W.  G.  McADOO, 

Secretary. 


Commissioner 


2C2 


(T.  D.  2020.) 

Use  of  old  forms  of  ownership  certificates,  which  have  been  exe- 
cuted prior  to  October  1.  will  be  accepted. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  September  25,  1914. 
To  Collectors  of  Internal  Revenue: 

When  coupons  from  bonds  due  on  or  subsequent 
to  October  1,  1914,  are  accompanied  by  certificates 
of  ownership  which  were  properly  executed  on  or 
prior  to  October  1,  1914,  on  the  old  forms  prescribed 
prior  to  May  2,  1914,  such  certificates  will  be  ac- 
cepted. 

W.  H.  OSBORN, 
Approved :  Commissioner. 

W.  G.  McADOO, 

Secretary. 

(T.  D.  2022.) 

Waiver  until  further  notice  of  Regulation  requiring  the  filling  in 
on  certificates  of  numbers  of  bonds. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  October  3,  1914. 
Notice  is  hereby  given  that  Regulation  requiring 
the  filling  in  on  certificates  of  numbers  of  bonds,  or 
other  like  obligations  of  corporations,  etc.,  from 
which  interest  coupons  are  detached  or  upon  which 
registered  interest  is  to  be  paid — which  was  ex- 
tended to  October  31,  1914,  by  T.  D.  1985,  issued 
May  28,  1914, — is  hereby  waived  until  further 
notice. 

ROBT.  WILLIAMS,  JR., 
Approved:  Acting  Commissioner. 

W.  G.  McADOO, 

Secretary. 

(T.  D.  2023.) 

Amending  Article  58,  Income  Tax  Regulations  33,  requiring  en- 
dorsement or  stamp  on  foreign  coupons,  checks,  bills  of  ex- 
change, etc. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  October  12,  1914. 
To  Collectors  of  Internal  Revenue: 

Article  58,  Income  Tax  Regulations  33,  is  hereby 
amended  to  read  as  follows: 

Article  58.    The  licensed  person,  firm  or  cor- 
poration first  receiving  such  foreign  items  for 

2C>3 


collections,  or  otherwise,  shall  withhold  there- 
from the  normal  tax  of  one  per  cent.,  and  will 
be  held  responsible  therefor.  If  the  foreign 
item  is  in  the  form  of  a  check  or  bill  of  ex- 
change, the  words  "Income  Tax  withheld  by 

"   (giving  name,  address  and  date) 

shall  be  endorsed  or  stamped  thereon  by  such 
licensee;  but  if  the  item  is  represented  by  a 
coupon  or  coupons  from  bonds,  the  licensee  shall 
attach  thereto  a  statement  identifying  the 
same,  and  the  endorsement  or  stamp  showing 
the  tax  withheld  shall  be  placed  on  the  state- 
ment instead  of  the  coupon  or  coupons. 

Said  endorsement  or  stamp  shall  be  sufficient 
evidence  of  tax  withheld  to  relieve  subsequent 
holders  or  purchasers  from  the  obligations  of 
withholding. 

ROBT.  WILLIAMS,  JR., 
Approved:  Acting  Commissioner. 

W.  G.  McADOO, 

Secretary. 

(T.  D.  2024.) 

Amendment  of  Article  192  of  Regulations  No.  33,  providing  that 
Collectors  should  not  retain  copies  of  returns  in  their  offices. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  October  15,  1914. 

To  Collectors  of  Internal  Revenue: 

Referring  to  Article  192  of  Regulations  No.  33, 
wherein  it  is  provided  that, 

"Where  in  any  case  the  collector  has  reason 
to  believe  that  any  return  rendered  is  false  or 
fraudulent,  he  will  prepare  and  retain  in  his 
office  a  copy  of  such  return,  and  will  note  on  the 
original  and  under  the  head  of  'Remarks'  of  his 
assessment  list  the  words  'Investigation  pend- 
ing/ He  will  in  all  such  cases  make  his  inves- 
tigation in  the  manner  prescribed  in  Section 
3173,  Revised  Statutes,  and  paragraph  D  of 
said  act  of  October  3,  1913 ;  and  he  will  report 
the  results  of  his  investigation  to  the  Commis- 
sioner of  Internal  Revenue,  referring  to  the  list, 
folio,  and  line  on  which  the  assessment  was 
reported." 
you  are  informed  that  inasmuch  as  these  investiga- 
tions are  to  be  made  by  the  revenue  agents'  force, 

264 


the  portion  of  the  article  of  Regulations   No.  33 
quoted  above  is  hereby  annulled. 

Collectors  should  not  under  any  conditions  retain 
copies  of  returns  in  their  offices,  but  when  informa- 
tion relative  to  any  return  of  annual  net  income 
filed  by  any  taxpayer  is  necessary  in  connection 
with  the  assessment  and  collection  of  the  income  tax, 
the  same  may  be  secured  from  the  Commissioner  of 
Internal  Revenue  at  Washington. 

W.  H.  OSBORN, 
Approved :  Commissioner. 

W.  G.  McADOO, 

Secretary. 

(T.   D.  2028.)     . 
Five  Per  Gent.  Penalty  and  Interest  on  Delayed  Payments 

The  5  per  cent,  penalty  and  interest  on  delayed  payment  of 
assessed  income  taxes  in  the  case  of  persons  absent  in  foreign 
countries  held  to  be  due  unless  payment  is  forwarded  within 
ten  days  after  notice  and  demand,  Form  17,  should  have  been 
received  in  the  ordinary  course  of  the  mails. — T.  D.  1659 
modified. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  October  24,  1914. 
To  Collectors  of  Internal  Revenue: 

In  the  last  sentence  of  paragraph  E  of  section  2 
of  the  act  of  October  3,  1913,  it  is  provided: 

.  .  .  And  to  any  sum  or  sums  due  and  unpaid  after  the 
thirtieth  day  of  June  in  any  year,  and  for  ten  days  after  notice 
and  demand  thereof  by  the  collector  there  shall  be  added  the  sum 
of  5  per  centum  on  the  amount  of  tax  unpaid,  and  interest  at  the 
rate  of  1  per  centum  per  month  upon  said  tax  from  the  time  the 
same  becomes  due,  except  from  the  estates  of  insane,  deceased, 
or  insolvent  persons. 

By  reason  of  absence  in  foreign  countries  or  on 
account  of  traveling  abroad,  it  is  impossible  for 
many  individuals  to  receive  notice  and  demand  on 
Form  17  and  make  payment  of  the  taxes  assessed 
thereon  so  the  same  can  be  received  by  the  collector 
within  the  10-day  period  following  June  30  or  within 
the  10-day  period  following  the  service  of  the  notice. 
You  are  requested,  therefore,  to  enter  on  Form  17, 
as  the  date  on  which  such  assessed  tax  becomes  due 
and  payable,  as  near  as  possible,  a  date  10  days  sub- 
sequent to  the  time  that  said  notice  should  be  re- 
ceived in  the  ordinary  course  of  the  mails  by  the 
taxpayer,  and  where  it  appears  that  the  full  amount 
of  tax  assessed  was  placed  in  the  mails  within  the 
10-day  period  after  the  receipt  of  Form  17,  or  in 

265 


case  notice  so  sent  is  not  delivered  in  due  time  by- 
reason  of  delay  in  the  mail  and  satisfactory  evidence 
of  that  fact  is  furnished  the  penalty  and  interest  in 
such  cases  will  not  be  collected.  In  the  latter  cases 
the  envelope  inclosing  the  notice  and  bearing  the 
postmark  of  the  receiving  office  should  be  forwarded 
to  the  collector  and  by  him  transmitted  to  this  office 
with  Form  325  as  evidence  of  delay  in  the  delivery 
of  notice  so  sent. 

This  ruling  applies  solely  to  the  collection  of  in- 
come tax  from  individuals  and  includes  Government 
officers.    T.  D.  1659  is  modified  accordingly. 

W.  H.  OSBORN, 
Approved:  Commissioner  of  Internal  Revenue. 

W.  G.  McADOO, 

Secretary  of  the  Treasury. 


(T.  D.  2029.) 

Corporations  desiring  to  make  returns  of  annual  net  income  on  the 
basis  of  a  fiscal  year  must,  not  less  than  30  days  prior  to  the 
first  day  of  March,  give  notice  in  writing  to  the  Collector, 
designating  in  such  notice  the  last  day  of  some  month  as  the 
close  of  the  fiscal  year,  in  which  case  the  fiscal  year  return 
will  cover  a  twelve-months  period.  The  return  for  that  por- 
tion of  the  calendar  year  preceding  the  beginning  of  the  fiscal 
year  will  be  filed  on  or  before  March  next  following. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  October  24,  1914. 
To  Collectors  of  Internal  Revenue: 

Reference  is  made  to  Treasury  Decision  No.  2001, 
relative  to  the  designation  by  corporations  of  a  fiscal 
year  other  than  a  calendar  year  as  a  basis  for  mak- 
ing returns  of  annual  net  income. 

You  are  informed  that  every  corporation  amenable 
to  the  income  tax  law,  in  existence  at  the  close  of  a 
calendar  year,  is  required  to  file  a  return  covering 
all  or  any  part  of  the  preceding  calendar  year  dur- 
ing which  it  may  have  been  in  existence,  on  or  before 
March  1,  provided  such  corporation  has  not  estab- 
lished,-or  does  not  establish,  a  fiscal  year. 

In  order  to  establish  a  fiscal  year  it  is  necessary 
for  the  corporation  to  give  notice  to  you  in  writing 
designating  the  last  day  of  some  month  as  the  close 
of  its  fiscal  year.  This  notice  must  be  filed  not  less 
than  30  days  prior  to  March  1  of  the  year  in  which 
the  fiscal  year  period  of  twelve  months  closes.  A 
return  for  that  portion  of  the  calendar  year,  pre- 
ceding the  commencement  of  the  fiscal  period  of 

260 


twelve  months,  is  required  to  be  filed  on  or  before 
March  1  of  the  year  next  following  the  calendar 
year  of  which  it  is  a  part,  and  the  return  for  the  first 
full  fiscal  year  is  required  to  be  filed  on  or  before 
the  last  day  of  the  60-day  period  following  the  close 
of  the  fiscal  year. 

Example:  A  corporation  desiring  to  establish  its 
fiscal  year  as  ending  on  June  30,  1915,  must  file 
notice  not  less  than  thirty  (30)  days  prior  to  March 
1,  1915,  or  on  or  before  January  29,  1915.  A  return 
for  the  period  January  1  to  June  30,  1914,  must  then 
be  filed  on  or  before  March  1,  1915,  and  a  return  for 
the  first  fiscal  year  period  (July  1,  1914,  to  June  30, 
1915),  must  be  filed  on  or  before  August  29,  1915. 

That  portion  of  the  year  preceding  the  beginning 
of  an  established  fiscal  year  is  held  to  be  a  fractional 
part  of  the  calendar  year,  and  as  the  return  of  a 
calendar  year  is  not  required  to  be  filed  until  on  or 
before  the  first  day  of  March  next  following,  there 
is  no  provision  of  law  whereby  the  return  covering 
a  fraction  of  a  calendar  year  is  required  to  be  filed 
earlier  than  "on  or  before"  the  next  March  first, 
though  it  is  preferred  that  the  return  for  this  frac- 
tion .shall  be  filed  as  early  as  possible  after  the  close 
of  the  period. 

The  above  instructions  are  supplemental  to  Treas- 
ury Decision  2001,  and  rulings  or  decisions  hereto- 
fore issued  in  conflict  with  the  foregoing  are  hereby 
revoked. 

W.  H.  OSBORN, 
Approved :  Commissioner. 

W.  G.  McADOO, 

Secretary. 


(T.  D.  2030.) 

Exemption  certificate  provided  for  use  of  banks  and  bankers, 
either  foreign  or  domestic,  claiming  exemption  from  income 
tax  on  dividends  from  stock  of  foreign  corporations  owned 
by  non-resident  aliens. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  October  13,  1914. 
To  Collectors  of  Internal  Revenue: 

The  following  certificate  is  hereby  provided,  which 
may  be  executed  by  responsible  banks  or  bankers, 
either  foreign  or  domestic,  for  and  on  behalf  of  non- 
resident owners  of  stock  of  corporations  of  foreign 
countries,  for  the  purpose  of  claiming  exemption 
from  the  income  tax  on  dividends  from  such  stock: 

207 


Form 
1071 


3Q 


M 


Form   1071. 

EXEMPTION    CERTIFICATE— BANKS    OR    BANKERS, 
EITHER  FOREIGN  OR  DOMESTIC. 

(For  the  use  of  responsible  banks  or  bankers,  either  foreign  or 
domestic,  for  and  on  behalf  of  non-resident  owners  of  stock 
of  corporations  of  foreign  countries.) 


(Give  name  of  foreign  corporation.) 


(Full  description  of  stock,  stating  whether  common  or 
preferred,    or   both.) 

Amount   of   dividends,  $ — 


I  (we)  do  solemnly  declare  that  the  owners  of  the  stock 
of  foreign  corporations  upon  which  the  aforesaid  dividends 
were  declared  are  non-resident  aliens  as  to  the  United 
States  and  are  exempt  from  the  income  tax  imposed  on  such 
income  by  the  United  States  Government  under  the  law 
enacted  October  3,  1913;  that  no  citizen  of  the  United 
States,  wherever  residing,  or  foreigner  residing  in  the 
United  States  or  in  any  of  its  possessions,  has  any  interest 
in  said  stock;  and  that  all  of  the  information  as  given  in 
this  certificate  is  true  and  correct.  I  (we)  hereby  agree 
that  if  at  any  time  it  shall  appear  that  the  income  or  any 
part  thereof  represented  or  covered  by  this  certificate  was, 
or  is,  subject  to  the  normal  tax  imposed  by  the  United 
States,  upon  presentation  of  proof  of  that  fact  to  me  (us) 
by,  from,  or  through  the  Commissioner  of  Internal  Revenue, 
Washington,  D.  C,  I  (we)  will  pay  and  remit  to  the  United 
States  Government  the  amount  of  tax  claimed  to  be  due; 
and  I  (we)  hereby  further  agree  that  whenever  in  the 
judgment  of  the  Commissioner  of  Internal  Revenue  it  shall 
be  necessary  in  or  to  the  administration  of  the  income-tax 
law,  I  (we)  will,  upon  request  of  said  Commissioner  of 
Internal  Revenue,  disclose  and  furnisli  to  him  the  names 
and  addresses  of  the  owners  and  the  amount  of  the  stock 
aforesaid. 

Date ,  191  

(Name  of  bank  or  banker.) 

By 

(Signature  of  official  authorized  to  sign.) 


(Official  position.) 


(Full  post-office  address  of  bank  or 
hanker.) 

(SIGNATURES     MUST     BE     CLEARLI      AND     LEGIBLY 
WRITTEN.) 

268 


The  above  certificate  shall  be  in  size  8  by  3V& 
inches,  and  shall  be  printed  to  read  from  left  to  right 
along  the  8-inch  dimension. 

The  certificate  shall  be  printed  on  yellow  paper, 
and  such  paper  shall  correspond  in  weight  and  tex- 
ture to  white  writing  paper,  21  by  32,  about  40 
pounds  to  the  ream  of  500  sheets. 

The  certificate  hereby  authorized  will  be  printed 
by  the  Government  and  furnished  without  cost. 

Banks  or  bankers  desiring  to  furnish  their  own 
certificates  may  do  so,  but  the  certificate  so  printed 
must  conform  in  size  to  that  prescribed  above  and  be 
printed  in  similar  type  upon  the  same  color,  shade, 
and  weight  of  paper  as  used  by  the  Government. 

Sample  certificates  showing  size  of  type  and  color 
of  paper  can  be  secured  from  collectors  of  internal 
revenue  in  their  several  districts  or  from  the  Com- 
missioner of  Internal  Revenue,  Washington,  D.  C. 

W.  H.  OSBORN, 

Commissioner  of  Internal  Revenue. 
Approved: 

W.  G.  McADOO, 

Secretary  of  the  Treasury. 


(T.  D.  2048.) 

Taxable  status  of  dividends  paid  on  the  capital  stock  from  the 
current  net  earnings  or  established  surplus  created  from  the 
net  earnings  of  corporations,  joint  stock  companies  or  asso- 
ciations, and  insurance  companies  taxable  upon  their  net 
income. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washingon,  D.  C,  November  12,  1914. 

To  Collectors  of  Internal  Revenue: 

Dividends  from  the  net  earnings  or  established 
surplus  created  from  the  net  earnings  of  any  corpor- 
ation, joint  stock  company  or  association  and  insur- 
ance company,  are  vested  in  the  stockholder  on  the 
date  on  which  such  dividends  are  declared,  whether 
distributed  or  not,  and  regardless  of  the  time  when 
the  surplus  or  undivided  profits  from  which  such 
dividends  are  declared  were  earned  and  entered  on 
the  books  of  the  corporation  as  such.  Dividends  so 
declared .  should  be  accounted  for  in  full  in  the  re- 
turns of  income  of  individuals  for  the  year  in  which 
they  became  due  and  payable,  whenever  the  amount 
of  income  is  sufficient  to  require  the  inclusion  of  divi- 
dends, as  provided  in  Paragraph  D  of  the  Income  Tax 

269 


Law  and  T.  D.  1945,  and  should  be  included  in  the 
gross  income  of  corporations,  etc.,  regardless  of  the 
amount  of  income. 

All  decisions  and  regulations  which  are  in  conflict 
herewith  are  hereby  revoked. 

W.  H.  OSBORN, 
Approved :  Commissioner. 

W.  G.  McADOO, 

Secretary. 

(T.  D.  2077.) 

The  gain  or  loss  resulting  from  the  sale  of  capital  assets  and 
apportioned  to  the  years  subsequent  to  January  1,  1909, 
should  be  increased  or  decreased,  accordingly  as  there  was 
gain  or  loss,  by  the  amount  of  depreciation  charged  off  since 
January  1,  1909,  and  not  used  to  make  good  such  depreciation. 

TREASURY  DEPARTMENT, 
-OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washingon,  D.  C,  November  21,  1914. 
To  Collectors  of  Internal  Revenue- 
Article  110,  page  66,  of  Regulations  No.  33  should 
be,  and  is  hereby,  amended  to  read  as  follows : 

"Art.  110.  For  the  purpose  of  determining 
the  amount  of  profit  or  loss  arising  from  the 
sale  of  capital  assets  acquired  prior  to  January 
1,  1909,  which  shall  be  taken  into  account  by 
corporations  in  making  their  returns  of  annual 
net  income,  the  gain  or  loss  represented  by  the 
difference  between  the  purchase  price  and  the 
selling  price  shall  be  prorated  according  to  the 
number  of  years  the  assets  were  held  prior  to 
their  sale,  and  the  amount  thus  apportioned,  or 
apportionable,  to  the  years  subsequent  to  Jan- 
uary 1,  1909,  shall  be  included  in  or  deducted 
from  the  gross  income  of  the  year  in  which  the 
assets  were  sold,  accordingly  as  they  were  sold 
for  more  or  less  than  their  original  cost.  To  any 
gain  thus  apportioned  and  to  be  included  in  in- 
come there  should  be  added  any  amount,  or 
amounts,  which  had  been  charged  against  and 
deducted  from  gross  income,  during  the  years 
since  the  inception  of  the  special  excise  tax  law, 
on  account  of  depreciation  and  which  had  not 
been  paid  out  in  making  good  the  depreciation — 
that  is,  any  amount  charged  off  subsequent  to 
January  1,  1909,  on  account  of  the  depreciation 

270 


of  the  assets  sold  and  not  used  to  make  good 
such  depreciation  shall  be  added  to  the  gain 
apportioned  to  these  years  and  will  be  included 
in  the  income  of  the  year  in  which  the  property 
was  sold.  Likewise,  for  the  purpose  of  a  deduc- 
tion from  gross  income  of  the  year  in  which  the 
assets  were  sold,  loss  resulting  from  any  such 
sale,  apportionable  to  the  years  subsequent  to 
January  1,  1909,  will  be  reduced  by  the  amount 
of  the  unused  portion  of  the  depreciation 
charged  off  with  respect  to  such  assets  since 
January  1,  1909. 

This  ruling,  in  so  far  as  it  relates  to  depreciation, 
applies  only  to  such  tangible  property  as  is  subject 
to  wear  and  tear,  exhaustion  and  obsolescence,  and 
is  not  to  be  construed  as  recognizing  any  gain  or  loss 
due  to  fluctuations  in  the  market  value  or  arbitrary 
changes  in  the  book  value  of  securities  and  like 
assets,  the  gain  or  loss  with  respect  to  which  will 
be  determined  only  when  such  assets  mature,  or  are 
sold  or  disposed  of — that  is,  when  there  is  a  com- 
pleted, a  closed,  transaction.     (See  T.  D.  2005.) 

W.  H.  OSBORN, 
Approved :  Commissioner. 

BYRON  R.  NEWTON, 

A  ding  Secretary. 

(T.  D.  2079.) 

Income  Tax  Liability  and  Withholding  Requirements  in  connec- 
tion with  Quarters,  Heat  and  Light,  Mileage,  Reimbursement 
for  Actual  Expenses,  and  Per  Diem  Allowances  in  Lieu  of 
Subsistence  While  Traveling  Under  Orders,  furnished  or  paid 
by  the  Government  to  officers  and  employes. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washingon,  D.  C,  November  24,  1914. 

To  Collectors  of  Internal  Revenue: 

All  decisions  and  regulations  which  are  in  conflict 
with  the  holdings  that  follow  are  hereby  revoked. 

(A)  Income  Tax  Liability. 

(1)  Quarters:  Commutation  of  quarters  and 
the  money  equivalent  of  quarters  furnished  in  kind 
shall  be  returned  as  income. 

When  quarters  are  furnished  in  kind,  of  a  less 
number  of  rooms  than  the  number  allowed  by  law, 
the  money  equivalent  only  of  the  number  of  rooms 

271 


actually  assigned  shall  be  returned  as  income.  When 
quarters  are  furnished  in  kind,  of  a  greater  number 
of  rooms  than  the  number  allowed  by  law,  it  is  to  be 
assumed  that  the  excess  number  is  assigned  for  the 
convenience  of  the  Government,  and  the  money 
equivalent  only  of  the  number  of  rooms  allowed  by 
law  shall  be  returned  as  income. 

(2)  Heat  and  Light:  Amounts  received  by,  or 
paid  for,  an  officer  for  heat  and  light  shall  be  re- 
turned as  income. 

This  includes  the  money  equivalent-,  as  fixed  by 
the  Government,  of  heat  and  light  furnished  to  an 
officer  occupying  public  quarters. 

(3)  Mileage:  The  difference  between  the  amount 
received  as  mileage  and  the  amount  of  actual  neces- 
sary expenses  incurred  on  a  journey  shall  be  re- 
turned as  income. 

Mileage,  as  such,  is  not  gain,  profit,  or  income  to 
the  officer,  as  he  is  required  to  pay  his  actual  ex- 
penses while  traveling  under  mileage  orders.  The 
gain,  profit,  or  income  is  the  difference  between  the 
amount  received  as  mileage  and  the  amount  prop- 
erly expended  by  the  officer  while  traveling ;  and  this 
difference,  only,  should  be  returned  as  income. 

The  actual  expenses  to  be  deducted  by  the  indi- 
vidual before  ascertaining  his  gain,  profit,  or  income 
on  account  of  mileage  are  the  expenses  for  which 
reimbursement  would  be  made  by  the  Government 
if  he  had  traveled  on  an  actual  expense  basis  instead 
of  a  mileage  basis. 

(4)  Reimbursement       for       Actual       Expenses: 

Amounts  paid  by  the  Government  in  the  nature  of 
reimbursement  for  subsistence  and  other  items  of 
actual  expenses  incurred  while  absent  on  business 
for  the  Government  are  not  required  to  be  returned 
as  income. 

(5)  Per  Diem  Allowances  in  Lieu  of  Subsistence 
While  Traveling  Under  Orders:  The  difference  be- 
tween the  amount  received  as  a  per  diem  allowance 
and  the  amount  of  actual  necessary  expenses  in- 
curred on  a  journey  shall  be  returned  as  income. 

(B)  Withholding  Requirements. 

Payments  in  connection  with  (1)  Quarters,  (2) 
Heat  and  Light,  (3)  Mileage,  (4)  Reimbursement 
for  Actual  Expenses,  and  (5)  Per  Diem  Allowances 
in  Lieu  of  Subsistence  While  Traveling  Under  Orders 
are  indefinite  and  irregular  as  to  right  of  possession, 

272 


amount,  and  time  of  accrual;  and  are  not,  therefore, 
subject  to  withholding  as  "fixed  or  determinable 
annual  or  periodical  gains,  profits,  and  income"  un- 
der the  requirements  of  the  Income  Tax  Law. 

W.  H.  OSBORN, 
Approved :  Commissioner. 

BYRON  R.  NEWTON, 

Acting  Secretary  of  the  Treasury. 


(T.  D.  2090.) 

The  rulings  set  forth  in  this  decision  have  been  reproduced  ver- 
batim under  their  proper  headings  in  the  Digest  of  Regulations. 


(T.  D.  2109.) 

NONRESIDENT  ALIENS— Amendment  of  Article  8  of  Regula- 
tions 33,  providing  for  the  collection  of  tax  on  income  of  non- 
resident aliens. 

TREASURY  DEPARTMENT, 
OFFICE  OF  COMMISSIONER  OF  INTERNAL  REVENUE, 

Washington,  D.  C,  December  28,  1914. 

To  Collectors  of  Internal  Revenue: 

Treasury  Decision  2013  of  August  12,  1914, 
amending  Article  8,  Income  Tax  Regulations  No.  33, 
is  amended  to  make  Article  8  read  as  follows,  the 
words  in  italics  constituting  the  further  amend- 
ments : 

Art.  8.  The  income  of  nonresident  aliens 
subject  to  the  normal  tax  of  1  per  cent,  shall 
consist  of  the  total  gains,  profits,  and  income 
derived  from  all  property  owned  and  from  every 
business,  trade  or  profession  carried  on  within 
the  United  States  (to  be  designated  as  gross  in- 
come), less  deductions  (1  to  8,  inclusive) 
specifically  enumerated  in  paragraph  B  of  the 
act  (see  art.  6),  in  so  far  as  said  deductions 
relate  to  said  gains,  profits,  etc. 

The  specific  exemption  in  paragraph  C  of  the 
act  can  not  be  allowed  as  a  deduction  in  com- 
puting the  normal  tax  of  nonresident  aliens. 

Nonresident  aliens  are  subject  to  additional 
or  surtax  the  same  as  prescribed  in  the  case  of 
citizens  of  the  United  States  or  persons  residing 
in  the  United  States. 

The  responsible  heads,  agents,  or  representa- 
tives  of  said   nonresident  aliens   who   are  in 

273 


charge  of  the  PROPERTY  OWNED  OR  BUSI- 
NESS CARRIED  ON  shall  make  full  and  com- 
plete return  of  the  income  therefrom  on  Form  1040 
and  shall  pay  any  and  all  tax  normal  and  additional 
ASSESSED  UPON  THE  SAID  INCOME  OF 
SUCH  nonresident  aliens. 

The  person,  firm,  company,  copartnership, 
corporation,  joint-stock  company  or  association, 
and  insurance  company,  in  the  United  States, 
citizen  or  resident  alien,  in  whatever  capacity 
acting,  having  the  control,  receipt,  disposal,  or 
payment  of  fixed  or  determinable  annual  or 
periodical  gains,  profits  and  income,  of  whatever 
kind,  to  a  nonresident  alien,  under  any  contract 
or  otherwise,  which  payment  shall  represent 
income  of  a  nonresident  alien  from  the  exercise 
of  any  TRADE  OR  PROFESSION  within  the 
United  States,  shall  deduct  and  withhold  fromjsuch 
annual  gains,  profits,  and  income,  regardless  of 
amount,  and  pay  to  the  officer  of  the  United  States 
Government  authorized  to  receive  the  same,  such  tax  as 
will  be  sufficient  to  pay  the  normal  tax  of  one^per  cent, 
imposed  thereon  by  law;  and  shall  make  an  annual 
return  on  Form  1042. 

Form  1008,  Revised,  claiming  the  benefit  of  deduc- 
tions and  refund  of  excess  tax  withheld,  as  provided 
by  paragraphs  B  and  E  of  the  Federal  Income  Tax 
Law  may  be  filed  by  the  nonresident  alien  with  the 
withholding  agent  or  Collector  of  Internal  Revenue  for 
the  district  in  which  the  return  is  made  or  is  to  be 
made. 

W.  H.  OSBORN, 
Commissioner  of  Internal  Revenue. 
Approved : 

WM.  P.  MALBURN, 

Acting  Secretary  of  the  Treasury. 


2ii 


ADDENDA 

The   following   regulations   are   reproduced   for  more   detailed 
reference. 


(T.  D.  1913.) 
Special  excise  tax  on  corporations — Court  decision. 

1.  Mining  Companies. 

Section  38,  act  of  August  5,  1909,  imposing  a  special  excise 
tax  on  corporations,  applies  to  mining  companies. 

2.  Character  of  the  Corporation  Tax  Act. 

The  corporation  tax  act  of  1909  is  not  an  income-tax  law, 
but  imposes  an  excise  tax  upon  the  conduct  of  business  in  a 
corporate  capacity,  measuring  the  amount  of  tax  by  the  in- 
come of  the  corporation. 

3.  Income. 

The  proceeds  of  ore  mined  by  mining  companies  from  their 
properties  is  income  within  the  meaning  of  the  corporation- 
tax  act. 

4.  Depreciation. 

Mining  companies,  in  making  returns  of  net  income,  are  not 
allowed  to  deduct  from  gross  income,  on  account  of  deprecia- 
tion, the  difference  between  the  value  of  the  product  and  the 
cost  of  production. 

Treasury  Department, 
Office  of  Commissioner  of  Internal  Revenue, 

Washington,  D.  C,  December  11,  1913. 

The  appended  decision  of  the  United  States  Supreme 
Court  in  the  case  of  Stratton's  Independence  (Ltd.)  v. 
P.  W.  Howbert,  collector  of  internal  revenue,  is  pub- 
lished for  the  information  of  internal  revenue  officers 
and  others  concerned. 

W.  H.  Osborn, 
Commissioner  of  Internal  Revenue. 

Supreme  Court  of  the  United  States.  No.  457. 
October   Term,   1913. 

Stratton's  Independence  (Ltd.)  v.  F.  W.  Howbert,  Collector  of 
Internal  Revenue  in  and  for  the  District  of  Colorado. 

On   Certificate  from  the  Circuit  Court  of  Appeals  for  the  Eighth 

Circuit. 

Digest  of  opinion  delivered  by  Mr.  Justice  Pitney: 
Stratton's  Independence   (Ltd.),  a  British  corporation  oper- 
ating in  Colorado,  upon  mining  lands  owned  by  itself,  brought 
action  in  the  District  Court  of  the  United  States  to  recover 
certain  taxes  paid  under  protest  for  the  years  1909  and  1910 

275 


under  provision  of  the  corporation  tax  act  of  August  5,  1909. 

In  the  years  1909  and  1910  the  company  extracted  from  its 
lands  certain  ores  bearing  gold  and  other  precious  metals, 
which  were  sold  for  sums  largely  in  excess  of  the  cost  of 
mining,  extracting,  and  marketing  the  same.  It  did  not 
appear  that  the  so-called  "value  of  the  ore  in  place"  or  any 
other  sum  was  actually  charged  off  the  books  of  the  company 
as  depreciation.  Among  the  questions  of  law  presented  to  the 
Court  were  the  following: 

1.  Was  the  value  of  the  ore  in  place  that  was  extracted 

from  the  mining  property  during  the  years  in  ques- 
tion properly  allowable  as  depreciation  in  estimating 
the  net  income  of  the  plaintiff,  subject  to  taxation 
under  the  Act  of  1905? 

2.  Is  the  right  to  such  credit  affected  by  the  fact  that  the 

plaintiff  does  not  carry  such  items  on  its  books  in  a 
depreciation  account? 

The  Court  directed  a  verdict  in  favor  of  the  plaintiff  with 
respect  to  certain  amounts  which  were  undisputed  and  con- 
cerning which  no  question  is  now  raised,  but  directed  a  ver- 
dict in  favor  of  the  defendant  with  respect  to  so  much  of  the 
taxes  paid  as  represented  the  value  in  place  of  the  ore  that 
was  extracted  during  the  years  in  question,  overruling  the 
contention  that  such  value  was  allowable  for  depreciation  in 
estimating  the  net  income  of  the  plaintiff.  To  this  ruling 
proper  exceptions  were  taken.  The  resulting  judgment  having 
been  removed  by  writ  of  error  to  the  Circuit  Court  of  Appeals, 
that  court  certified  that  the  following  questions  of  law  are 
presented  to  it,  the  decision  of  which  is  indispensable  to  a 
determination  of  the  cause  and  upon  which  it  desired  instruc- 
tions of  the  Supreme  Court. 

1.  Does  Section  38,  of  the  Act  of  August,  1909,  apply  to 

mining  corporations? 

2.  Are  the  proceeds  of  ores  mined  by  a  corporation  from 

its  own  income  within  the  meaning  of  the  act? 

3.  If   the   proceeds   from   ore   sales   are   to  be  treated   as 

income,  is  such  a  corporation  entitled  to  deduct  the 
value  of  such  ore  in  place  and  before  it  is  mined  as 
depreciation  within  the  meaning  of  said  act? 

The  Supreme  Court  answered  questions  Nos.  1  and  2  in  the 
affirmative  and  No.  3  in  the  negative. 

(T.  D.  1918.) 

Corporation  tax — Insurance  companies — Decision  of 
court. 

1.  Insurance  Companies. 

The  corporation  in  question  is  an  insurance  company 
within  the  meaning  of  the  law  and  subject  to  the  tax 
imposed  by  section  38,  act  of  August  5,  1909. 

2.  Fraternal  Beneficiary  Societies. 

There  is  no  exemption  in  the  law  in  favor  of  insurance 
companies  other  than  fraternal  beneficiary  societies  oper- 
ating under  the  lodge  system  (see  T.  D,  1738).  Fraternal 
beneficiary  societies  defined. 

276 


Treasury  Department, 
Office  of  Commissioner  of  Internal  Revenue, 

Washington,  D.  C,  December  16, 1913. 

The  appended  decision  of  the  United  States  District 
Court  for  the  Northern  District  of  Ohio,  Eastern  Divi- 
sion, in  the  case  of  Commercial  Travelers '  Life  and 
Accident  Association  v.  Rodway,  collector,  is  published 
for  the  information  of  internal-revenue  officers  and 
others  concerned. 

Robt.  Williams,  Jr., 
Acting  Commissioner  of  Internal  Revenue. 

dlstbict  coubt  of  the  united  states,  northern- district  of 
Ohio,  Eastern  Division.     No.  8292. 

Commercial  Travelers'  Life  and  Accident  Association  v.  A.  N. 
Rodway,  collector  of  internal  revenue. 

[Dec.  3,  1913.] 

Memorandum  on  demurrer  to  petition. 

The  plaintiff  paid  under  protest  the  corporation  excise  tax 
required  by  the  act  of  1909  upon  its  net  income  and  sought 
by  this  action  to  recover  back  payment.  The  grounds  upon 
which  it  founded  its  right  of  action  were  that  the  company 
was  organized  under  the  statutes  of  Ohio  as  a  mutual  pro- 
tective association,  having  as  its  only  source  of  revenue  the 
assessments  paid  by  its  members.  After  payment  of  losses 
sustained  during  any  year  and  of  operating  expenses,  the  re- 
maining surplus,  if  any,  is  paid  into  a  reserve  fund,  which 
fund  is  the  sole  and  only  resource  of  the  company  for  the 
payment  of  losses  in  excess  of  its  income  during  any  year. 
On  Dec.  31st,  1910,  the  outstanding  liabilities  of  the  associa- 
tion for  policies  in  force  was  $7,096,000  and  the  reserve  fund, 
including  the  net  income  for  the  year,  was  $382,875.95.  It 
was  contended  by  the  plaintiff  that  its  income  for  the  year 
does  not  represent  profits  but  a  balance  to  be  added  to  the 
reserve  fund,  against  which  fund  there  were  the  liabilities  as 
before  named;  that  the  plaintiff  is  not  engaged  in  business 
for  profit,  its  only  function  being  to  receive  payment  from  its 
members  and  make  distribution  thereof  to  members  who  may 
sustain  injuries  or  to  representatives  of  members  in  case  of 
death;  that  members  of  the  association  receive  no  dividends 
or  proportionate  shares  of  said  net  income;  that  the  plaintiff 
is  not  subject  to  the  law  within  the  meaning  of  the  act  of 
August,  1909. 

The  Court  finds  that  the  plaintiff  is  an  insurance  company 
under  the  purview  of  said  act  and  that  it  is  not  one  of  the 
companies  or  associations  specifically  exempt  from  the  opera- 
tion of  the  statute.  The  absence  of  profit  in  the  operations  of 
the  association  is  not  a  criterion,  but  the  want  of  a  fraternal 
side  and  object  which  it  is  in  some  measure  organized  to  pro- 
mote. Such  an  absence  in  plaintiff's  case  is  vital  to  its  claim 
to  be  within  the  exception  of  the  statute. 

277 


(T.  D.  1990.) 

Use  of  certified  checks  and  other  forms  of  commercial  exchange 
in  payment  of  internal  revenue  taxes. 

Treasury  Department, 
Office  of  Commissioner  of  Internal  Revenue, 

Washington,  D.  C,  June  1,  1914. 

Sir  :  Your  letter  of  the  28th  ultimo  has  been  received, 
in  which  you  quote  a  letter  of  the  27th  idem,  addressed 
to  you  by  the  president  of  the  First  National  Bank  of 
Abingdon,  calling  attention  to  the  fact  that  you  are  re- 
ceiving from  taxpayers  in  payment  of  income  tax  cer- 
tified checks  from  various  points  in  your  district.  The 
bank  requests  you  to  require  the  income  tax  to  be  paid 
in  New  York,  Washington,  Baltimore,  or  Philadelphia 
funds  which  can  be  used  in  New  York  at  par  for  the 
reason  that  they  are  required  to  remit  every  day  in  New 
York  funds. 

You  call  attention  to  the  instructions  on  Form  647, 
1 1  Notice  of  assessment  of  special  excise  and  income  tax, ' ' 
which  you  state  instruct  taxpayers  that  they  may  remit 
by  certified  check  and  that  most  of  them  are  doing  so. 
You  ask  what  steps  shall  be  taken  by  you  in  case  the 
bank  declines  to  accept  certified  checks  for  deposit. 

In  reply  to  your  request  as  to  what  action  should  be 
taken  in  case  the  bank  declines  to  accept  certified  checks 
your  careful  attention  is  invited  to  the  regulations  pub- 
lished as  Department  Circular  No.  11,  dated  March  27, 
1913,  copy  inclosed.  You  will  note  that  you  are  re- 
quired to  accept  in  payment  of  all  internal-revenue 
taxes  certified  checks  drawn  in  your  favor  on  national 
and  State  banks  and  trust  companies  located  in  the  city 
of  Abingdon,  and  in  addition  such  "out  of  town"  cer- 
tified checks  as  you  can  cash  without  cost  to  the  Govern- 
ment. In  the  event  that  the  depositary  will  not  accept 
for  deposit  "out  of  town"  certified  checks,  you  are  not 
required  by  law  or  regulations  to  accept  such  checks  in 
payment  of  internal-revenue  taxes. 

The  law  does  not  specifically  authorize  the  acceptance 
of  any  form  of  exchange  in  payment  of  internal-revenue 
taxes  other  than  currency  and  such  certified  checks  as 
are  specifically  described  in  Department  Circular  No.  11, 
reference  to  which  is  made  above.  If,  however,  the  col- 
lector elects  to  accept  drafts  or  other  mediums  of  ex- 
change not  specifically  authorized  by  law,  he  does  so  at 
his  own  risk,  but  it  may  be  said  that,  if  the  depositary 
bank  will  accept  such  forms  of  exchange  indorsed  by 
the  collector  without  recourse  and  issue  therefor  regular 

27S 


certificates  of  deposit,  the  monetary  responsibility  would 
appear  to  be  shifted  from  the  collector  to  the  depositary, 
inasmuch  as  the  collector  would  be  entitled  to  credit  in 
his  accounts  by  reason  of  the  issuance  of  such  certificates 
of  deposit  (see  sec.  3211,  Rev.  Stat.,  and  notation  found 
on  page  108  of  Compilation  of  Internal  Revenue  Laws, 
1911). 

Respectfully,  W.  H.  Osborn, 

Commissioner  of  Internal  Revenue. 
Collector  of  Internal  Revenue, 

Sixth  District,  Abingdon,  Va. 


(T.  D.  1991.) 
Special  excise  tax  on  corporations — Decision  of  court, 

1.  Taxes  Due  from  Stockholders. 

Under  the  State  law,  where  banks  pay  the  State  tax  im- 
posed on  shareholders,  but  have  a  lien  until  reimbursed  on 
the  shares  of  stock  and  all  dividends,  the  tax  is  not  imposed 
on  the  banks. 
2:   Taxes  not  Deductible. 

State  taxes  so  paid  can  not  be  legally  deducted  from  gross 
income  in  returns  made  by  banks  under  the  corporation  tax 
act— T.  D.  1763  sustained. 

Treasury  Department, 
Office  of  Commissioner  of  Internal  Revenue, 
Washington,  D.  C,  June  1,  1914. 

The  appended  decision  of  the  United  States  District 
Court,  Eastern  Division  of  the  Eastern  District  of  Mis- 
souri, in  the  case  of  the  National  Bank  of  Commerce,  of 
St.  Louis,  v.  E.  B.  Allen,  collector  of  internal  revenue, 
is  published  for  the  information  of  internal-revenue  of- 
ficers and  others  concerned. 

W.  H.  Osborn, 
Commissioner  of  Internal  Revenue. 

United    States    District    Court,    Eastern    Division    of    the 
Eastern  District  of  Missouri.     No.  4104. 

National  Bank  of  Commerce  in  St.  Louis,  plaintiff,  v.  E.  B. 

Allen,  United  States  collector  of  internal  revenue  for 

the  first  district  of  Missouri,  defendant. 

Dyer,  Judge:  The  question  before  the  court  and  presently 
to  be  decided  is  raised  by  the  plaintiff's  motion  for  judgment 
on  pleadings.  The  plaintiff  filed  its  petition  against  the  de- 
fendant to  recover  certain  sums  of  money  paid  by  it  (under 
protest)  to  the  defendant,  who  was  and  still  is  the  collector 
of  internal  revenue  for  the  first  collection  district  of  Missouri. 
The  petition  is  in  three  counts.     Under  the  first  count  judg- 

279 


ment  is  asked  in  the  sum  of  $1,932.31,  under  the  second  count 
for  the  sum  of  $1,870.43,  and  under  the  third  count  for  the  sum 
of  $1,502.04.  These  several  amounts  are  for  taxes  alleged  by 
plaintiff  to  have  been  illegally  assessed  against  it  by  the  Com- 
missioner of  Internal  Revenue  for  the  years  1909,  1910,  and 
1911,  and  illegally  and  wrongfully  demanded  and  collected  of 
it  by  the  defandant.  The  several  counts  in  the  petition  are 
in  all  respects  the  same,  except  in  the  amount  claimed  and 
the  year  for  which  the  assessment  was  made.  It  will  therefore 
be  unnecessary  to  refer  at  length  to  any  more  than  the  first 
count.  That  count,  omitting  the  purely  formal  parts,  is  as 
follows: 

Plaintiff  further  states  that  in  the  year  1910  and  on  or  prior 
to  the  1st  day  of  March,  1910,  in  the  time  and  in  the  manner 
provided  by  section  38  of  the  act  of  Congress  approved  August 
5,  1909,  relating  to  special  excise  tax  on  corporations,  made 
due  and  proper  return  to  the  United  States  Commissioner  of 
Internal  Revenue  of  the  entire  gross  and  net  income  received 
by  it  from  all  sources  during  the  year  1909,  together  with  all 
other  information  required  by  said  act  of  Congress;  that  in 
its  said  return  the  plaintiff,  as  authorized  by  said  act  of  Con- 
gress, deducted  from  the  gross  amount  of  the  income  received 
by  plaintiff  during  the  year  1909  the  sum  of  $193,230.98,  which 
it  had  paid  within  and  for  the  year  1909  for  taxes  imposed 
under  the  authority  of  the  State  of  Missouri,  and  as  required 
by  the  provisions  of  chapter  117,  Article  II,  of  the  Revised 
Statutes  of  Missouri,  1909. 

Thereafter  said  "United  States  Commissioner  of  Internal 
Revenue,  in  pursuance  of  such  return,  duly  and  properly  as- 
sessed against  this  plaintiff  the  sum  of  $9,848.57  as  and  for 
the  special  excise  corporation  tax  against  this  plaintiff  on 
account  of  its  said  net  income  for  the  year  1909,  which  said 
sum  was  in  due  time,  to  wit,  on  or  prior  to  the  30th  day  of 
June,  1910,  paid  by  this  plaintiff  to  E.  B.  Allen,  Esq.,  United 
States  collector  of  internal  revenue  for  the  first  district  of 
Missouri,  as  aforesaid. 

Plaintiff  further  states,  however,  that  during  the  month  of 
April,  1912,  said  United  States  Commissioner  of  Internal  Rev- 
enue made  a  new,  additional,  and  unwarranted  assessment  of 
a  tax  against  this  plaintiff  in  the  sum  of  $1,932.31  as  a  special 
corporation  excise  tax  on  account  of  its  (plaintiff's)  said  net 
income  for  the  year  1909,  and  that  thereafter  this  plaintiff 
received  from  said  collector  of  internal  revenue  notice  of  such 
additional  assessment,  which  said  notice  (Form  647,  list  month 
of  April,  1912,  p.  1)  notified  this  plaintiff  that  said  sum  of 
*i. 932.31  had  been  assessed  against  it  by  the  United  States 
Commissioner  of  Internal  Revenue  as  a  special  corporation 
excise  tax  on  account  of  its  said  net  income  for  the  said  year 
1909,  and  that  the  same  had  been  transmitted  to  said  collector 
of  internal  revenue  for  collection  and  was  due  and  payable 
on  or  before  the  30th  day  of  June,  1912,  and  required  and 
demanded  that  this  plaintiff  pay  said  collector  of  internal  rev- 
enue said  amount  of  said  additional  assessment,  to  wit,  the 
sum  of  $1,932.31. 

Plaintiff  further  says  that  said  additional  assessment  was 
and  is  unwarranted  and  unlawful  and  contrary  to  the  pro- 
visions of  said  act  of  Congress,  and  was  made  because  said 
United  States  Commissioner  of  Internal  Revenue  and  said  col- 
lector illegally  claimed  that  this  plaintiff  in  making  its  return 
of  its  gross  and  net  income  received  for  the  year  1909  had  no 
right  to  deduct  from  the  gross  amount  of  its  income  for  the 

280 


year  1909  the  sum  of  $193,230.98  which  plaintiff  had  actually 
paid  within  the  year  1909  as  and  for  taxes  imposed  on  plaintiff 
under  the  authority  of  the  State  of  Missouri. 

Whereas,  in  truth  and  in  fact,  said  last-mentioned  sum  had 
been  actually  paid  by  this  plaintiff  within  said  year  of  1909 
for  taxes  imposed  on  this  plaintiff  under  the  authority  of  the 
laws  of  the  State  of  Missouri,  and  as  required  by  the  provisions 
of  chapter  117,  Article  II,  of  the  Revised  Statutes  of  Missouri, 
1909,  and  was  a  sum  which  plaintiff  was  compelled  by  law 
to  pay,  and  was  not  a  sum  which  this  plaintiff  had  any  option 
to  pay  or  refuse  to  pay,  and  was  a  sum  which  plaintiff  was 
entitled  under  the  provisions  of  said  act  of  Congress  to  deduct 
from  the  gross  amount  of  the  income  of  plaintiff  for  the  year 
1909. 

Plaintiff  further  says  that  it  has  never  received  nor  recov- 
ered back  from  anyone  said  sum  of  $193,230.98,  so  paid  by  it 
as  aforesaid  for  taxes  in  compliance  with  the  laws  of  the  State 
of  Missouri,  and  said  sum  never  constituted  any  part  of  the 
net  income  of  this  plaintiff  for  the  year  1909. 

The  answer  of  the  defendant  is  as  follows: 

Defendant  further  admits  that  prior  to  March  1,  1910, 
plaintiff  made  a  return  of  its  gross  and  net  income  received 
by  it  from  all  sources  during  the  year  1909,  as  required  by  the 
act  of  August  5,  1909,  which  said  return  was  correct  except  as 
hereinafter  stated;  that  thereupon  the  Commissioner  of  Inter- 
nal Revenue  assessed  against  plaintiff  the  sum  of  $9,848.57,  as 
and  for  the  special  excise  corporation  tax  which  plaintiff 
should  pay  on  account  of  its  net  income  for  said  year  of  1909; 
that  said  tax  was  thereupon,  as  alleged  in  said  petition,  paid 
to  defendant;  that  thereafter  the  Commissioner  of  Internal 
Revenue  made  a  new  and  additional  assessment  of  a  tax 
against  plaintiff  in  the  sum  of  $1,932.31  as  a  special  corpora- 
tion excise  tax  on  account  of  plaintiff's  net  income  for  said 
year  1909;  that  notice  thereof  was  given  and  the  payment 
thereof  demanded,  as  alleged  in  plaintiff's  petition;  that  there- 
after plaintiff  paid  said  additional  assessment  of  $1,932.31  un- 
der protest;  that  at  the  time  plaintiff  paid  said  additional  as- 
sessment plaintiff  notified  the  United  States  Commissioner  of 
Internal  Revenue  and  said  collector  that  plaintiff  would  take 
steps  to  recover  the  amount  so  paid  by  plaintiff  under  protest; 
that  thereafter,  on  the  12th  day  of  October,  1912,  plaintiff  did 
appeal  in  writing  to  the  United  States  Commissioner  of  Inter- 
nal Revenue,  and  did  claim  that  said  sum  so  paid  under  pro- 
test had  been  improperly  paid;  that  the  same  had  been  paid 
under  protest  and  did  demand  that  said  sum  be  refunded  to 
plaintiff;  that  said  claim  and  appeal  was  in  writing  and  in 
due  form  as  prescribed  by  the  Secretary  of  the  Treasury  of 
the  United  States;  that  said  Commissioner  of  Internal  Rev- 
enue denied  and  rejected  said  appeal  and  refused  the  same, 
and  that  no  part  of  said  $1,932.31  has  been  repaid  to  plaintiff. 

Defendant  further  answering  states  that  after  plaintiff  had 
made  its  said  return  of  its  gross  and  net  income  for  the  year 
1909,  as  required  by  the  act  of  August  5,  1909,  and  after  the 
Commissioner  of  Internal  Revenue  had  made  said  assessment 
based  upon  the  net  income  of  plaintiff  for  the  year  1909,  as 
shown  by  said  return,  evidence  was  produced  before  the  Com- 
missioner of  Internal  Revenue  which  in  his  opinion  justified 
the  belief  that  said  return  of  the  plaintiff  was  incorrect,  in 
this,  that  in  making  said  return  plaintiff  had  unlawfullv  and 
wrongfully  deducted  from  its  gross  income  the  sum  of  $193,- 
230.98,  which  said  sum  had  been  during  the  year  1909  paid  out 

281 


by  plaintiff  (and  never  received  or  recovered  back  by  plaintiff) 
on  acount  of  taxes  assessed  against  the  share  and  shareholders 
of  plaintiff's  capital  stock  under  the  provisions  of  article  2, 
chapter  117,  of  the  Revised  Statutes  of  Missouri,  1909,  no  part 
of  which  said  sum  of  $193,230.98  had  been  assessed  against 
plaintiff.    And  defendant  says  that  in  truth  and  in  fact  plaintiff 
during  the  year  1909  was  required  to  pay  and  did  pay  the  sum 
of  $193,230.98   on  account  of  taxes  imposed  under  the  pro- 
visions of  article  2  of  chapter  117  of  the  Revised  Statutes  of 
Missouri,  1909,  no  part  of  which  said  sum  has  ever  been  re- 
paid to  it;   and  plaintiff's  net  income  for  the  year  1909,  as 
reported  in  its  said  return,  was  arrived  at  by  deducting  from 
its  gross  income  the  said  sum  of  $193,230.98,  so  paid  out  by 
it.    But  defendant  says  that  said  taxes  so  paid  out  by  plaintiff 
were  not  assessed  against  the  plaintiff  or  the  property  of  the 
plaintiff,  but  on  the  contrary  were  taxes  assessed  against  the 
shares  and  shareholders  of  plaintiff's  capital  stock,  and  were 
assessed  and  collected  under  the  provisions  of  article  2  of 
chapter  117  of  the  Revised  Statutes  of  Missouri,  1909,  and  par- 
ticularly under  sections  11357,  11359,  and  11360  of  said  statutes. 
Thereupon    the    Commissioner    of    Internal    Revenue    duly 
amended  plaintiff's  return  theretofore  made  and  added  to  the 
net  income  of  plaintiff  on  said  return  the  said  sum  of  $193,- 
230.98,  so  wrongfully  deducted  by  plaintiff,  and  thereupon  as- 
sessed against  plaintiff  said  additional  tax  of  $1,932.31,   the 
same  being  1  per  cent,  upon  said  additional  net  income  amount- 
ing to  $193,230.98,  as  aforesaid. 
It  is  upon  these  pleadings  that  the  plaintiff  asks  judgment. 
The  real,  substantial,  and  controlling  question  raised  by  the 
petition  and  answer  is  this:    Had  the  plaintiff  the  right,  in 
reporting  its  net  income,  to  deduct  from  its  gross  income  the 
taxes  assessed  against  its  shareholders  and  paid  by  it  under 
the  provisions   of  sections   11357   and   11359   of  the  Revised 
Statutes  of  Missouri,  1909? 
These  two  sections  are  as  follows: 

Sec.  11351.    Assessment  of  manufacturing  and  business  com- 
panies and  stock  in  other  corporations. — The  property  of  man- 
ufacturing companies  and  other  corporations  named  in  Article 
VTI,  chapter  33,  and  all  other  corporations,  the  taxation  of 
which  is  not  otherwise  provided  for  by  law,  shall  be  assessed 
and  taxed  as   such  companies  or  corporations   in  their  cor- 
porate names.     Persons  owning  shares  of  stock  in  banks,  or 
any  joint  stock  institution  or  association  doing  a  banking  busi- 
ness, or  any  insurance  company,  whether  of  fire,  marine,  life, 
health,  accident,  or  other  insurance,  incorporated  under  or  by 
any  law  of  the  United  States  or  of  this  State,  shall  not  be  re- 
quired to  deliver  to  the  assessor  a  list  thereof,  but  the  pres- 
ident or  other  chief  officer  of  such  corporation,   institution, 
or  association,  shall,  under  oath,  deliver  to  the  assessor  a  list 
of  all  shares  of  stock  held  therein,  and  the  face  value  thereof, 
Ihe  value  of  all  real  estate,  if  any,  represented  by  such  shares 
of  stock,  together  with  all  reserved  funds,  undivided  profits, 
premiums  or  earnings,  and  all  other  values  belonging  to  such 
corporation,   company,    Institution,   or   association;    and   such 
shares,  reserved  funds,  undivided  profits,  premiums  or  earn- 
ings, and  all  other  values  so  listed  to  the  assessor,  shall  be 
valued  and  assessed  as  other  property  at  their  true  value  in 
money,  less  the  value  of  real  estate,  if  any,  represented  by 
such    shares    of    stock.      Private    bankers,  -  brokers,    money 
brokers,  and  exchange  dealers  shall  make  like  returns,  and 
be  assessed  and  taxed  thereon  in  like  manner,  as  hereinbefore 


provided.  Insurance  companies,  or  any  corporations  or  asso- 
ciations doing  business  on  the  mutual  plan,  without  capital 
stock,  shall  make  like  returns  of  the  net  value  of  all  assets 
or  value  belonging  thereto,  which  net  value  shall  be  assessed 
and  taxed  in  the  manner  hereinbefore  provided;  provided, 
however,  that  the  license  hereafter  required  to  be  paid  by  any 
such  bankers,  brokers,  and  dealers,  in  addition  to  such  taxes, 
shall  not  exceed  one  hundred  dollars  per  annum.  It  is  hereby 
made  the  duty  of  the  county  clerk  to  include  in  his  abstract 
of  the  assessor's  books  required  to  be  sent  to  the  State  audi- 
tor, valuation  of  all  property  assessed  under  this  section,  un- 
der the  head  of  "corporate  companies,"  and  in  addition  thereto 
he  shall  make  out  from  the  lists  delivered  to  the  assessor  as 
above  provided  and  send  the  same  to  the  State  auditor  to  be 
laid  before  the  state  board  of  equalization,  on  or  before  the 
20th  day  of  February  in  each  year,  an  abstract  of  the  assess- 
ment of  all  corporations  or  persons  doing  a  banking  or  insur- 
ance business  in  his  county,  showing  the  name  of  each  bank 
and  insurance  company,  the  number  of  the  shares  of  stock 
and  their  face  value,  amount  of  reserve  funds,  undivided 
profits,  premiums  or  earnings,  and  all  other  value,  together 
with  the  assessed  value  thereof,  also  the  value  of  real  estate 
deducted  as  above  provided,  and  the  assessed  value  of  such 
real  estate  as  shown  by  the  real  estate  book. 

Sec.  11359.  Such  taxes,  how  paid  and  covered. — The  taxes 
assessed  on  shares  of  stock  embraced  in  such  list  shall  be  paid 
by  the  corporations,  respectively,  and  they  may  recover  from 
the  owners  of  such  shares  the  amount  so  paid  by  them,  or 
deduct  the  same  from  the  dividends  accruing  on  such  shares; 
and  the  amount  so  paid  shall  be  a  lien  on  such  share,  respec- 
tively, and  shall  be  paid  before  a  transfer  thereof  can  be  made. 

Section  38  of  the  act  of  Congress,  approved  August  5,  1909, 
contains,  among  others,  the  following  provisions: 

Sec.  38.  That  every  corporation  *  *  *  shall  be  subject 
to  pay  annually  a  special  excise  tax  *  *  *  upon  the  entire 
net  income  over  and  above  $5,000  received  by  it  from  all 
sources  during  such  year     *     *     * 

Second.  Such  net  income  shall  be  ascertained  by  deducting 
from  the  gross  amount  of  the  income — 

(1)  All  the  ordinary  and  necessary  expenses  actually  paid 
within  the  year  out  of  income  in  the  maintenance  and  opera- 
tion of  its  business  and  properties. 

(4)  All  sums  paid  oy  it  within  the  year  for  taxes  imposed 
under  the  authoritty  of  the  United  States  or  any  State. 

It  is  upon  this  latter  provision,  I  take  it,  that  the  plaintiff 
chiefly  relies. 

Can  it  be  successfully  claimed  that  the  tax  imposed  by  the 
State  upon  the  shareholders  of  a  bank  is  in  any  wise  a  tax 
imposed  upon  the  bank  itself?  True,  the  bank  is  required  to 
pay,  i.  e.,  advance  the  amount  of  the  tax,  but  it  is  given  a  lien 
upon  the  shares  of  stock  and  all  dividends  thereon,  until  it  is 
fully  reimbursed  by  the  shareholder.  The  shareholder  is  not 
allowed  to  get  a  transfer  of  his  holdings  so  as  to  cut  the  bank 
out  of  its  lien. 

The  Supreme  Court  of  Missouri  in  the  case  of  State  ex  rel 
Brinkop  (238  Mo.,  p.  298)  convincingly  says: 

Under  our  statute,  stock  in  a  bank,  Federal  or  State,  is  as- 
sessed against  the  shareholder,  but  the  tax  is  paid  in  the  first 
instance  by  the  bank,  and  the  bank  is  reimbursed  by  the  share- 

283 


holder.  That  is  merly  a  mode  of  convenience  in  collecting  the 
tax,  the  effect  is  the  same  as  if  the  shareholder  paid  it  in  the 
first  instance. 

The  plaintiff  had  no  right  to  deduct  from  its  gross  income 
the  taxes  assessed  against  its  shareholders  under  the  State 
statutes.  By  doing  so  it  did  not  correctly  state  its  net  income 
and  for  that  reason  the  Commissioner  of  Internal  Revenue 
acted  well  within  his  rights  and  duties  in  making  the  assess- 
ments complained  of  in  plaintiff's  petition. 

In  reaching  the  conclusion  above  stated,  the  court  is  well 
supported  by  the  decision  of  the  United  States  District  Court 
of  Massachusetts  in  the  case  of  Eliot  National  Bank  v.  Gill, 
recently  decided. 

The  motion  of  plaintiff  for  judgment  on  the  pleadings  is 
denied. 

Note. — An  appeal  has  been  taken. 


FORMS 


Forms 

Returns  and   Certificates   Classified 
According  to  Usage 


ALIENS— NON-RESIDENT. 


Form  Page 


[Definition — Citizens  or  subjects,  firms,  corporations  or 
organizations  of  a  foreign  country  who  are  not  resi- 
dents of  the  United  States.] 
Bonds,  Mortgages,  Deeds  of  Trust,  Etc. 
OWNERSHIP     CERTIFICATE— to    be    executed    by 
banks,   bankers,   etc.,   to   accompany    coupons    de- 
tached from  bonds 1060  234 

OWNERSHIP    CERTIFICATE    furnished    with    cou- 
pons detached  from  bonds 1004  Revised  228 

Dividends  on  Stock  of  Foreign  Corporations. 

Exemption    certificate    to    be    executed    by    bankers 

for  and  in  behalf  of  non-resident  aliens 1071  267 

Returns. 

Return  of  annual  taxable  income  to  be  made  by 
responsible    heads,    agents    or    representatives    of 

non-resident  aliens 1040  Revised    338-345 

Claim  for  Deduction  and  Refund  of  Excess  Tax  Withheld. 

To  be  filed  either  with  withholding  agent  or  collector    1008  Revised    290-296 

BANK  OR  COLLECTING  AGENCY. 

Bonds,  Mortgages,  Deeds  of  Trust,  Etc. 
See  also  "Banks  and  Other  Financial  Institutions. 
LIST  RETURNS  of  normal  income  tax  withheld,  on 
coupons  not  accompanied  by  certificate  of  owner: 

Annual    1043A  329 

Monthly  1043  328 

FOREIGN  INCOME. 

Annual   1043A  327 

Monthly     1043  326 

LICENSE. 

Application  for   1017  305 

Form  of  license 1010  298 

CERTIFICATES. 
To  be  attached  to  be  presented  with  coupons,  when 

not  accompanied  by  certificate  of  owner 1002  Revised  227 

♦SUBSTITUTE  CERTIFICATES. 

To  be  attached  to  coupons,  when  not  accompanied 

by  certificate  of  owner 1002  Revised  227 

Exemption   claimed   1058  231 

Exemption  not  claimed 1059  232 

♦The  use  of  these  substitute  certificates  has  been  ex- 
tended to  responsible  banks,  bankers  and  collecting  agents 
in  foreign  countries,  through  whom  collection  of  such 
interest  coupons  is  made. 

BANKS  AND  OTHER  FINANCIAL  INSTITUTIONS. 

Returns. 

Returns  of  annual  net  income 1031  Revised    312-315 

Certificates — (Non-Resident  Aliens) . 

Of  ownership  to  be  executed  bj  banks,  or  bankers, 
for  and  in  behalf  of  non-resident  aliens  claiming 
exemption  on  dividends  on  stock  of  foreign  cor- 
porations      1071  268 

Of  ownership  to  be  executed  by  either  foreign  or 
domestic  banks  or  bankers,  etc.,  or  to  accompany 
coupons  detached  from  bonds  owned  by  non-resi- 
dent aliens 1060  234 

287 


CORPORATIONS. 

Form  Page 

Returns. 

Return  of  annual  net  income 1031  Revised    312-315 

Certificate. 

Ownership  certificate  (Bond,  Mortgage,  etc.),  show- 
ing exemption  from  having  tax  withheld  at  source    1001  Revised  226 

Exemption  certificate  (Income  other  than  interest 
on  bonds,  etc.),  to  establish  identity  and  non-lia- 
bility to  having  income  tax  withheld  at  source 1063  Revised  248 

FIDUCIARIES. 

Fiduciary — the  Source    (BondH,  Mortgages,  etc.) 

Ownership  certificate  to  be  filed  with  debtor  or 
withholding  agent : 

Exemption   claimed   1015  Revised  229 

Fiduciary — Not  Source. 

Ownership  certificate  to  be  filed  with  debtor  or 
withholding  agent: 

Exemption    not   claimed    1019  Revised  230 

Returns. 

Return   of  Annual   Income 1041  Revised    318-324 

Form  Page 

FIRMS  AND  ORGANIZATIONS. 

Ownership  Certificate  (Bonds,  Mortgages,  Etc.). 

Claiming   exemption    from    having   tax    on    interest 

withheld  at  the  source 1001  Revised  226 

Exemption    Certificate    (Income   Other   than   Interest   on 
Bonds). 
To  establish  identity  and  non-liability  to  having  tax 
on  income  withheld  at  the  source 1063  248 

INDIVIDUALS. 

Returns. 

fReturn  of  annual  net  income 1040  Revised    335-345 

Certificate  of  Exemption. 

Exemption  claimed 1000B  Revised  225 

Exemption  not  claimed 1000  Revised  224 

Certificate  of  Exemption  (Other  than  Interest  on  Bonds). 

For  claiming  exemption  at  the  source  under  Para- 
graph C 1007  Revised  229 

Claim  for  Deductions  and  Refund. 

For  making  claim,  etc 1008  Revised     290-296 

INSURANCE  COMPANY. 

Returns. 

Form  of  Annual   Return 1030  Revised    308-311 

LICENSE. 

See  "Banks  or  Collecting  Agents." 

PARTNERSHIPS. 

Returns. 

Annual  return  of  income 1065  331-332 

fThis  is  given  in  the  form  of  a  fac-simile  return 
with  notes  and  explanations. 


288 


FORM  1000  REVISED 

See  page  224 

FORM  1000  B  REVISED 

See  page  225 

FORM  1001  REVISED 

See  page  226 

FORM  1002  REVISED 

See  page  227 

FORM  1004  REVISED 

See  page  228 

FORM  1007  REVISED 

See  page  229 


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Form  1010.  No. 

Treasury  Department, 

Office  of  the  Commissioner  of   Internal  Revenue. 

license  for  collection  of  foreign  income. 


,  located  and  doing  business  at , 

and  engaged  in  the  business  of having  made 

application  in  accordance  with  the  provisions  of  Section  II  of 
the  act  of  October  3,  1913,  and  the  regulations  made  in  pursu- 
ance thereof,  is  hereby  licensed  to  accept  for  collection  cou- 
pons, checks,  and  bills  of  exchange  for  or  in  payment  of  in- 
terest upon  bonds  issued  in  foreign  countries  and  upon  foreign 
mortgages  or  like  obligations  and  for  the  dividends  upon  stock 
of  foreign  corporations,  foreign  joint-stock  companies  or  asso- 
ciations, or  foreign  insurance  companies  engaged  in  business 
in  foreign  countries,  from 191 until  revoked. 

This  license  will  not  be  valid  until  countersigned  by  the  col- 
lector of  internal  revenue  for  the  district  in  which  issued. 


Countersigned:  Commissioner  of  Internal  Revenue. 


Collector. 

Dist. 


298 


(Form  1012.    United  States  Internal  Revenue.) 

Monthly  list  return  of  amount  of  normal  income  tax  withheld 
at  the  source. 


Piled  by 

(Name  of  debtor  organization.) 
To  be  made  in  duplicate  to  the  Collector  of  Internal  Revenue 
for  the  district  in  which  the  withholding  agent  is  located,  on 
or  before  the  20th  day  of  each  month,  showing  the  names  and 
addresses  of  persons  who  have  received  payments  of  interest 
upon  bonds  and  mortgages  or  deeds  of  trust,  or  other  similar 
obligations  of  corporations,  joint-stock  companies,  or  associa- 
tions, and  insurance  companies,  on  which  the  normal  tax  of 
1  per  cent,  has  been  deducted  and  withheld  during  the  pre- 
ceding month. 

I  (we) of 

(Name.)                        (State  address  in  full.) 
the  duly  authorized  witholding  agent  of 


(State  name  of  debtor  organization.) 

located  at 

(Address  in  full.) 
do  solemnly  swear  (or  affirm)  that  the  following  is  a  true 
and  complete  return  of  all  coupon  and  interest  payments  as 
above  described,  made  by  said  organization  and  from  which 
the  normal  tax  of  1  per  cent,  was  deducted  and  withheld,  at 
the  time  of  payment,  or  for  which  it  is  liable  as  withholding 

agent,  during  the  month  of ,  191. . ., 

on  the bonds 

(Describe  particular  issue  of  bonds.) 

(or  other  similar  obligations)  of  the 

(Name  of  debtor  organization.) 
and  there  are  herewith  inclosed  all  certificates  of  ownership 
which  were  presented  with  said  coupons  or  orders  for  regis- 
tered interest  covering  the  interest  maturing  on  $ 

of  the  bonds  described. 


Name. 

Address  in  full 

Amount 

of 
income. 

Amount 

of 

exemption 

claimed. 

Amount 
of  income 
on  which 
withhold- 
ing 
agent  is 

Uable 
for  tax. 

Amount 
of  tax 
withheld. 

$ 

$ 

$ 

$._ 

Total  for 

4* 

$_   

$ 

$ 

remitted  herewith  (if  anvl  to  collectc 

r 

$ 

299 


District  of. 

To 


Collector. 


(Address.) 
Sworn  to  and  subscribed  before  me 

this day  of ,  191... 

Signed:  


(Capacity  in  which  acting.) 

Note  A. — Withholding  agents  may,  if  they  so  desire,  pay  at 
the  time  this  list  is  filed,  to  the  Collector  of  Internal  Revenue 
with  whom  the  list  is  filed,  the  amount  of  tax  withheld  during 
the  month  for  which  the  list  is  made. 

Note  B. — All  substitute  certificates  of  collecting  agents,  au- 
thorized by  regulations,  that  are  received  by  debtors  or  with- 
holding agents  will  be  considered  the  same  as  certificates  of 
owners,  and  in  entering  same  in  making  Monthly  List  Returns, 
debtors  or  withholding  agents  will  enter  the  name,  address, 
and  the  number  of  the  substitute  certificate  of  the  collecting 
agent  in  lieu  of  the  name  and  address  of  the  owner  of  the 
bonds. 


Form  1012A.  Includes  all  heading  Form  1912,   but 
omits  bottom. 


Form  1012B.  With   box   heading   Form    1012,    omits 
head  and  tail. 


Form  1012C.  Omits  heading  Form  1012,  includes  tail. 


300 


(Form  1012D.    United  States  Internal  Revenue.) 


Summary  of  monthly  list  return  of  amount  of  normal  income 
tax  withheld  at  the  source. 


Filed  by 

(Name  of  debtor  organization.) 

To  be  made  in  duplicate  to  the  Collector  of  Internal  Revenue 
for  the  district  in  which  the  withholding  agent  is  located,  on 
or  before  the  20th  day  of  each  month,  showing  the  name  and 
addresses  of  persons  who  have  received  payments  of  interest 
upon  bonds  and  mortgages,  or  deeds  of  trust,  or  other  similar 
obligations  of  corporations,  joint-stock  companies  or  associa- 
tions, and  insurance  companies,  on  which  the  normal  tax  of 
1  per  cent,  has  been  deducted  and  withheld  during  the  pre- 
ceding month. 

I    (we) of 

(Name.)  (State  address  in  full.) 

the  duly  authorized  withholding  agent  of 

(State  name  of  debtor  organization.) 

located   at 

(Address  in  full.) 
do  solemnly  swear  (or  affirm)  that  the  following  is  a  true  and 
complete  return  of  all  coupon  and  interest  payments  as  above 
described,  made  by  said  organization  and  from  which  the  nor- 
mal tax  of  1  per  cent,  was  deducted  and  withheld,  at  the  time 
of   payment,   or   for   which    it    is    liable    as    withhoulding    agent, 

during  the  month  of ,  191 

on  bonds  (or  other  similar  obligations)  of  the 

(Name  of  debtor  organization.) 

as  fully  set  forth  in  detail,  on  lists  attached  hereto,  said  lists, 
Form  1012,  and  this  Summary,  constituting  the  Monthly  List 
Return  of  Normal  Income  Tax  Withheld  at  the  Source  as  re- 
quired by  the  regulations:  and  that  there  are  herewith  in- 
closed all  certificates  of  ownership  which  were  presented  with 
said  coupons   or   orders   for   registered    interest  covering  the 

interest  maturing  on  $ of  the  bonds  described,  and 

tnat  said  withholding  agent  has  paid  no  coupons  or  orders  for 
registered  interest  not  accompanied  by  the  certificates  of  own- 
ership as  required  by  Treasury  regulations. 

301 


Description  of  obligation. 

Amount 

of 
income. 

Amount 

of 

exemption 

claimed. 

Amount 
of  income 
on  which 
withhold- 
ing 
agent  is 

liable 
for  tax. 

Amount 
of  tax 
withheld. 



$ 

$ 

$ 

$ 

Total  for  month  . 

{   _ 

Amount  of  tax  remitted  herew 

th  (if  any)  to  collector 

$ 

To 


Collector. 


District  of. 


(Address.) 

Sworn  to  and  subscribed  before  me 

this day  of ,  191... 

Signed:  


(Capacity  in  which  acting.) 

Note  A.— Withholding  agents  may,  if  they  so  desire,  pay  at 
the  time  this  list  is  filed,  to  the  Collector  of  Internal  Revenue 
with  whom  the  list  is  filed,  the  amount  of  tax  withheld  during 
the  month  for  which  the  list  is  made. 

Note  B. — All  substitute  certificates  of  collecting  agents,  au- 
thorized by  regulations,  that  are  received  by  debtors  or  with- 
holding agents,  will  be  considered  the  same  as  certificates  of 
owners,  and  in  entering  same  in  making  Monthly  List  Returns, 
debtors  or  withholding  agents  will  enter  the  name,  address, 
and  the  number  of  the  substitute  certificate  of  the  collecting 
agent  in  lieu  of  the  name  and  address  of  the  owner  of  the 
bonds. 


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FORM  1015 

See  page  229 


304 


Form  of  Application  fob  License  fob  the  Collection  of 
Income  Fbom  Fobeign  Countbies. 

Form   1017. 

united  states  intebnal  bevenue. 

Application  for  license  for  collection  of  income  from  foreign 
countries. 

State  of 

County  of 

The  undersigned, 

(Name.)  (Office.) 

of  

(State  name  of  person,  firm,  or  corporation.) 
being  duly  sworn  according  to  law,  declares  that  on  and  after 

J  he  I 

the day  of ,  191 ,    |  we  J    intend. . 

to  engage  in  the  business  of  collecting  foreign  income  pay- 
ments of  interest  or  dividends  by  means  of  coupons,  checks,  or 
bills  of  exchange.  The  aggregate  amount  of  annual  collections 
of  such  foreign  income  at  the  principal  and  branch  offices  is 

estimated  at  $ 

The  location  of  the  principal  and  branch  offices  is  as  follows: 

Principal  office 

Branch  offices 


(If  a  firm,  state  names  of  memhers) 


Said  person,  firm,  or  corporation  is  now  engaged  in  busi- 
ness as  and  desires  to 

conduct  the  business  of  collecting  foreign  income  at  the  above 
address  or  addresses,  and  hereby  makes  application  for  the 
license  required  to  be  secured  by  persons,  firms,  or  corporations 
engaging  in  the  business  of  collecting  income  from  foreign 
countries  under  the  provisions  of  paragraph  B  of  Section  II 
of  the  income-tax  law  of  October  3,  1913,  and  I  (we)  hereby 
promise  and  pledge  myself  (ourselves)  to  comply  strictly  with 
the  provisions  of  said  law  and  the  rules  and  regulations  of 
the  Treasury  Department  which  have  been  or  may  hereafter 
be  issued  in  respect  to  the  collection  and  payment  of  such 
foreign  income. 

Signed 

for 

(Name  of  firm  or  corporation.) 

Sworn  to  before  me  this day  of 191 


The  collector  of  internal  revenue,  upon  receipt  of  such  appli- 
cation, shall  satisfy  himself  that  the  person,  firm,  or  corpora- 
tion making  application  is  considered  to  be  of  good  character 
and  business  standing  and  may  require  that  he  or  they  shall 
be  able  to  show  a  financial  rating  in  one  or  more  of  the  recog- 
nized mercantile  agencies  of  the  United  States,  equal  to  at 
least  one-tenth  of  the  estimated  amount  of  annual  collections 
of  foreign  income  as  stated  in  the  application. 

305 


FORM  1019 

See  page  230 


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2.  Indebtedness: 

All  interest-bearing  indebtedness  for  the  payment  of  which  the  company 
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Indebtedness  wholly  secured  by  collateral,  the  subject  of  sale  in  the 
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In  case  no  stock  is  issued  there  should  be  reported  the  amount  of  capital 
actually  employed  in  the  business  and  property  of  the  company  at  the  close 
of  the  year. 

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Facsimile  Return  of  the  Individual  (with  explanations) 
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Aggregate  totals  for  year 

FORM  1058 

See  page  231 

FORM  1059 

See  page  232 

FORM  1060 

See  page  234 

FORM  1063 

See  page  248 


Form  1065 
.District  of 


UNITED  STATES  INTERNAL  REVENUE. 


RETURN  OF  ANNUAL  NET  INCOME. 

(Paragraph  D,  Section  2,  Act  of  Congress  approved  Oct.  3,  1913,  and  Article  12, 

Regulations  No.  33.) 


PARTNERSHIPS. 


RETURN  OF  NET  INCOME  of 

(Name  of  partnership.) 


whose  principal  place  of  business  is  located  at 

(Street  and  number.) 

city  or  town  of ,  in  the  State  of 

calendar  1 

for  the   ]  [   year  ended ,  191 

fiscal        J 


1.  Gross  Income  (see  Note  A,  page  4) 

2.  Deductions: 

(a)  Total  amount  of  all  ordinary  and  necessary  ex- 
penses paid  within  the  year  for  the  mainte- 
nance and  operation  of  the  business  and 
properties  of  the  partnership,  exclusive  of 
interest  payments  (see  Note  B,  page  4) $. 


(b)  Total   amount   of   losses    sustained    during    the 

year  not  compensated  by  insurance  or  other- 
wise (see  Note  1,  page  2) $_ 

(c)  Total  amount  of  depreciation  for  the  year  (see 

Note  2,  page  2) $_ 

(d)  Total  amount  of  interest  paid  on  indebtedness-  $. 

(e)  Total  amount  of  interest  received  upon  obliga- 

tions of  a  State  or  political  subdivision  there- 
of, and  upon  the  obligations  of  the  United 
States  or  its  possessions $. 


(f)  Total  taxes  paid  during  the  year $. 

Total  Deductions  


3.  Net  income  on  which  the  individual  members  are  subject  to  tax  on 
their  distributive  interest,  whether  distributed  or  not $. 


Note. — The  above  blank  spaces  for  figures  should  show  the  amount  of  each 
respective  item.  If  there  is  nothing  to  return  under  any  item,  the  word  "none" 
must  be  written  in  such  blank  space. 

If  deductions  are  claimed  on  page  1,  state  here,  in  detail: 

Note  1. — If  loss,  of  what  the  loss  consisted,  when  it  was  actually  sustained,  and 
how  it  was  determined  to  be  a  loss ;  and  if  bad  debts,  of  what  they  consisted,  when 
they  were  created,  when  and  how  they  were  ascertained  to  be  worthless. 


Note  2. — If  depreciation,  the  character  of  the  property  on  which  depreciation  is 
claimed;  if  buildings,  the  character  of  the  buildings,  the  material  of  which  con- 
structed, when  erected,  the  cost,  and  the  basis  on  which  deduction  claimed  was 
made;  if  property  other  than  buildings,  the  character  of  the  property,  its  cost, 
when  purchased,  and  the  basis  on  which  depreciation  was  claimed. 


331 


Third  and  Fourth  Pages  of  Form  1065. 

4.  Members  of  partnership : 

Amount  of  distributive 
Name.  Post-Office  Address.  interest  in  net  income. 


5.  Persons  who  are  citizens  or  residents  of  the  United  States  employed  by  your 
firm,  either  as  members  of  the  partnership  or  in  any  capacity  whatever,  to 
each  of  whom  a  salary  or  compensation  in  any  form  whatever  was  paid  to 
the  amount  of  $3,000  or  over  for  services  rendered  during  the  calendar  year. 
For  the  year  1913  the  report  should  show  amounts  received  of  $2,500  or  over 
for  services  rendered  from  March  1  to  December  31,  1913,  inclusive. 

Amount  of  salary  or 
Name.  Post-OfBce  Address.  compensation. 


State  of ,  County  of ,  to  wit 


.,  Member  of  the  firm  of. 


a  partnership,  whose  return  of  annual  net  income  is  set  forth  herein,  being  duly 
sworn,  deposes  and  says  that  the  foregoing  report  and  the  several  items  therein 
set  forth  are,  to  his  best  knowledge  and  belief  and  from  such  information  as  he 
has  been  able  to  obtain,  true  and  correct  in  each  and  every  particular;  that  the 
amount  of  gross  income  therein  set  forth  is  the  full  amount  of  gross  income,  with- 
out any  deduction  whatsoever,  received  from  all  sources  by  the  said  partnership 
during  the  year  stated ;  that  the  expenses  claimed  as  deductions  were  actually 
incurred  and  paid  during  the  year;  that  the  amount  claimed  for  losses  and  depreci- 
ation are  believed  to  be  proper  and  allowable  deductions  under  the  law,  and  that 
the  net  income  therein  set  forth  is  the  full  amount  of  the  distributive  interest 
on  which  the  individual  members  are  subject  to  income  tax. 


For ,  Partnership. 

Sworn  and  subscribed  to  before  me  this day  of ,  191 


Notarial  Seal.  

(Official  capacity.) 
Note  A. — Gross  income  shall  consist  of  the  total  of  the  gross  revenue  derived 
from  the  operation  and  management  of  its  business  and  properties,  together  with 
all  amounts  of  income  from  other  sources,  including  dividends  received  on  stock 
of  organizations,  and  interest  received  upon  obligations  of  a  State  or  political 
subdivision  thereof,  and  upon  the  obligations  of  the  United  States  or  its  pos- 
sessions. 

Note  B. — Amounts  expended  in  making  permanent  improvements  or  better- 
ments, etc.,  or  in  any  way  transferred  from  earnings  to  capital  account,  are  not 
proper  deductions  in  ascertaining  annual  net  income. 

Note  C. — This  return  of  net  income  is  desired  for  immediate  use  and  should 
be  given  prompt  attention  and,  when  properly  filled  in  and  executed,  should  be 
forwarded,  not  later  than  30  days  from  the  date  of  receipt  of  notice,  direct  to  the 
Commissioner  of  Internal   Revenue,  Washington,  D.   C. 

Note  D. — The  word  "year"  as  herein  used  means  the  calendar  or  fiscal  year, 
as  the  case  may  be,  and  this  return  is  to  show  the  net  earnings  for  the  year  as  of 
the  date  on  which  the  books  were  closed  or  the  net  earnings  were  ascertained. 

332 


FORM  1071 

See  page  268 


SPECIMEN  ANNUAL  RETURN  OF  THE  INDIVIDUAL 


The  income  of  the  taxpayer,  for  which  a  facsimile  return  has  been  made 
on  pages  338  to  345,  is  derived  from  the  following  sources: 


General  Receipts: 

Salary  as  president   of  bank  or 
corporation    

Gross  income  from  business 

Partnership  profits  after  expanses 

Rents   

Income  as  beneficiary 

Dividends: 

Chicago,  Milwaukee  &   St.  Paul 

Ry.  stock  

Baltimore  &  Ohio  R.  R.  stock 

American  Telephone  &  Telegraph 

Co.  stock 

Canadian  Pacific  Ry.  stock 

Bond  Interest: 

New  York  Telephone   Co.   4y2% 

bonds   

Atchison,  Topeka  &  Santa  Fe  Ry. 

General  4%  bonds 

Montana  Central  Ry.  6%  bonds- 
Japanese  Government  4%% 

bonds    

New  York  City  3y2%  bonds 

Interest  from  mortgages 

Wife's  Income: 

From  mortgages 

From    Chicago    &    Northwestern 
Ry.  General  4%  bonds  (stamped) 


Items  Not  to 

Be  Included 

in  Annual 

Return 


*$500 
*600 

*1,400 


13,500 


$6,000 


Expenses: 

Interest  on  loans 

National,  State  and  county  taxes 

Debts  ascertained  to  be  worthless 

Expenses  of  carrying  on  business 

Depreciation  of  property  for  which  no  allow- 
ance has  been  made  in  expenses  of  conduct- 
ing business. 

Loss  by  fire  not  compensated  for  by  in- 
surance     


Items  to  Be 
Included  in 
Annual  Re- 
turn 

$5,000 

30,000 

2,750 

1,430 

1,500 


Entered  in 
Annual  Re- 
turn Upon 

Line  No. 

12 
14 
19 
15 

18 


fl,000 


§450 


20 


17F 


§400 
Tf600 

17F 
17G1 

J450 

20 

240 

16 

1,000 

16 

112,500 

17JG2 

$47,320 

— 

Items  to  Be 
Included  in 
Annual  Re- 
turn 

Entered  in 
Annual  Re- 
turn Upon 
Line  No. 

$342 

2,400 

1,500 

24,200 

30 
31 
33 
29 

1,200 

34 

600 

32 

$30,242 


Notes : — 

*As  the  taxpayer  has  not  a  net  income  in  excess  of  $20,000  the  amount  re- 
ceived as  dividends  from  domestic  corporations  need  not  be  included  in 
the  return.  „ '      .     ,     .    ,    ,  , 

fDividends  received  from  foreign  corporations  are  required  to  be  included  in 
the  return. 

$This  is  a  bond  of  a  foreign  corporation  not  containing  the  tax  covenant 
clause. 

§These  bonds  contain  the  tax  covenant  clause  to  pay  interest  without  de- 
duction. 

IfThis  bond  does  not  contain  the  tax  covenant  clause. 
The  interest  on  obligations  of  a  State  or  any  political  sub-division  thereof 
or  upon  the  obligations  of  the  United  States  or  its  possessions  are  ex- 
empt from  tax  and  need  not  be  included  in  the  return. 

335 


EXPLANATION  AND  NOTES. 

The  specimen  annual  return  following  has  been  embodied  with  the  object 
of  giving  the  users  of  this  book  an  illustration  of  the  manner  of  treating 
various  entries  on  form  (1040  Revised)  for  individuals. 

Particular  care  should  be  taken  in  entering  items  on  page  2  of  the  annual 
return.  It  will  be  noted  that  there  are  two  columns  on  this  page,  A  and  B. 
In  column  A  should  be  placed  all  items  upon  which  the  tax  has  been  paid  at 
the  source  and  in  column  B  the  items  on  which  the  tax  has  not  been  paid  at 
the  source. 

A  number  of  questions  may  arise  which  the  examples  given  will  not  ex- 
plain, but,  in  such  cases,  reference  by  means  of  the  index  in  the  back  of  this 
book  to  the  various  Treasury  Regulations  should  indicate  the  proper  pro- 
cedure. We  suggest  that  the  entire  form  of  return  be  carefully  read 
throughout  before  making  any  entries  whatever.  Each  item  entered  upon 
pages  2  and  3  of  the  form  is  explained  by  the  following  notes: 

(A)  Represents  the  salary  of  the  taxpayer  as  president  of  a  bank  or  cor- 
poration. As  the  amount  received  is  in  excess  of  $3,000  and  as  exemption 
has  not  been  claimed,  the  normal  tax  of  1%  on  the  entire  amount  has  been 
deducted  and  withheld  by  the  bank  or  corporation  making  payment,  which 
bank  or  corporation  under  the  law  is  designated  "the  source."  This  item  is 
therefore  entered  under  column  "a"  as  income  on  which  the  tax  has  been 
paid  or  is  to  be  paid  at  the  source. 

(B)  Represents  the  gross  receipts  of  the  taxpayer's  business  for  the  year 
and  from  which  sum  no  deductions  were  made  at  the  source;  consequently, 
entered  under  column  "b"  as  income  on  which  the  tax  has  not  been  paid  or 
is  not  to  be  paid  at  the  source. 

(C)  Represents  rents  received  for  the  year.  As  the  amount  paid  by  any 
one  lessee  does  not  exceed  $3,000,  the  normal  tax  has  not  been  deducted  by 
the  lessee  who  would  be  designated  "the  source";  consequently,  this  item  is 
entered  in  column  "b". 

(D)  Represents  interest  on  bank  deposits  upon  which  the  normal  tax  is 
not  deducted  at  the  source,  whether  or  not  the  amount  exceeds  $3,000.  This 
interest,  however,  must  be  accounted  for  in  the  return  of  the  taxpayer  and 
should  be  entered  in  column  "b". 

(E)  Represents  interest  received  during  the  year  by  the  wife  upon  mort- 
gages of  individuals.  As  the  interest  paid  by  any  one  individual  does  not 
exceed  $3,000  the  normal  tax  has  not  been  deducted  at  the  source;  conse- 
quently, this  item  should  be  entered  in  column  "b". 

(F)  Represents  coupons  or  registered  interest  received  from  bonds  con- 
taining the  tax  covenant  clause  "to  pay  interest  without  deduction  of  any 
tax  or  taxes,  etc."  In  this  case  exemption  was  not  claimed  by  the  owner  so 
the  tax  was  paid  at  the  source  by  the  company,  but  the  owner  of  the 
coupons  or  registered  interest  was  paid  their  full  face  amount,  in  accordance 
with  the  tax  covenant  clause.  However,  as  the  tax  was  paid  at  the  source, 
even  though  the  taxpayer  did  not  make  payment  himself,  the  item  should 
be  entered  in  column  "a". 

(Gl)  Represents  coupons  from  bonds  owned  by  the  husband  and  (G2) 
represents  coupons  from  bonds  owned  by  the  wife;  both  not  containing  the 
tax  covenant  clause  and  upon  which  the  taxpayer  claimed  exemption  at  the 
source  from  having  the  tax  deducted;  consequently  these  items  have  been 
entered  in  column  "b".  Owners  of  bonds  should  always  claim  exemption  at 
the  source  upon  bonds  containing  the  tax  covenant  clause  if  they  can  do  so 
without  loss  to  themselves,  as  otherwise  the  corporation  will  be  called  upon 
to  pay  a  tax  which  the  law  does  not  intend  should  be  paid. 

(H)  Represents  a  portion  of  the  wife's  $2,500  coupons  from  bonds  not 
containing  the  tax  covenant  clause.  As  items  (Gl)  and  (K)  consumed 
$2,050  of  the  specific  exemption  of  $4,000  allowed  husband  and  wife  living 
together,  only  $1,950  (C2)  more  exemption  could  be  claimed  at  the  source. 
Consequently,  the  balance  of  the  $2,500  coupons  ($550  represented  by  "H") 

336 


was  required  to  be  deposited  without  claiming  exemption.  The  tax  was 
therefore  deducted  at  the  source  and  the  item  is  entered  in  column  "a". 

(I)  Represents  the  amount  received  by  the  taxpayer  as  income  (not 
principal)  as  beneficiary  of  an  estate.  As  the  amount  does  not  exceed 
$3,000  the  normal  tax  has  not  been  deducted  and  paid  at  the  source;  con- 
sequently, the  item  is  entered  in  column  "b". 

(J)  Represents  the  taxpayer's  interest  in  the  net  profits  of  a  partnership 
over  and  above  all  expenses  and  includes  profits  earned  by  the  partnership 
whether  distributed  or  not. 

(K)  Represents  interest  on  bonds  and  dividends  on  stocks  of  foreign 
corporations  upon  which  exemption  has  been  claimed  by  the  taxpayer  from 
having  the  normal  tax  deducted  at  the  source.  The  item  is  therefore  en- 
tered in  column  "b". 

(L  Represents  the  expenses  actually  paid  within  the  year  in  carrying 
on  the  business  of  the  taxpayer,  the  gross  receipts  of  which  have  been  given 
as  item  "B"  entered  upon  page  2.  The  instructions  under  item  29  should  be 
carefully  read  as  they  explain  what  these  expenses  should  include  and 
exclude. 

(M)  Represents  interest  paid  during  the  year  upon  notes  of  the  tax- 
payer or  upon  other  personal  indebtedness,  such  as  mortgages,  etc. 

(N)  Represents  the  national,  State,  county,  school  and  municipal  taxes 
paid  by  the  taxpayer  within  the  year,  but  does  not  include,  however,  the 
amount  assessed  against  local  benefits  such  as  the  laying  of  sidewalks,  etc. 

(P)  Represents  a  loss  by  fire  not  compensated  for  by  insurance.  Note 
that  a  statement  of  what  the  loss  consisted,  when  it  was  sustained  and  how 
it  was  determined  to  be  a  loss,  is  required. 

(Q)  Represents  debts  which  have  been  ascertained  to  be  worthless  and 
charged  off  during  the  year.  A  statement  of  what  the  debts  consisted, 
when  they  were  created,  etc.,  is  required. 

(R)  Represents  a  reasonable  allowance  for  depreciation  of  property 
arising  out  of  its  use  or  employment  in  business  and  for  which  no  deduction 
has  been  made  elsewhere  in  the  return.  Details  of  what  the  property  is  on 
which  depreciation  is  taken,  etc.,  must  be  given. 

The  taxpayer  might  have  claimed  exemption  at  the  source  to  the  extent 
of  $4,000  on  items  other  than  upon  which  the  exemption  has  been  claimed 
in  this  case;  as,  for  instance,  upon  the  one  item  of  $5,000  for  salary.  This 
return,  however,  was  prepared  more  with  the  idea  of  giving  examples  of  the 
various  entries  which  would  appear  in  the  average  return  of  the  individual 
having  a  net  income  of  less  than  $20,000. 


337 


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345 


Some*  Helpful   Points   on   the  Application 

of   the    Income   Tax  Act   to    the 

Income   of    Individuals 

Normal  and  Super  Tax. 

The  Federal  Income  Tax  Act  imposes  a  tax  of  1  per  centum 
(designated  as  the  normal  tax)  on  net  incomes  of  $20,000  or 
less,  and  an  additional  or  super  tax  on  net  incomes  exceeding 

$20,000. 

Persons  Taxable. 

These  taxes  apply — 

(a)  To  the  net  income  of  every  citizen  of  the 
United  States  and  to  every  resident  of  the 
United  States,  whether  a  citizen  or  not.  Such 
persons  are  allowed  an  exemption  of  $3,000 
or  $4,000  according  to  their  single  or  married 
status,  as  will  be  shown  later. 

(b)  To  the  income  derived  from  all  property 
owned  and  every  business,  trade  or  profes- 
sion carried  on  in  the  United  States  by  a 
person  residing  elsewhere.  Non-resident  for- 
eigners are  not  allowed  the  specific  exemption 
of  $3,000  or  $4,000  mentioned  above. 

Definition  of  Net  Income. 

The  net,  or  taxable,  income  of  an  individual  is  his  gross 
income,  i.e.,  his  total  gains,  profits  and  income  derived  from 
every  source,  less  the  deductions  and  exemptions  allowed, 
which  will  be  shown  later. 

Gross    Income — What   It   Includes. 

Art.  4  defines  the  gross  income  of  an  individual.  It  will 
be  noted  that  dividends  on  stock  or  from  the  net  earnings  of 
corporations  which  are  subject  to  tax  on  their  net  income,  are 
not  to  be  included  as  gross  income  by  persons  subject  to  the 
normal  tax  only.  Under  the  law  corporations  are  taxed  1% 
on  the  net  income  available  for  the  payment  of  such  dividends, 
therefore  the  individual  stockholder  has  indirectly  paid  the 
normal  tax  of  1%  on  income  from  this  source  before  receiv- 
ing his  dividends. 

A  person  having  a  net  income  of  over  $20,000  must  include 
dividends  received  from  domestic  corporations  in  his  return. 
While  the  income  thus  received  should  be  deducted  in  ascer- 

347 


taining  the  amount  upon  which  the  normal  or  1%  tax  is 
chargeable,  the  super  or  additional  tax  is  levied  against  the 
net  income  exceeding  $20,000  including  dividends. 

An  individual  with  net  income  of  less  than  $3,000,  exclusive 
of  dividends  from  stock  or  net  earnings  of  corporations  sub- 
ject to  tax,  need  not  make  a  return  of  income. 

Dividends  received  from  stock  or  net  earnings  of  foreign 
corporations  must  be  included  by  persons  subject  either  to 
the  normal  tax  only,  or  to  the  normal  and  additional  tax. 
Such  dividends  cannot  be  deducted  from  gross  income. 

Income  Exempt  from  Taxation. 

Art.  5  specifies  the  items  of  income  which  are  exempt  from 
taxation  and  which  are  not  to  be  included  as  gross  income. 

Deductions  and  Exemptions  Allowed. 

Art.  6  specifies  items  which  may  be  deducted  from  gross 
income  in  computing  the  net  or  taxable  income  of  an  indi- 
vidual. There  is  also  allowed  an  exemption  from  taxation 
of  $3,000  if  the  individual  is  single  or  $4,000  if  married  and 
living  with  his  wife.     (See  Art.  9.) 

Certain  rules  must  be  observed  in  order  to  obtain  the  benefits 
of  such  deductions  and  exemptions,  which  will  be  made  easier 
of  understanding  by  a  knowledge  of  the  provisions  of  the  law 
requiring  the  collection  of  the  tax  "at  the  source." 

Collections  at  the  Source. 

As  far  as  practicable  the  normal  tax  of  1%  on  the  income 
of  individuals  is  collected  "at  the  source,"  that  is,  where  such 
income  originates  and  is  payable.     Therefore — 

(a)  Every  person,  firm,  corporation,  etc.,  in  what- 
ever capacity  acting,  including  lessees  and 
mortgagors  of  real  or  personal  property, 
trustees,  administrators,  agents,  employers, 
etc.,  having  the  custody,  control,  disposal  or 
payment  of  rent,  salaries,  wages,  annuities, 
compensation,  or  other  fixed  and  determinable 
income  of  another  person  (except  dividends 
on  stock,  etc)  exceeding  $3,000  for  any  tax- 
able year  (see  Arts.  29  and  30). 

And— 

(b)  Every  corporation  or  fiscal  agent  paying 
coupon  or  registered  interest  on  bonds,  mort- 
gages, deeds  of  trust,  etc.,  whether  or  not 
such  interest  equals  $3,000 — 

is  required  to  deduct,  withhold  and  pay  the  normal   tax  of 
1%  on  such  income. 

Thus  the  persons,  firms  and  corporations  specified  are 
termed  "debtors"  and  become  "withholding  agents"   (for  ths 

348 


government)   to  the  extent  of  the  tax  on  such  individual  in- 
come. 

Income    That    Is    Not   Fixed    or    Determinable    Not    to    Be 
Withheld. 

The  tax  on  income  which  is  irregular  or  indefinite  as  to  amount 
or  time  of  accrual,  etc.,  is  not  to  be  withheld  at  the  source.  (See 
Art.  32.) 

Income  from  Salaries,  Wages,  Rents  and  Other  Fixed  and 
Determinable  Gains. 

Mr.  A,  a  married  man,  living  with  his  wife,  receives  a 
salary  of  $1,000  per  month.  Under  the  law  his  employer  must 
begin  to  deduct  and  withhold  the  normal  tax  on  the  entire 
amount  paid  to  Mr.  A  when  the  aggregate  payments  exceed 
$3,000,  unless  claim  for  exemption  is  filed. 

Under  paragraph  C  of  the  law  Mr.  A  is  entitled  to  an  ex- 
emption of  $4,000,  but  in  order  to  obtain  the  benefit  of  such 
exemption  he  must  file  with  his  employer  an  exemption 
claim — Form  1007,  page  229. 

When  this  certificate  has  been  filed  the  employer  will  then 
deduct  the  tax  only  on  amounts  paid  in  excess  of  $4,000.  At 
the  end  of  the  year  the  normal  tax  on  $8,000  of  Mr.  A's 
$12,000  salary  will  have  been  withheld  by  the  employer.  But 
under  paragraph  B  of  the  Act  Mr.  A,  in  computing  his  taxable 
income,  is  entitled  to  certain  deductions,  such  as  certain  losses, 
interest  on  personal  indebtedness,  taxes  paid  and  other 
items  specified  in  Art.  6.  Therefore,  when  the  amount  of 
such  deductions  for  the  calendar  year  has  been  determined 
he  may  file  a  claim  for  deductions  and  refund  of  excess  tax 
withheld  on  Form  1008  revised,  page  290.  This  claim  may  be 
filed  not  less  than  30  days  before  March  1st,  either  with  his 
employer  or  with  the  Collector  of  Internal  Revenue  for  the 
district  in  which  the  return  is  made  or  to  be  made  for  him. 

If  filed  with  the  employer,  the  showing  thus  maae  then 
becomes  a  part  of  the  return  to  be  made  in  behalf  of  Mr.  A 
by  the  employer,  who  will  then  withhold  the  tax  on  pay- 
ments made  in  excess  of  the  deductions  and  exemptions 
claimed. 

If  filed  with  the  Collector  within  the  time  prescribed,  the 
Collector  will  immediately  furnish  the  employer  with  a  state- 
ment of  the  amount  of  deduction  claimed,  and  said  employer 
will  not  withhold  and  pay  the  tax  to  the  extent  of  the  deductions 
claimed. 

Income  from  Interest  on  Bonds,  Deeds  of  Trust,  Etc. 

Under  the  law  the  normal  tax  on  income  from  interest  on 
bonds,  mortgages,  deeds  of  trust  and  similar  obligations  (see 
Art.  37)  will  be  deducted  at  the  source  although  such  income 
does  not  amount  to  $3,000. 

349 


Registered  Bonds. — Holders  of  registered  bonds  who  desire 
to  claim  exemption  under  paragraph  C  are  required  to  file 
with  the  "debtor"  or  withholding  agent  a  certificate  of  owner- 
ship  (Form  1000B,  page  225).  In  the  case  of  Mr.  A,  who 
has  already  filed  a  claim  for  the  full  $4,000  exemption  to 
which  he  is  entitled,  no  certificate  would  be  filed. 

Coupon  Bonds. — Certificates  of  ownership   are   required   to 
accompany  all  coupons  presented  for  collection  to  any  bank 
or  other  agency.     The  form  of  these  certificates  are — 
Exemption  claimed — Form  1000B  Revised,   page  225. 
Exemption  not  claimed — Form  1000  Revised,  page  224. 

A  person  who  has  not  claimed  full  exemption  elsewhere 
and  having  interest  payable  to  him  from  several  sources  could 
file  certificates  of  ownership  claiming  exemption  for  the 
specific  amount  payable  to  him  from  each  source,  but  the 
total  exemption  claimed  must  not  exceed  $3,000  or  $4,000  ac- 
cording to  single  or  married  status. 

Certificates  of  ownership  are  not  required  to  accompany 
checks  for  registered  interest  presented  for  collection,  as  the 
corporation  issuing  such  bonds  is  required  to  indicate  on  such 
checks  whether  or  not  exemption  has  been  claimed. 

Husband  and  Wife. 

The  status  of  husband  and  wife  with  respect  to  exemption 
under  paragraph  C  is  fully  set  forth  in  Art.  9. 

Returns. 

For  information  regarding  the  return  of  income  to  be  made 
by  individuals  see  "Specimen  Annual  Return  of  the  Individ 
ual,"  page  335. 


350 


DIGEST  OF 
TREASURY  REGULATIONS 


Important 


In  the  following  pages  painstaking  efforts 
have  been  made  to  gather  and  correlate  all 
authoritative  information  relating  to  the 
administration  of  the  Federal  Income  Tax 
Act.  As  far  as  practicable  the  exact  text  of 
the  official  Treasury  regulations  and  decisions 
has  been  used,  but  in  a  number  of  instances 
this  method  was  impracticable,  inasmuch  as 
many  regulations  which  modified  or  amended 
previous  rulings  provided  no  substitute  text 
for  the  original.  In  these  instances  the  editors 
have  not  hesitated  to  amend  the  original  regu- 
lations to  conform  to  the  apparent  meaning 
of  the  amended  ruling.  In  all  cases,  however, 
reference  is  made  to  such  amended  regula- 
tions, which  have  been  reproduced  in  full. 
Editorial  and  additional  or  revised  matter  is 
segregated  from  the  official  text  either  by  a 
smaller  face  of  type  or  by  bold-faced  brackets 

From  the  foregoing  statement  it  is  obvious 
that  the  publishers  do  not  claim  official  revi- 
sion or  official  sanction  for  this  book.  It  is 
offered  with  the  simple  assurance  that  the 
work  has  been  carefully  performed  and  inso- 
far as  information  was  ascertainable  should 
be  absolutely  correct.  We  do  not,  however, 
guarantee  the  information  in  any  particular. 


Continuous  Revision  of  the 
Standard  Manual  of  the  Income  Tax 

In  the  "Digest  of  Treasury  Regulations"  which 
follows,  every  alternate  page  is  left  blank  for  private 
memoranda. 

If  desired,  the  publishers,  for  a  very  moderate 
charge,  will  promptly  forward  to  subscribers,  in 
loose-leaf  form,  all  future  Treasury  regulations  and 
decisions  relating  to  the  Income  Tax,  together  with 
small  printed  slips  containing  a  digest  of  the  con- 
tents of  such  regulations,  to  be  pasted  on  the  blank 
pages  opposite  the  subject  to  which  the  slips  refer. 

A  substantial  leather  binder  will  be  furnished  to 
hold  the  loose-leaf  sheets  and  a  complete  loose-leaf 
index.  This  index  will  be  revised  from  time  to  time 
to  include  all  matter  contained  in  the  book  and  the 
binder. 

THE    PUBLISHERS 


354 


Law  and  Regulations 

Relative  to 

THE  TAX  ON  INCOME  OF  INDIVIDUALS, 
CORPORATIONS,  JOINT  STOCK  COMPANIES, 
ASSOCIATIONS  AND   INSURANCE  COMPANIES 

Imposed  by  Section  2,  Act  of  October  3,  1913 

[NOTE. — As  the  original  "Regulations  No.  33"  have  been  used  as 
a  base  in  the  "Digest  of  Regulations"  the  following  preface 
to  these  regulations  is  still  applicable  to  the  information 
which  follows.] 


PREFACE  TO  REGULATIONS  No.  33. 

The  accompanying  regulations  embrace  the  various 
administrative  features  of  the  law  (sec.  2,  act  of  Oct.  3, 
1913)  imposing  a  tax  on  incomes.  They  contain  in- 
structions relative  to  the  preparation  of  returns,  etc., 
and  are  designed  to  assist  both  the  taxpayer  and  the 
officers  charged  with  its  enforcement  in  complying  with 
the  requirements  of  this  law. 

Liberal  construction  of  the  law  has  been  given  that 
those  charged  with  withholding  the  tax  at  the  source 
may  not  do  so  unnecessarily.  Withholding  agents  may 
forward  evidences  of  non-liability  to  payment,  when 
such  evidences  are  received  by  them,  to  collector  for  the 
district  in  lieu  of  the  tax.  This  will  relieve  them  of 
the  necessity  of  withholding  such  tax. 

The  regulations  are  arranged  according  to  general 
subjects,  as  follows: 

Part  1.  Individual  income  returns  and  collections. 

Part  2.  Collections  at  the  source. 

A.  Bonds,  mortgages,  deeds  of  trust,  etc. 

B.  Bonds,  mortgages,  deeds  of  trust,  etc.,  by  first 

bank  or  collection  agency  where  certificates 
of  owners  are  not  filed. 

C.  Bonds,  mortgages,  dividends,  etc.,  of  foreign 

corporations. 

D.  Salaries,  wages,  rent,  etc. 

E.  Fiduciaries. 

Part  3.  Relative  to  corporations,  joint  stock  companies 
or  associations,  and  insurance  companies. 
Part  4.  Assessment  and  collection. 


355 


STANDARD    MANUAL 

OF  THE 

INCOME  TAX 


DIGEST  OF  REGULATIONS 

Concerning  the  tax  imposed  by  Section  2,  Act  of 
October  3,  1913,  on  net  income  of  Individuals, 
Corporations,  Joint-stock  Companies,  Associations, 
and  Insurance  Companies. 


EXPLANATION. 

In  the  following  digest  the  editors  have 
adhered  to  the  form  of  "Regulations  No.  33" 
issued  by  the  Treasury  Department  under 
date  of  Jan.  5,  1914,  and  also  to  the  text  of 
those  regulations  except  where  such  text  has 
been  amended  or  nullified  by  subsequent  rul- 
ings. (Read  notice  headed  "Important"  on 
preceding  green  page.) 

Editorial  matter  is  identified  by  either  a 
smaller  face  of  type  or  bold-faced  brackets 
(CI).  

PART  1. 

INDIVIDUAL  INCOME   RETURNS   AND 
COLLECTIONS. 

ART.  1 

The  Normal  Tax— Who  and  What  la  Taxable. 

Article  1.  Section  2  of  the  above-named  act  im- 
poses a  tax  of  1  per  centum  (designated  as  the  normal 
tax)  on  net  incomes  arising  or  accruing  from  all  sources 
during  the  preceding  calendar  year  to — 

(a)  Every  citizen  of  the  United  States,  whether  resid- 
ing at  home  or  abroad;   and 

(&)  Every  person  residing  in  the  United  States, 
though  not  a  citizen  thereof;   and 


MEMORANDA 

For  explanation,  see  Page  354. 


357 


Art.  1 — Continued. 

(c)  From  all  property  owned  and  from  every  busi- 
ness, trade,  or  profession  carried  on  in  the  United  States, 
by  a  person  residing  elsewhere. 

Note. — Naturalized  citizens  who  have  brought  upon  themselves 
the  presumption  of  expatriation,  under  provisions  of  Section  2  of 
the  Act  of  March  2,  1907,  by  protracted  residence  abroad,  may  over- 
come such  presumption  only  upon  presenting  satisfactory  evidence, 
etc. — See  Letter  of  Sec.  Bryan,  page  285. 

ART.  2 

Additional  or  Super  Tax. 

Art.  2.  Said  section  also  imposes  an  additional  tax 
on  all  net  incomes  of  individuals  exceeding  $20,000,  as 
follows : 

1  per  cent  on  incomes  exceeding  $20,000  and  not  exceeding 
$50,000. 

2  per  cent  on  incomes  exceeding  $50,000  and  not  exceeding 
$75,000. 

3  per  cent  on  incomes  exceeding  $75,000  and  not  exceeding 
$100,000. 

4  per  cent  on  incomes  exceeding  $100,000  and  not  exceed- 
ing $250,000. 

5  per  cent  on  incomes  exceeding  $250,000  and  not  exceed- 
ing $500,000. 

6  per  cent  on  incomes  exceeding  $500,000. 

ART.  3 

Net  Income  Defined. 

Art.  3.  The  NET  INCOME  shall  consist  of  the  total 
gains,  profits,  and  income  derived  from  all  sources  (des- 
ignated as  gross  income)  less  deductions  numbered  first 
to  sixth,  inclusive,  specifically  enumerated  in  paragraph 
B  of  the  act.     (See  Article  6.) 

Normal  Tax — Upon  What  Computed. 

In  computing  the  taxable  income  for  the  purposes  of 
the  normal  tax  there  shall  be  deducted  from  the  net  in- 
come as  above  ascertained: 

Note.— Paragraph  (a)  which  referred  to  dividends  on  capital  stock 
or  from  the  net  earnings  of  corporations,  etc.,  has  been  nullified  by 
the  provisions  of  T.  D.  1945,  page  208.— See  Art.  4,  under  paragraph  (c). 

(&)  The  amount  of  income  the  tax  upon  which  has 
been  paid  or  withheld  for  payment  at  the  source;  and 

(See  "Collections  at  the  Source,"  page  404.) 

(c)  The  specific  exemption  of  $3,000  or  $4,000,  as  the 
case  may  be,  except  in  the  case  of  nonresident  aliens. 

See  Art.  9  and  10. 


MEMORANDA 

For  explanation,  see  Page  354. 


ART.  4 

Gross  Income — What  It  Includes. 

Art.  4.  Gross  income  includes  all  gains,  profits,  and 
income  derived  from — 

(a)  Salaries,  wages,  or  compensation  for  personal  ser- 
vice of  whatever  kind  and  in  whatever  form  paid. 

(6)  Professions,  vocations,  business  (including  in- 
come from  copartnerships),  trade,  commerce,  or  sales  or 
dealings  in  property,  growing  out  of  the  ownership  or 
use  of  or  interest  in,  real  or  personal  property. 

(c)  Interest,  rent,  dividends,  securities,  or  transac- 
tion of  any  lawful  business  carried  on  for  gain  or 
profit.  (See  Art.  67  as  to  interest  on  deposits  and 
certificates  of  deposit.) 

[Dividends  on  stock  or  net  earnings  of  a  corpora- 
tion which  is  taxable  on  its  net  income  are  not  to  be 
included  as  gross  income  by  persons  subject  to  the 
normal  tax  only.  Persons  with  net  income  of  over 
$20,000  and  subject  to  the  additional  or  super-tax 
must  include  such  amounts  in  their  return  of  gross 
income.  Persons  whose  annual  net  income,  exclu- 
sive of  the  income  from  dividends  or  net  earnings  of 
corporations,  is  less  than  $3,000,  shall  not  be  re- 
quired to  make  return  of  annual  income.  See  T.  D. 
1945,  page  208.] 

Dividends  Declared  and  Paid  by  a  Foreign  Corporation,  which  de- 
rives its  entire  income  from  business  done  wholly  within  the  United 
States  and  pays,  under  the  provisions  of  the  Federal  income  tax 
law,  a  tax  upon  its  net  income,  should  be  treated  in  the  same  manner 
as  dividends  from  domestic  corporations. — T.  D.  2090. 

Dividends  on  Stock  of  Foreign  Corporations  Engaged  in  Business 
in  Foreign  Countries  are  subject  to  the  income  tax. — See  Section  C 
"Income  Derived  from  Coupons,  etc.,  on  Foreign  Bonds,  Mortgages, 
Dividends,  etc.,"  page  442. 

Dividends  on  Stock. — Taxable  status  of.  Dividends  are  vested  in 
the  stockholder  on  the  date  on  which  such  dividends  are  declared, 
whether  distributed  or  not,  and  should  be  included  in  the  annual 
return  of  individuals,  subject  to  the  super-tax,  for  the  year  in  which 
Dividends,  etc.,"  page  271. 

Dividends  Paid  in  Scrip.— See  note  "Scrip,"  Art.  37. 

Dividends  Paid  in  Stock. — Stock  dividends  wheu  required  to  be 
included  in  a  return  of  income  should  be  accounted  for  at  the  valu- 
ation placed  upon  the  stock  by  the  corporation  when  said  stock 
they  became  due  and  payable. — See  T.  D.  204S.  page  271. 

Interest  and  Dividends  of  Foreign  Corporations. — Amounts  received 
by  citizens  or  residents  of  the  United  States  for  or  in  payment  of 
interest  upon  bonds  issued  in  foreign  countries,  and  upon  foreign 
mortgages  or  like  obligations,  and  for  any  dividends  upon  stock  or 
interest  upon  obligations  of  foreign  corporations,  associations  or 
Insurance  companies  engaged  in  business  in  foreign  countries,  are 
subject  to  the  Income  tax.— See  Art.  54.— T.  D.  2090. 

(d)  Gains  or  profits  and  income  derived  from  any 
source  whatever,  including  the  income  from,  but  not  the 

360 


MEMORANDA 

For  explanation,  see  Page  354. 


361 


Art.  4 — Continued. 

value  of,  property  acquired  by  gift,  bequest,  devise  or 
descent. 

[If  the  property  so  acquired  is  subsequently  sold 
at  a  price  greater  than  the  appraised  value  at  the 
time  the  property  was  acquired  by  gift,  the  gain  in 
value  is  held  to  be  income  and  subject  to  tax  under 
the  provisions  of  the  Federal  income  tax  law. — 
T.  D.  2090J 

Bequest — Legacy. — The  general  policy  of  the  law  and  rule  of  inter- 
pretation require  that  legacies  in  all  cases,  unless  clearly  incon- 
sistent with  the  intention  of  the  testator,  should  be  held  to  be 
vested  rather  than  contingent.  Where  there  is  a  vested  interest  the 
income  from  such  interest,  whether  distributed  or  not,  is  subject 
to  the  tax;  and  when  in  the  hands  of  fiduciaries  they  are  required 
to  account  for  and  pay  the  tax  thereon. — T.  D.  2090. 

The  foregoing  is  held  to  include  all  income,  gains,  and 
profits  arising  or  accruing  from  all  sources  whatever  in 
the  calendar  year  for  which  the  return  is  made,  except 
as  hereinafter  specifically  stated. 

Items  Specified  as  Income  by  Commissioner  of  Internal  Revenue. 

Alimony  must  be  accounted  for  as  income  if,  together  with  other 
income,  the  recipient  is  in  receipt  of  an  income  of  $3,000  or  more.  It 
is  regarded  as  a  personal  expense  to  the  person  paying  it  and  is, 
therefore,  not  allowable  as  a  deduction.  The  person  paying  such 
alimony  is  required  to  withhold  and  pay  the  tax  on  the  same  unless 
exemption  is  claimed  under  Paragraph  C. — T.  D.  2090. 

Bonds,  Interest  On. — The  exchange  of  interest  coupons  for  funding: 
bonds  is  a  payment  of  interest  on  the  bonds  and  the  income  tax 
should  be  imposed  and  paid  upon  such  interest  as  income  for  the 
year  in  which  it  matures  and  such  payment  is  made,  and  in  the  ab- 
sence of  proper  claim  for  exemption  the  tax  should  be  deducted 
and  withheld  on  the  amount  represented  by  the  coupons. — T.  D.  2090. 

Commissions  Received  by  Salesmen  are  Income  and  should  be  ac- 
counted for  in  the  return  of  the  persons  receiving  them. — T.  D.  2090. 

Commissions  on  renewal  premiums  for  insurance. — An  amended  re- 
turn is  required  in  cases  where  receipts  from  this  source  were  not 
included  in  1913  return.— See  T.  D.  2011,  page  256. 

Compensation  for  service  upon  an  annual,  monthly,  or  weekly 
basis. — Where  a  service  and  payment  period  is  divided  by  the  end 
of  a  taxable  year,  the  compensation  for  the  period  so  divided  at  the 
end  of  the  year  will  be  accounted  for  in  the  return  for  the  year  in 
which  payment  is  made  and  received.  Where  the  service  is  of  such 
nature  as  to  be  compensated  by  fee,  or  of  such  nature  that  no  por- 
tion of  the  amount  becomes  due  until  the  service  is  completed,  then 
the  total  amount  of  the  compensation  should  be  included  in  the 
return  for  the  year  in  which  the  compensation  is  received. — T.  D.  2090. 

Government  Officers  and  Employees. — See  T.  D.  2079  for  income 
tax  liability  and  withholding  requirements  in  connection  with 
Quarters,  Heat  and  Light,  Mileage,  Reimbursement  for  Actual  Ex- 
penses, and  Per  Diem  Allowances  in  Lieu  of  Subsistence  while  Travel- 
ing under  Orders  furnished  or  paid  to  Government  officers  and  em- 
ployees. 

Income  From  Partnerships — When  Accrued. — It  is  held  that  the 
income  from  a  partnership  accrues  to  the  individual  partner  at  the 
time  his  distributive  interest  is  determined  and  reducible  to  pos- 
session. In  the  returns  of  income  made  by  individuals  for  the 
calendar  year,  therefore,  there  should  be  included  such  income 
accruing  from  the  business  of  partnerships  for  their  business  years 
as  may  have  been  definitely  ascertained  by  means  of  a  book  balance, 
whether  distributed  or  not.    In  other  words,  members  of  partnerships 

362 


MEMORANDA 

For  explanation,  see  Page  354. 


Art.  4 — Continued. 

are  required  to  make  returns  of  income  like  other  individuals  for 
the  calendar  year,  and  should  include  in  their  returns  the  net  pro- 
ceeds of  their  interest  in  partnership  profits  ascertained  at  the  end 
of  the  business  year  falling  within  the  calendar  year  for  which  the 
individual  return  is  being  rendered.— T.  D.  2090. 

Iiife    Insurance — Interest    Payments    to    Beneficiary    Taxable. — For 

other  taxable  income  from  life  insurance,  see  Art.  5,  paragraph  (b). 

Living  Quarters  Furnished  as  Part  of  Compensation. — Where  an 
individual  is  furnished  living  quarters  in  addition  to  salary  the 
rental  value  of  such  living  quarters  is  regarded  as  compensation 
subject  to  the  income  tax.— T.  D.  2090. 

Mileage. — The  difference  between  the  amount  received  as  mileage 
and  the  amount  of  actual  necessary  expenses  incurred  on  a  journey 
shall  be  returned  as  income.  Payments  on  account  of  mileage  are 
not  subject  to  withholding.— T.  D.  2090.    (See  also  T.  D.  2079,  page  273.) 

Officers  and  Enlisted  Men  of  United  States. — Pay  of. — Congress  has 
clearly  specified  the  conditions  under  which  officers  and  enlisted  men 
are  entitled  to  foreign  service  pay,  aids'  pay,  and  pay  for  certificate 
of  merit,  and  such  items  of  income  are  considered  as  fixed  and 
determinable  and  subject  to  the  withholding  provisions  of  the  income- 
tax  law.— T.  D.  2090. 

Pensions. — Pensions  paid  by  the  United  States  Government  are 
subject  to  the  income  tax.— T.  D.  2090. 

Per  Diem  Allowances  in  Lieu  of  Subsistence  While  Traveling 
Under  Orders. — The  difference  between  the  amount  received  as  a 
per  diem  allowance  and  the  amount  of  actual  necessary  expenses 
incurred  on  a  journey  shall  be  returned  as  income  and  is  not  sub- 
ject to  withholding.— (T.  D.  2079,  page  273)— T.  D.  2090. 

Profits  Distributed  to  Employees. — When  profits  distributed  by  a 
corporation  to  an  employee,  together  with  payments  of  the  em- 
ployee's salary,  aggregate  in  excess  of  $3,000,  the  normal  tax  should 
be  deducted  and  withheld  therefrom,  subject  to  authorized  exemption 
claimed.— T.   D.   2090. 

Real  Estate — Profit  from  Sale  of. — Profit  is  the  difference  between 
the  selling  price  and  the  cost  where  the  selling  price  is  more  than 
the  cost. 

"Cost  of  property  purchased  prior  to  the  incidence  of  the  special 
excise  tax  (Jan.  1,  1909),  or  the  incidence  of  the  income  tax  (Mar.  1, 
1913),  will  be  the  actual  price  paid  for  the  property,  including  the 
expense  incident  to  the  procurement  of  the  property  in  the  first 
instance  and  its  sale  thereafter,  together  with  carrying  charges  of 
interest  actually  paid,  insurance,  and  taxes  actually  paid  prior  to 
the  incidence  (special  assessments,  if  any,  'actually  paid'  as  'local 
benefits'  in  connection  with  real  estate) ;  provided  that  where,  up 
to  the  incidence  of  the  tax,  the  expense  of  carrying  property  has 
exceeded  the  income  from  it,  the  difference  between  the  expense  of 
carrying  and  the  income  from  the  property  shall  be  added  to  the 
purchase  price,  and  the  sum  thus  ascertained  shall  be  the  cost  of  the 
property;  and  provided  further,  that  in  the  case  of  property  pur- 
chased prior  to  the  incidence  of  the  tax  and  sale  thereof  subsequent 
to  the  incidence  of  the  tax,  there  shall  be  excluded  from  considera- 
tion in  ascertaining  cost  of  any  items  of  income,  expense,  interest, 
and  taxes  previously  taken  into  account  in  preparing  a  return  of 
annual  net  income. 

"The  cost  of  property  acquired  subsequent  to  the  incidence  of  the 
tax  will  be  the  actual  price  paid  for  it,  together  with  the  expense 
incident  to  the  procurement  of  the  property  in  the  first  instance,  and 
its  sale  thereafter,  and  the  cost  of  improvement  or  betterment, 
if  any." 

The  entire  profits  realized  by  individuals  or  corporations  from 
the  sale  of  real  estate  will  be  taxable  except  where  the  property  in 
connection  with  which  the  profit  is  obtained  was  acquired  prior  to 
March  1,  1913,  in  the  case  of  individuals,  or  prior  to  January  1,  1909, 
in  the  case  of  corporations;  and  then  and  in  such  event  the  profit 
will  be  prorated  over  the  whole  time  the  property  was  held,  and 
that  part  of  the  whole  profit  apportioned  to  the  taxable  period  will 
be  reported  in  anpual  returns  of  income.  In  prorating,  fractional 
parts  of  years  will  not  be  considered. 

For  income-tax  purposes,  where  there  is  an  actual  sale  and  transfer, 
profit  will  be  considered  as  realized  even  though  payment  is  to  be 
made  in  Installments,  as  notes  for  deferred   payments   are  secured 

364 


MEMORANDA 

For  explanation,  see  Page  354. 


Art.  4 — Continued. 

by  the  title  to  the  property  and  presumably  bear  interest  and  are 
held  to  be  worth,  in  cash,  their  face  value. 

In  case  of  default  on  instalment  payments  there  may  be  charged  off 
as  bad  debts  the  amount  of  such  unpaid  instalments  less  the  salvage 
value  of  the  real  estate  repossessed. — T.  D.  2090.  (See  also  T.  D.  2005, 
page  252  and  T.  D.  2130,  page  568.) 

Salary  and  Commissions. — A  person  receiving  a  salary  in  excess  of 
$4,000,  and,  in  addition,  a  commission  of  1  per  cent,  on  all  sales,  the 
exact  amount  due  on  account  of  commissions  not  being  determinable 
until  February  following  the  year  in  which  the  commissions  were 
earned,  at  which  time  both  his  salary  for  the  preceding  year  and 
his  commissions  are  paid  to  him,  should  return  as  income,  for  the 
year  in  which  payment  was  made,  the  aggregate  amount  received 
on  account  of  salary  and  commissions.  The  normal  tax  should  be 
deducted  and  withheld  therefrom  when  the  combined  payments  of 
salary  and  commission  aggregate  in  excess  of  $3,000,  subject  to 
authorized  exemption  claimed.  The  normal  tax  deducted  from  these 
payments  should  be  accounted  for  on  the  withholding  agent's  return, 
Form  1042,  for  the  year  in  which  the  deductions  were  made.— T.  D. 
2090. 

Salaries   Paid   by   Organizations   Exempt   From   the  Income   Tax. — 

Art.  87  specifies  corporations  which  are  exempt  from  the  income  tax 
and  also  exempt  from  the  provisions  of  the  law  requiring  the  with- 
holding of  the  tax  on  income  at  the  source.  However,  salaries  paid 
by  such  exempt  corporations  are  subject  to  the  income  tax  and 
should  be  returned  as  income  by  the  individual. — T.  D.  2090. 

Voluntary  Offerings. — Easter  offerings,  and  fees  received  by  clergy- 
men for  funerals,  masses,  marriages,  baptisms,  etc.,  are  considered 
income  subject  to  tax  under  the  provisions  of  the  income-tax  law 
of  October  3,  1913.  Christmas  gifts,  however,  are  not  considered 
income  within  the  meaning  of  the  law  and  should  not  be  included 
in  a  return.— T.  D.  2090. 

Where  an  Employee  is  paid  a  sum  equal  to  two  years'  salary  on 
condition  that  he  surrender  his  contract  of  employment,  such  sum 
should  be  reported  by  him  on  his  annual  return  as  income,  and  if 
the  sum  paid  exceeds  $3,000,  the  normal  tax  should  be  deducted  and 
withheld  therefrom,  subject  to  authorized  exemption  claimed. — T.  D. 
2090. 

ART.  5 

Income  Exempt  From  Taxation. 

Art.  5.  The  following  items  should  not  be  included 
as  gross  income : 

(a)  Value  of  property  acquired  by  gift,  bequest,  de- 
vise, or  descent  during  the  year.    See  Art.  4  (d) . 

(b)  Proceeds  of  life  insurance  policies  paid  upon  the 
death  of  the  person  insured  to  beneficiaries,  or  payments 
made  by  or  credited  to  the  insured,  on  life  insurance, 
endowment,  or  annuity  contracts,  upon  the  return  there- 
of to  the  insured  at  the  maturity  of  the  term  mentioned 
in  the  contract,  but  this  shall  not  be  construed  to  mean 
that  interest  payments  to  beneficiaries  from  insurance 
companies  shall  not  be  included  as  income.  [The 
amount  by  which  the  sum  received  exceeds  the  sum 
paid  and  coming  into  the  hands  of  the  person  making 
the  contract  and  payment  is  income.  When  the 
settlement  under  such  a  contract  is  made  in  more 
than  one  payment  each  payment  will  be  considered  as 


MEMORANDA 

For  explanation,  see  Page  354. 


867 


Art.  5 — Continued. 

being  composed  of  interest  and  a  proportionate  part 
of  the  principal.  Where  the  entire  annuity  is  com- 
posed of  an  interest  return  upon  the  principal  sum 
paid  therefor,  the  entire  annuity  is  income. — T.  D. 
2090J 

Note. — Proceeds  derived  from  sources  (a)  and  (b)  above  are  con- 
sidered to  be  principal.  Any  income  that  may  be  derived  from  the 
investment  of  such  principal  is  taxable. — See  Art.  4,  par.   (d). 

(c)  Income  derived  from  interest  upon  the  obliga- 
tions of  a  State  or  any  political  subdivision  thereof  and 
upon  the  obligations  of  the  United  States  or  its  posses- 
sions ; 

See  Art.  37,  "Interest  on  State  and  Government  Obligations  Exempt." 

(d)  The  compensation  of  the  President  of  the  United 
States  in  office  at  the  time  of  the  passage  of  the  act  of 
October  3,  1913,  during  the  term  for  which  he  was 
elected,  and  the  judges  of  the  Supreme  and  inferior 
courts  of  the  United  States  in  office  at  the  time  of  the 
passage  of  the  act  of  October  3,  1913; 

(e)  The  compensation  of  all  officers  and  employees  of 
a  State  or  any  political  subdivision  thereof,  including 
public-school  teachers,  etc.  When  such  State  officers  or 
employees  are  compensated  by  the  United  States,  they 
must  include  such  income  as  taxable. 

Note. — Dividends  on  stock  or  from  net  earnings. — See  Art.  4,  and 
bracketed  matter  under  paragraph    (c). 

Judges,  Salary  of. — The  salary  of  judges  of  the  Supreme  and 
inferior  courts  of  the  United  States  appointed  subsequent  to  October 
3,  1913,  and  of  judges  who  have  been  retired  is  subject  to  the  income 
tax  and  to  the  withholding  provisions  of  the  income-tax  law. — T.  D. 
2090. 

Government  Officers  and  Employees. — See  T.  D.  2079  for  income 
tax  liability  and  withholding  requirements  in  connection  with  Quar- 
ters, Heat  and  Light,  Mileage,  Reimbursements  for  Actual  Expenses, 
and  Per  Diem  Allowances  in  Lieu  of  Subsistence  while  Traveling 
under  Orders  furnished  or  paid  to  Government  officers  and  employees. 

Salary  of  an  officer  or  employee  paid  for  a  limited  period  after 
his  death  to  his  widow  in  recognition  of  the  services  rendered  by 
her  husband,  no  services  being  rendered  by  the  widow,  it  is  held 
that  such  payment  is  a  gratuity  and  exempt  from  taxation  under 
the  income-tax  law.  Such  a  payment  would  not,  however,  be  an 
allowable  deduction  as  an  expense  of  carrying  on  business  in  the 
return  of  the  person,  firm,  or  corporation  paying  same. — T.  D.  2090. 

Christmas  Gifts  are  not  income  within  the  meaning  of  the  law. — 
T.  D.  2090. 

ART.  6 

Deductions  Allowed  Under  Paragraph  B. 

Art.  6.  Deductions  and  exemptions  allowed  in  com- 
puting taxable  income  for  the  purposes  of  the  normal 
tax. 

For  legal  means  of  obtaining  the  benefits  of  deductions  under 
paragraph  B,  and  for  instructions  relative  to  use  of  Form  1008  Re- 
vised, see  Art.  33,  paragraphs  (b)  and  (c). 

308 


MEMORANDA 

For  explanation,  see  Page  354. 


Art.  6 — Continued. 

Under  paragraph  B  the  following  items  are  to  be  de- 
ducted from  the  gross  income : 

1.  The  amount  of  necessary  expenses  actually  paid 
for  carrying  on  business,  but  not  including  business  ex- 
penses of  partnerships  and  not  including  personal,  liv- 
ing, or  family  expenses. 

Items    Specified    as    Personal    Expenses. 

Alimony  is  a  personal  expense. — See  "Items  Specified  as  Income  by 
Commissioner  of  Internal  Revenue,"  under  Art.  4. 

Items  Specified  as  Expense  of  Conducting  Business. 

Commission  Paid  to  Real  Estate  Agent. — A  commission  paid  to  a 
real  estate  agent  for  collecting  rents  and  management  of  property 
is  a  legitimate  business  expense  and  constitutes  an  allowable  deduc- 
tion in  computing  net  income. — T.  D.  2090. 

Commissions  Paid  Salesmen  as  a  part  of  the  expense  of  conducting 
business  are  allowable  deductions  to  the  payer  of  the  commission. 
Such  commissions,  however,  are  income  and  should  be  accounted 
for  in  the  return  of  the  person  receiving  them.  When  indefinite  as 
to  amount  and  time  of  accrual,  they  are  not  subject  to  withholding. 
— T.  D.  2090. 

Taxes  Paid  by  a  Tenant  to  a  Landlord  are  considered  as  addi- 
tional payment  for  rent  and  are  deductible  as  an  expense  of  carry- 
ing on  business.— T.   D.  2090. 

Partnerships,  as  such,  are  not  taxable.  For  explanation,  see  "Part- 
nerships," Art.  18.  j 

2.  All  interest  paid  within  the  year  on  personal  in- 
debtedness of  the  taxpayer  [incurred  in  the  conduct  of 
business* 

♦Note. — The  limitation  "incurred  in  the  conduct  of  business"  is  not 
contained  in  Par.  B  of  the  Act  of  October  3,  1913,  nor  in  line  30  of 
Form  1040  Revised. 

3.  All  National,  State,  county,  school,  and  municipal 
taxes  paid  within  the  year  (not  including  those  assessed 
against  local  benefits). 

Local  Benefits,  Taxes  Assessed  Against. — Taxes  paid  pursuant  to 
assessments  levied  by  special  districts,  such  as  irrigation,  reclama- 
tion, drainage  districts,  etc.,  for  sidewalks  in  cities,  street  extension, 
grading,  paving,  etc.,  are  held  to  be  "taxes  assessed  against  local 
benefits."  Such  taxes  are  not  allowable  deductions  in  a  return  of 
annual  net  income. — T.  D.  2090. 

Taxes  paid  by  citizens  or  resident  aliens  of  the  United  States  to 
a  foreign  country  are  not  allowable  deductions  in  computing  net 
income.  The  provision  of  law  for  the  deduction  of  taxes  applies 
only  to  taxes  paid  to  the  United  States,  or  to  some  State  or  political 
subdivision  thereof  in  the  United   States. 

Import  Duties  are  not  deductible  under  item  of  taxes  paid  within 
the  year. — See  Art.  155. 

4.  Losses  actually  sustained  during  the  year  incurred 
in  trade  or  arising  from  fires,  storms,  or  shipwreck  and 
not  compensated  for  by  insurance  or  otherwise. 

Losses  in  Trade.— "Only  those  losses  are  deductible  which  are  sus- 
tained during  the  tax  year  'in  trade.'  Loss  to  be  deductible  must 
be  an  absolute  loss,  not  a  speculative  or  fluctuating  valuation  of  con- 
tinuing investment,  but  must  be  an  actual  loss,  actually  sustained 
and   ascertained,   during   the   tax  year   for  which   the   deduction   is 

370 


MEMORANDA 

For  explanation,  see  Page  354. 


871 


V 


Art.  6 — Continued. 

sought  to  be  made;  it  must  be  incurred  in  trade  and  be  determined 
and  ascertained  upon  an  actual,  a  completed,  a  closed  transaction." 
The  term  "in  trade,"  as  used  in  the  law  and  in  T.  D.  2005,  is  held 
to  mean  the  trade  or  trades  in  which  the  person  making  the  return 
is  engaged ;  that  is,  in  which  he  has  invested  money  otherwise  than 
for  the  purpose  of  being  employed  in  isolated  transactions  and  to 
which  he  devotes  at  least  a  part  of  his  time  and  attention.  A  person 
may  engage  in  more  than  one  trade  and  may  deduct  losses  incurred 
in  all  of  them,  provided  that  in  each  trade  the  above  requirements 
are  met.— T.  D.  2090. 

Losses  on  Stocks,  Grain,  Cotton,  etc. — As  to  losses  on  stocks,  grain, 
cotton,  etc.,  if  these  are  incurred  by  a  person  engaged  in  trade  to 
which  the  buying  or  selling  of  stocks,  etc.,  are  incident  as  a  part 
of  the  business,  as  by  a  member  of  a  stock,  grain,  or  cotton  exchange, 
such  losses  may  be  deducted.  A  person  can  be  engaged  in  more 
than  one  business,  but  it  must  be  clearly  shown  in  such  cases  that 
he  is  actually  a  dealer,  or  trader,  or  manufacturer,  or  whatever  the 
occupation  may  be,  and  is  actually  engaged  in  one  or  more  lines  of 
recognized  businesses  before  losses  can  be  claimed  with  respect  to 
either  or  more  than  one  line  of  business,  and  his  status  as  such 
dealer  must  be  clearly  established.— (T.  D.  2005.)— T.  D.  2090. 

Losses    Resulting    from    Sale    of   Real   Estate   by    Individuals. — See 

T.  D.  1989,  page  240. 

Rules  for  Determining;  Amount  of  Deductible  Loss  Allowable  to 
Individuals  and  Corporations. — See  T.  D.  2005,  page  252  and  T.  D. 
2130,  page  568. 

5.  Debts  due  to  the  taxpayer  which  have  been  actually 
ascertained  to  be  worthless  and  charged  off  within  the 
year. 

Default  on  Instalment  Payments  for  Real  Estate. — See  "Real  Estate 
Estate — Profit  from  Sale  of" — under  "Items  Specified  as  Gross  In- 
come," Art.  4. 

6.  Amount  representing  a  reasonable  allowance  for  the 
exhaustion,  wear,  and  tear  of  property  arising  out  of  its 
use  or  employment  in  the  business,  not  to  exceed,  in  the 
case  of  mines,  5  per  cent  of  the  gross  value  at  the  mine 
of  the  output  for  the  year  for  which  the  computation  is 
made,  but  not  including  the  expense  of  restoring  property 
or  making  good  the  exhaustion  thereof,  for  which  an  al- 
lowance is  or  has  been  made,  nor  for  any  amount  paid 
for  new  buildings,  permanent  improvements,  or  better- 
ments, made  to  increase  the  value  of  any  property  or 
estate. 

"Gross  Value  at  the  Mine"  Defined. 

The  term  "gross  value  at  the  mine,"  as  used  in  paragraphs  B 
and  G  of  section  2  of  the  act  of  October  3,  1913,  prescribing  a  limit 
to  the  amount  which  may  be  deducted  in  the  return  of  individuals 
and  corporations  as  depreciation  in  the  case  of  mines,  is  held  to 
mean  the  bona  fide  market  value  of  ore,  coal,  crude  oil,  and  gas  at 
the  mine  or  well,  where  such  value  is  established  by  actual  sales 
at  the  mine  or  well;  and  in  case  the  market  value  of  the  product 
of  the  mine  or  well  is  established  at  some  other  place  than  at  the 
mine  or  well,  or  on  the  basis  of  the  bullion  or  metallic  value  of  the 
ore,  then  the  gross  value  at  the  mine  is  held  to  be  the  value  of  the 
ore,  coal,  oil,  or  gas  sold,  or  of  the  metal  produced,  less  transporta- 
tion, reduction,  and  smelting  charges. 

Depreciation  in  Value  of  Stage  Costumes.— If  costumes  purchased 
by  actors  and  actresses  are  used  exclusively  in  the  production  of  a 
play,  and  are  not  adapted  for  occasional  personal*  use  and  are  not 
so  used,  a  deduction  may  be  claimed  on  account  of  such  depreciation 
in  their  value  as  occurs  during  the  year  on  account  of  wear  and 
tear  arising  from  their  use  in  the  productions  of  the  play  or  to  their 
becoming  obselete  at  the  close  of  the  production. — T.  D.  2090. 

372 


MEMORANDA 

For  explanation,  see  Page  354. 


Art.  6 — Continued. 

(See  also  Art.  129.) 

Depreciation  of  Farm  Buildings,  other  than  a  dwelling  occupied  by 
the  owner,  actually  sustained  within  the  year  in  excess  of  repair* 
made,  will  be  considered  an  allowable  deduction. — T.  D.  2090. 

Depreciation  in  Value  of  Stocks  and  Bonds. — Depreciation  allowed 
by  law  does  not  include  shrinkage  in  value  of  stocks  and  bonds. — 
See  T.  D.  2005,  page  252  and  T.  D.  2130,  page  568.  See  also  "Losses  in 
Trade,"  Art.  6,  paragraph  4. 

Other  Items  Specified  as  Deductible. 

Bond,  premium  on. — Where  an  employee  is  required  to  furnish  bond 
and  pay  the  premium  on  such  bond,  as  a  necessary  incident  of  his 
employment,  the  premium  on  the  bond  will  constitute  an  allowable 
deduction  in  computing  net  income. — T.  D.  2090. 

Insurance  Premium. — Premiums  paid  for  insurance  on  property 
which  is  not  occupied  by  the  owner  as  a  dwelling,  but  is  rented  or 
leased  to  secure  an  income,  constitute  allowable  deductions  in  com- 
puting net  income. 

Premiums  paid  on  life  insurance  by  the  Insured  do  not  constitute 
allowable  deductions  under  the  income-tax  law. — T.  D.  2090. 

Premiums  paid  on  life  insurance  taken  out  by  a  partnership  upon 
the  lives  of  individual  members  of  such  partnership  constitute 
allowable  deductions  in  ascertaining  the  net  earnings  of  the  partner- 
ship. However,  when  such  policies  mature,  or  upon  the  death  of 
the  insured  partner,  the  amount  received  as  life  insurance  should  be 
included  in  the  gross  income  of  the  partnership. — T.  D.  2090. 

7.  [(Paragraph  7  as  amended  by  T.  D.  1945,  page 
208,  applies  only  to  persons  subject  to  the  addi- 
tionial  or  super  tax. — See  also  Art.  4,  paragraph 
(c).)J  The  amount  included  in  gross  income  re- 
ceived as  dividends  upon  the  stock,  or  upon  the  net 
earnings,  of  any  corporation,  joint-stock  company, 
association,  or  insurance  company  which  is  taxable 
upon  its  net  income. 

8.  The  amount  of  income,  the  normal  tax  upon  which 
has  been  paid  or  withheld  for  payment  at  the  source  of 
income.  * 

Note. — Taxes  paid  by  a  corporation  pursuant  to  a  contract  guaran- 
teeing that  the  interest  payable  on  its  bonds  or  other  indebtedness 
shall  be  free  from  taxation  are  not  deductible.  Such  income  should 
be  included  (on  form  1040  under  column  A)  as  income  upon  which 
the  normal  tax  has  been  withheld  and  paid  at  the  source. — See  T.  D. 
1942,  page  204.  See  "Bonds  Containing  Tax-free  Covenant  Clause," 
Art.  37. 

Items  Not  Deductible. 

Gifts  or  Donations  Made  During  the  Year  Not  to  Be  Deducted. 

None  of  the  above  items  of  deduction  shall  include 
money  or  other  items  of  value  disposed  of  by  gift,  dona- 
tion, or  endowment. 

Assessments  on  Stock. 

[Assessments  made  by  a  corporation  on  its  capital 
stock  are  regarded  as  an  investment  of  capital  and 

374 


MEMORANDA 

For  explanation,  see  Page  354. 


375 


Art.  6 — Continued. 

do  not  constitute  an  allowable  deduction  in  the  re- 
turn of  the  individual.— T.  D.  2090.] 

Exemptions  Allowed  Under  Paragraph  C. 

Under  paragraph  C  the  personal  exemption  of  $3,000 
or  $4,000,  as  the  case  may  be,  is  to  be  deducted  from  the 
npt  income  except  in  the  cases  of  nonresident  aliens. 
(See  Arts.  9  and  10.) 

See  Art.  33,  par.  (a)  and  (c),  for  means  of  obtaining  exemption 
where  tax  on  the  income  of  an  individual  is  withheld  and  paid  at 
the  source.  Exemption  on  bond  coupons  and  interest  orders  see 
Art.  39,  40,  41,  42,  43. 

ART.  7 

Tax  Computed  on  the  Calendar  Year. 

Art.  7.  The  act  provides  that  the  said  normal  tax  shall 
be  computed  on  the  remainder  of  said  net  income  accru- 
ing during  each  preceding  calendar  year. 

TFor  the  year  1913  the  tax  was  computed  from  March  1.  when  the 
Act  became  effective,  to  Peeember  31.  Ten-twelfths  of  the  specific 
exemptions  and  deductions  were  allowed.] 

ART.  8 
NON-RESIDENT   ALIENS. 

PEFINITION. — Non-resident  aliens  are  defined  as  citizens  or  sub- 
jects, firms,  corporations  or  organizations  of  a  foreign  country  who 
are  not  a  resident  of  the  United  States.-- -T.  P.  1977,  page  233. 

United  States  citizens  residing'  abroad  against  whom  presumption 
of  expatriation  has  arisen. — See  Letter  of  Sec'y  Bryan,  page  235. 

Income  Subject  to  the  Normal  Tax. 

As  amended  by  T.  D.  2109,  page  275. 

fArt.  8.  The  income  of  non-resident  aliens  sub- 
ject to  the  normal  tax  of  1  per  cent,  shall  consist  of 
the  total  gains,  profits  and  income  derived  from  all 
property  owned,  and  from  every  business,  trade  or 
profession  carried  on  within  the  United  States  (to 
be  designated  as  gross  income),  less  deductions 
(1  to  8.  inclusive)  specifically  enumerated  in  Para- 
graph B  of  the  Act  (see  Art.  6),  in  so  far  as  said 
deductions  relate  to  said  gains,  profits,  etc.] 

Specific  Exemption  Under  Paragraph  C  Not  Allowed  Non-Resident 

Aliens. 

The  specific  exemption  in  paragraph  C  of  the  act  can 
not  be  allowed  as  a  deduction  in  computing  the  normal 
tax  of  nonresident  aliens. 

An  American  woman  marrying  a  foreigner  takes  the  nationality  of 

her  husband  and  thus  cannot  claim  exemption  under  paragraph  C. — 
See  Art.  9. 

376 


MEMORANDA 

For  explanation,  see  Page  354. 


377 


Art.  8 — Continued. 

Subject  to  Additional  or  Surtax. 

Nonresident  aliens  are  subject  to  additional  or  surtax 
the  same  as  prescribed  in  the  case  of  citizens  of  the 
United  States  or  persons  residing  in  the  United  States. 

Agents  or  Representatives  to  Make  Returns  and  Pay  Tax. 

[The  responsible  heads,  agents,  or  representatives 
of  said  non-resident  aliens  who  are  in  charge  of  the 
property  owned  or  business  carried  on  within  the 
United  States  by  non-resident  aliens  shall  make  full 
and  complete  return  of  the  income  therefrom  on 
Form  1040,  Revised,  and  shall  pay  any  and  all  tax, 
normal  and  additional,  assessed  upon  the  said  in- 
come of  non-resident  aliens. — (T.  D.  2109,  page  275.) 

By  Whom  the  Normal  and  Additional  Tax  Is  to  Be  Withheld  and 

Paid. 

The  person,  firm,  company,  co-partnership,  cor- 
poration, joint-stock  company  or  association  and  in- 
surance company  in  the  United  States — citizen  or 
resident  alien — in  whatever  capacity  acting,  having 
the  control,  receipt,  disposal  or  payment  of  fixed  or 
determinable  annual  or  periodical  gains,  profits  and 
income,  of  whatever  kind,  to  a  non-resident  alien, 
under  any  contract  or  otherwise,  which  payment 
shall  represent  income  of  a  non-resident  alien  from 
the  exercise  of  any  trade  or  profession  within  the 
United  States,  shall  deduct  and  withhold  from  such 
annual  gains,  profits  and  income,  regardless  of  amount, 
and  pay  to  the  officer  of  the  United  States  Govern- 
ment authorized  to  receive  the  same,  such  tax  as 
will  be  sufficient  to  pay  the  normal  tax  of  one  per 
cent,  imposed  thereon  by  law;  and  shall  make  a  re- 
turn on  Form  1042. 

Form  1008,  Revised,  claiming  the  benefit  of  de- 
ductions and  refund  of  excess  tax  withheld,  as  pro- 
vided by  paragraphs  B  and  E  of  the  Federal  Income 
Tax  Law,  may  be  filed  by  the  non-resident  alien  with 
the  withholding  agent  or  Collector  of  Internal  Reve- 
nue for  the  district  in  which  the  return  is  made  or 
is  to  be  made.— T.  D.  2109.] 

For  instructions  relative  to  the  use  of  Form  1008  Revised,  see 
Art.  83   (b). 

Exemption  Certificate — Banks  or  Bankers,  Either  Foreign  or 
Domestic,  for  and  on  behalf  of  Non-Resident  Owners  of  Stock  of 
Corporations  of  Foreign  Countries.— See  T.  D.  2030,  page  267. 

378 


MEMORANDA 

For  explanation,  see  Page  354. 


379 


Art.  8 — Continued. 

No  Taxes  on  Interest  from  Bonds  and  Dividends  on  Stock  of 
Domestic  Corporations  Owned  by  Non-Resident  Aliens. 

[Interest  on  bonds  of  domestic  corporations  and 
dividends  on  stock  of  domestic  corporations  owned 
by  non-resident  aliens,  and  whether  such  bonds  and 
stock  be  physically  located  within  or  without  the 
United  States,  are  not  subject  to  the  income  tax,  but, 
in  the  case  of  bonds,  certificates  of  ownership  must 
be  filed  in  order  to  prevent  withholding  at  the  source. 
—See  Art.  46,  also  see  T.  D.  2017,  page  262.] 

Non-Resident  Aliens. 
Collections  at  the  Source. 

Bond    Coupons    and    Interest    Orders. 

Certificates  of  ownership  claiming  exemption  may  be  filed  on  form 
1004  revised,  page  228.  Certificate  of  ownership  may  be  filed  in  behalf 
of  the  owner  by  a  reputable  bank  or  bankers  or  other  responsible  col- 
lecting agency  on  form  1060,  page  234. — See  Art.  46. 

Certificates  of  Ownership  (Form  1060)  to  be  executed  by  foreign 
banks,  bankers,  etc.,  on  bonds  owned  by  said  non-resident  aliens, 
viz. :  citizens  or  subjects,  firms,  corporations  or  organizations  of 
foreign  countries,  who  are  not  residents  of  the  United  States.  Form 
1060  may  be  executed  also  by  responsible  bank  and  bankers  of  the 
United  States  for  and  in  behalf  of  non-resident  alien  owners  of  bonds 
of  United  States  corporations.— See  T.  D.  1988,  page  240. 

Income  Other  Than  Interest  on  Bonds. 

Exemption     Certificate — Firms,     Organizations     and     Fiduciaries. — 

Claiming  exemption  from  withholding  tax  at  source  on  income  other 
than  interest  on  bonds  (Ex.  Ctf.  No.  1063),  page  248.  Use  of  this  cer- 
tificate is  extended  to  non-resident  aliens  in  claiming  exemption 
from  income  tax  on  dividends  payable  in  United  States. — (T.  D.  2012. 
page  256.) 

ART.  9 

EXEMPTIONS  UNDER  PARAGRAPH  C. 

Husband  and  Wife. 

[The  regulations  of  the  department  requiring  the 
incomes  of  husband  and  wife  to  be  combined  and 
authorizing  the  aggregate  exemption  of  $4,000  from 
such  combined  income  are  applicable  for  the  purpose 
of  the  normal  tax  only.  The  additional,  or  surtax, 
imposed  by  the  act  will  be  computed  on  the  basis  of 
the  separate  income  of  each  individual;  that  is,  on 
the  amount  of  each  individual's  income  in  excess  of 
the  minimum  amounts  upon  which  the  surtax  at  the 
graduated  rates  is  to  be  calculated. — T.  D.  2090.] 

When  Living  Apart. 

Art.  9.  Under  paragraph  C,  every  single  person  and 
every  married  person  not  living  with  husband  or  wife 
in  the  sense  below  defined,  who  has  a  net  income  exceed- 
ing $3,000  per  annum,  is  liable  to  pay  the  normal  tax 

380 


MEMORANDA 

For  explanation,  see  Page  354. 


Art.  9 — Continued. 

under  this  law,  but  in  making  return  for  such  tax  such 
person  may  claim  an  exemption  of  $3,000  from  his  or 
her  total  net  income. 

ART.  10 

When  Living:  Together. 

Art.  10.  Husband  and  wife  living  together  are  en- 
titled to  an  exemption  of  $4,000  only  from  the  aggre- 
gate net  income  of  both,  which  may  be  deducted  in  mak- 
ing the  return  of  such  income  for  taxation. 

When  Separated  and  Living  Apart. 

However,  when  the  husband  and  wife  are  sepa- 
rated and  living  permanently  apart  from  each  other 
each  shall  be  entitled  to  an  exemption  of  $3,000. 

When   Not    Living:    Apart,   But   Having    Separate   Estate*. 

If  the  husband  and  wife  not  living  apart  have  sepa- 
rate estates,  the  income  from  both  may  be  made  on  one 
return,  but  the  amount  of  income  of  each,  and  the  full 
name  and  address  of  both,  must  be  shown  in  such  re- 
turn. 

Husband    Should    Make    Return    for    Both. 

The  husband,  as  the  head  and  legal  representative  of 
the  household  and  general  custodian  of  its  income,  should 
make  and  render  the  return  of  the  aggregate  income  of 
himself  and  wife,  and  for  the  purpose  of  levying  the  in- 
come tax  it  is  assumed  that  he  can  ascertain  the  total 
amount  of  said  income. 

When  Wife  Has  Separate  Estate  Managed  by  Herself. 

If  a  wife  has  a  separate  estate  managed  by  herself  as 
her  own  separate  property  and  receives  an  income  of 
$3,000  or  over,  she  may  make  return  of  her  own  in- 
come, and  if  the  husband  has  other  net  income,  making 
the  aggregate  of  both  incomes  more  than  $4,000,  the 
wife's  return  should  be  attached  to  the  return  of  her 
husband,  or  his  income  should  be  included  in  her  return, 
in  order  that  a  deduction  of  $4,000  may  be  made  from 
the  aggregate  of  both  incomes.  The  tax  in  such  case, 
however,  will  be  imposed  only  upon  so  much  of  the  ag- 
gregate income  of  both  as  shall  exceed  $4,000. 

When  Either  Has  an  Income  of  $3,000  or  Over. 

If  either  husband  or  wife  separately  has  an  income 
equal  to  or  in  excess  of  $3,000,  a  return  of  annual  net 
income  is  required  under  the  law,  and  such  return  must 

882 


MEMORANDA 

For  explanation,  see  Page  354. 


383 


Art.  10 — Continued. 

include  the  income  of  both,  and  in  such  case  the  return 
must  be  made  even  though  the  combined  income  of  both 
be  less  than  $4,000. 

When  Income  of  Both  Is  in  Excess  of  $4,000. 

If  the  aggregate  net  income  of  both  exceeds  $4,000, 
an  annual  return  of  their  combined  incomes  must  be 
made  in  the  manner  stated,  although  neither  one  sepa- 
rately may  have  an  income  of  $3,000  per  annum.  They 
are  jointly  and  separately  liable  for  such  return  and  for 
the  payment  of  the  tax. 

When   Either   Dies   During   the   Year. 

[Where  either  dies  during  the  year  having  a  net 
taxable  income  of  $3,000  or  more  a  return  should 
be  made  by  the  executor  or  administrator  of  the 
deceased  as  of  the  date  of  his  death,  and  the  executor 
or  administrator  may  claim  an  exemption  of  $4,000 
under  paragraph  C.  The  survivor,  when  making  a 
return  at  the  end  of  the  year  for  the  entire  year,  will 
be  allowed  the  applicable  exemption  for  the  single  or 
married  status  existing  at  the  close  of  the  year. — 
T.  D.  2090 J 

Single  or   Married   Status — When   Determined. 

The  single  or  married  status  of  the  person  claiming 
the  specific  exemption  shall  be  determined  as  of  the  time 
of  claiming  such  exemption  if  such  claim  be  made  within 
the  year  for  which  return  is  made,  otherwise  the  status 
at  the  close  of  the  year. 

When  an  American  Woman  Marries  a  Foreigner. 

[An  American  woman  who  marries  a  foreigner 
takes  the  nationality  of  her  husband  and  cannot 
claim  exemption  under  paragraph  C. — T.  D.  2090.] 

ART.  11 
PARTNERSHIPS. 

Partnership   Profit*. 

Art.  11.  His  or  her  prorata  share  of  the  net  profits 
derived  from  a  partnership  business,  whether  or  not  di- 
vided and  paid  out  shall  be  included  in  the  personal 
return  of  each  partner. 

ART.  12 

Art.  12.   Partnerships,  as  such,  are  not  subject  to  the 

384 


MEMORANDA 

For  explanation,  see  Page  354. 


Art.  12 — Continued. 

income  tax,  and  are  only  required  to  make  return  when 
requested  to  do  so  by  the  Commissioner  of  Internal  Rev- 
enue or  the  collector  of  internal  revenue  for  the  district 
in  which  said  partnership  has  its  principal  place  of  busi- 
ness ;  and  when  a  return  is  required  it  shall  give  a  com- 
plete and  correct  statement  of  the  gross  income  of  the 
said  partnership  and  also  a  complete  statement  of  the 
actual  expenses  of  conducting  the  business  of  said  part- 
nership, and  the  net  profits  and  the  name  and  address  of 
each  member  of  said  partnership,  and  their  respective 
interest  in  the  net  profit  thus  reported. 

[For  form  of  return  specified  above  see  Form 
1065,  pages  331  and  332.] 

See  also  Art.  94. 

ART.  13 

Partnership  Profits  to  Be  Included  in  Returns  Made  by  Individual 

Partners. 

Art.  13.  The  net  annual  profits  of  a  partnership  when 
divided  and  paid  to  the  members  thereof  shall  be  includ- 
ed by  each  individual  partner  receiving  same  in  his  an- 
nual return  of  net  income,  and  the  tax  shall  be  paid 
thereon  as  required  by  law.  When  the  annual  profits 
of  a  partnership  are  not  distributed  and  paid  to  the 
members  thereof  the  respective  interest  of  each  member 
in  said  profits  shall  be  ascertained,  and  the  individuals 
entitled  thereto  shall  include  the  said  amount  in  their 
annual  return  as  a  part  of  their  gross  income,  the  same 
as  if  said  profits  had  been  distributed  and  paid  to  them. 

Identity  of  Partnership  Income. — The  character  of  partnership 
profits  divisible  between  persons  has  no  reference  to  any  character 
which,  as  income  accruing  to  the  partnership,  it  may  have  borne 
prior  to  receipt  by  the  partnership.  It  is  therefore  held  that  income 
received  from  a  partnership  cannot  be  traced  to  its  source  behind 
the  partnership  for  the  purpose  of  claiming  individual  exemption. 
— T.  D.  2090. 

Individual  Income  From  Partnerships — When  Accrued. — See  Art.  4, 
par.  (b)  and  note  thereunder. 

Insurance  Premiums  Paid  by  Partnerships  on  Lives  of  Individual 
Members  are  a  deductible  expense. — For  further  important  particu- 
lars see  "Insurance  Premium,"  Art.  6. 

ART.  14 

Individual  Partnership  Profits. 

Art.  14.  Undivided  annual  net  profits  of  partnerships 
thus  returned  by  the  individual  members  thereof,  and 
tax  paid  thereon,  shall  not,  when  said  profits  are  actually 

386 


MEMORANDA. 

For  explanation,  see  Page  354. 


887 


Art.  14 — Continued. 

distributed  and  paid  to  such  members,  be  again  included 
in  their  annual  return  as  a  part  of  their  gross  income. 

Income  of  Partnerships  from  Bond  Coupons  or  Registered  Interest 

Orders. 

Income  of  Partnerships  Not  to  Be  Withheld  at  Source. 

[The  income  of  partnerships  is  not  subject  to  the 
provisions  of  the  law  relating  to  the  deduction  and 
payment  of  tax  at  the  source  of  income.  Therefore, 
partnerships  owning  bonds  and  mortgages  or  other 
similar  obligations  of  corporations,  etc.,  shall  file 
certificates  of  ownership  (Revised  form  1001)  evi- 
dencing the  fact  of  partnership  ownership. — See 
T.  D.  1957,  page  215.    See  also  Art.  41 J 

Income  of  Partnerships  Other  Than  Interest  on  Bonds,  Etc. 

[Form  1063,  page  248,  is  provided  for  the  use  of 
firms,  organizations,  etc.,  for  the  purpose  of  estab- 
lishing their  identity  and  non-liability  to  withholding 
at  the  source  of  the  income  (other  than  interest  on 
bonds)  payable  to  them.    See  T.  D.  1998,  page  247  J 

Foreign  Partnerships. — Form  1063  may  be  used  by  non-resident 
aliens  in  claiming  exemption  from  income  tax  on  dividends,  etc., 
payable  in  the  United  States  from  the  stock  of  foreign  corporations. — 
See  T.  D.  2012,  page  256.    See  also  "Non-Resident  Aliens,"  Art.  8. 

Limited  Partnerships  are  held  to  be  corporations  within  the  mean- 
ing of  the  act  and  are  subject  to  the  tax  imposed  on  the  net  income 
of  corporations. — See  Part  3,  Art.  86. 

ART.  15 

RETURNS  OF  INDIVIDUALS. 

Who  Shall  Make  Returns  and  When  Returns  Shall  Be  Made. 

Art.  15.  Each  person  of  lawful  age  whose  net  income 
is  $3,000  or  over  shall,  on  or  before  the  1st  day  of  March, 
1914,  and  on  or  before  the  1st  day  of  March  each  year 
thereafter,  file  an  accurate  return  of  income  under  oath 
or  affirmation,  except  as  herein  provided.  (See 
Article  8.) 

Period  Covered  by  Return. 

[Jan.  1  to  Dec.  31.J 

Where  Returns  Shall  Be  Filed. 

[The  law  states  that  returns  may  be  filed  by  the 
individual  with  the  collector  for  the  district  either 
where  the  individual  resides,  or  where  he  has  his 
place  of  business.  On  Form  1040  -Revised  (under 
"Instructions,"  paragraph  4),  tHe  Treasury  Depart- 
ment has  ruled  that  the  return  should  be  filed  with 


MEMORANDA. 

For  explanation,  see  Page  354. 


Art.  15 — Continued. 

the  Collector  of  Internal  Revenue  for  the  district  in 
which  the  individual  resides.] 

By  an  Individual  Residing  in  a  Foreign  Country. 

In  the  case  of  an  individual  residing  in  a  foreign 
country  return  shall  be  made  to  the  collector  of  internal 
revenue  for  the  district  where  his  principal  business  is 
carried  on  within  the  United  States. 

See  note  under  Art.  1. 

ART.  16 

Form  of  Return. 

Art.  16.  The  required  return  will  be  made  on  Form 
1040  Revised  in  accordance  with  the  instructions 
printed  thereon,  and  will  specifically  set  forth — 

See  "Fac-simile  Return  of  the  Individual  on  pages  335  to  345. 

1.  All  income  received  from  each  specific  source  and 
the  total  thereof. 

See  Art.  4. 

2.  All  the  separate  items  of  deduction  claimed  under 
paragraph  B  of  this  law. 

See  Art.  6. 

3.  The  amount  of  specific  exemption  claimed  under 
paragraph  C. 

See  "Exemptions  Allowed  under  Paragraph  C,"  Art.  6,  par.  8;  also 
Art.  9. 

4.  All  amounts  of  income  upon  which  tax  has  been 
withheld  at  source  by  withholding  agent  or  agents. 

See  Art.  6,  paragraph  8. 

Assessment  of  Tax — When  Made. 

Assessments  will  be  made  and  all  persons  notified  of  the  amount 
assessed  on  or  before  the  first  day  of  June  in  each  year. — See  Art.  25. 

When  Tax  Shall  Be  Paid. 
On  or  before  June  30  of  each  year. — See  Art.  25. 

Penalties. 
For— 
Failure  to  pay  tax See  Art.  25 

Failure  to  make  return _- See  Arts.  21  and  26 

False  or  fraudulent  returns See  Arts.  21  and  26 

Refusal  or  neglect  to  make  return, 

See  Art.  21;  also  T.  D.  1950,  page  211. 

False  representations  to  obtain  exemption See  Art.  33 

Claims  for  refund,  abatement  of  tax See  Art.  33 

Illegal  collection  of  tax__ See  T.  D.  1983,  page  237 

ART.  17 

When  Returns  Will  Be  Made  by  Guardian  or  Duly  Authorized 

Agent. 

Art.  17.  When  by  reason  of  minority,  insanity,  ab- 
sence, sickness,  or  other  disability,  the  individual  is  un- 


MEMORANDA. 

For  explanation,  see  Page  354. 


391 


Art.  17 — Continued. 

able  to  make  his  own  return,  the  same  shall  be  made  by 
his  guardian  or  duly  authorized  agent. 

[Administrator — When  Administrator  is  a  Fiduciary.] 

[See  Arts.  71  to  75.] 

Executor  or  Administrator  to  Make  Return  in  Case  of  Death. 

[In  the  case  of  the  death  of  a  person  whose  net 
income  from  Jan.  1  of  the  year  in  which  he  died  was 
$3,000  or  over,  a  return  for  such  decedent  must  be 
made  by  the  executor  or  administrator  of  the  estate 
of  the  deceased,  on  Form  1040,  Revised,  and  in  com- 
puting the  taxable  income  of  such  estate  there  shall 
be  allowed  the  specific  exemption  provided  by  law. — 
T.  D.  2090.    See  also  Art.  75.] 

ART.  18 

Notice  of  Failure  to  File  Return  to  Be  Served  on  Guardian  or 
Agent  of  Non-Resident  Alien. 

Art.  18.  When  the  required  return  has  not  been  made 
by  a  person  acting  as  guardian,  agent  of  a  nonresident 
alien,  or  by  one  acting  in  any  other  capacity  in  which 
the  law  makes  it  a  duty  for  him  to  represent  the  indi- 
vidual, notice  of  failure  to  make  such  return  will  be 
served  upon  such  guardian  or  agent. 

Evidence  May  Be  Filed  Showing  Non-Liability  to  Make  Return. 

The  person  upon  whom  such  notice  is  served  may, 
however,  when  the  facts  warrant,  file  evidence  with  the 
collector  showing  that  the  individual  for  whom  he  acts 
did  not  receive  an  income  subject  to  tax  during  the  year, 
or  that  the  said  guardian  or  agent  had  filed  the  return 
with  some  other  collector. 

ART.  19 

Returns  Not  Required  of  Persons  for  Whom  Full  Returns  Have 
Been  Made  by  Others. 

Art.  19.  Any  individual  whose  net  income  is  less  than 
$20,000,  for  whom  full  return  has  been  made  by  others 
as  withholding  agents,  shall  not  be  required  to  make  a 
return. 

ART.  20 

Returns  to  Be  Prepared  by  Collector  in  Certain  Cases. 

Art.  20.  If  any  person  liable  to  pay  an  income  tax  for 
himself  or  others  shall  fail  to  make  and  deliver  the  re- 
turn required  by  law,  but  shall  consent  to  disclose  the 


MEMORANDA. 

For  explanation,  see  Page  354. 


Art.  20 — Continued. 

particulars  of  any  business  or  occupation  liable  to  pay 
such  tax,  it  shall  be  the  duty  of  the  collector  or  deputy 
collector  to  make  such  list  or  return,  which  being  dis- 
tinctly read  and  consented  to,  signed,  and  verified  by 
oath  or  affirmation  by  the  person  liable  to  make  such 
return,  the  same  may  be  received  as  the  list  or  return  of 
such  person. 

ART.  21 

Refusal  or  Neglect  to  Make  Return. 

Art.  21.  In  case  any  person  liable  to  make  return  shall 
neglect  or  refuse  to  make  or  render  a  list  or  return,  or 
shall  render  a  willfully  false  or  fraudulent  return,  it 
shall  be  the  duty  of  the  collector,  after  due  notice  has 
been  given,  to  make  such  list,  according  to  the  best  infor- 
mation he  can  obtain  by  the  examination  of  such  person, 
or  any  other  evidence.1 

1  For  method  of  procedure  in  such  cases,  see  sects.  3173  and  3176, 
Rev.  Stat.,  pages  191  and  192,  and  also  Form  1045,  the  form  of  notice 
to  be  given  in  such  cases,  which  may  be  had  upon  application  to 
Collector. 

Penalty  for  Failure  to  Make  Return  or  for  Making  False  Return. 

When  duly  certified  by  the  collector,  the  said  list  thus 
prepared  shall  be  the  return  of  said  person  and  the  tax 
so  ascertained  to  be  due,  together  with  the  50  per  cent  or 
100  per  cent  penalty  incurred,  shall  be  assessed  and 
collected. 

ART.  22 

Returns  to  Be  Verified  by  Oath  or  Affirmation. 
Collectors'  Attention. 

Art.  22.  The  annual  return  must  be  verified  by  oath 
or  affirmation  of  the  person  making  the  same.  Collectors 
are  directed  by  law  to  require  every  return  to  be  so  veri- 
fied by  the  person  rendering  it.  The  affidavit  may  be 
made  before  the  collector  for  the  district  or  before  any 
officer  authorized  by  law  to  administer  oaths. 

Oaths. — (1)  A  return  of  income  rendered  by  an  individual  residing 
abroad  may  be  acknowledged  before  any  duly  appointed  officer  of 
the  country  in  which  he  resides  authorized  to  administer  oaths  and 
use  an  official  seal. 

(2)  If  a  return  is  executed  in  a  State  before  a  notary  who  is  not 
required  by  the  laws  of  the  State  to  use  a  seal,  and  none  is  used, 
the  notary  should  file  with  the  Commissioner  of  Internal  Revenue 
the  certificate  of  an  officer  possessing  a  seal,  showing  that  he  is  dulv 
commissioned  and  authorized  to  administer  oaths;  otherwise  the 
certificate  will  not  be  recognized. 

(3)  Returns  acknowledged  before  commanding  officers  of  naval 
vessels  while  at  sea  or  in  foreign  ports  will  be  accepted. 

(4)  Returns  executed  before  a  summary  court  officer,  United  States 
Army,  will   not  be  accepted.— T.  D.  2090. 


MEMORANDA. 

For  explanation,  see  Page  354. 


395 


ART.  23 

Extension  of  Time  to  File  Return  May  Be  Granted. 

Art.  23.  When  the  return  is  not  filed  within  the  re- 
quired time  by  reason  of  sickness  or  absence  of  the  indi- 
vidual, an  extension  of  time,  not  exceeding  30  days  from 
March  1,  within  which  to  file  such  return  may  be  granted 
by  the  collector,  provided  a  written  application  therefor 
is  made  by  the  individual  within  the  period  for  which 
such  extension  is  desired. 

ART.  24 

Forwarding  of  Annual  Returns  by  Collectors. 

Art.  24.  The  annual  returns  will  be  forwarded  by  col- 
lectors by  registered  mail  to  the  Commissioner  of  Inter- 
nal Eevenue  with  the  list  for  the  month  in  which  the 
returns  are  filed.  Collectors  must  provide  that  said  re- 
turns and  all  forms  relating  thereto  are  securely  sealed 
in  envelopes  or  packages  before  forwarding  the  same. 

ART.  25 

Assessment  of  Tax— Notification  of— When  to  Be  Paid. 

Art.  25.  All  assessments  shall  be  made  by  the  Com- 
missioner of  Internal  Revenue,  and  all  persons  shall  be 
notified  of  the  amount  for  which  they  are  respectively 
liable  on  or  before  the  1st  day  of  June  of  each  successive 
year,  and  said  assessments  shall  be  paid  on  or  before  the 
30th  day  of  June,  except  in  cases  of  refusal  or  neglect  to 
make  such  return  and  in  cases  of  false  or  fraudulent 
returns,  in  which  cases  the  Commissioner  of  Internal 
Revenue  shall,  upon  the  discovery  thereof,  at  any  time 
within  three  years  after  said  return  is  due,  make  a  return 
upon  information  obtained,  as  provided  by  the  law,  and 
the  assessment  made  by  the  Commissioner  of  Internal 
Revenue  thereon  shall  be  paid  by  such  person  or  persons 
immediately  upon  notification  of  the  amount  of  such 
assessment.    [See  also  T.  D.  2003,  page  251.]  _ 

Persons  (Individuals  Only)  Absent  in  Foreign  Countries,  who,  by 
reason  of  such  absence,  may  not  receive  notice  of  assessment. — See 
T.  D.  2028,  page  266. 

Penalty  for  Failure  to  Pay  Tax. 

(See  also  T.  D.  2003,  page  251.) 

To  any  sum  or  sums  due  and  unpaid  after  the  30th 
day  of  June  in  any  year,  and  for  10  days  after  notice  and 
demand  thereof  by  the  collector,  there  shall  be  added  the 
sum  of  5  per  cent  on  the  amount  of  tax  unpaid,  and  in- 
terest at  the  rate  of  1  per  cent  per  month  upon  said  tax 


MEMORANDA. 

For  explanation,  see  Page  354. 


397 


Art.  25 — Continued. 

from  the  time  the  same  became  due,  except  from  the 
estates  of  insane,  deceased,  or  insolvent  persons. 

ART.  26 

Penalties  for  Failure  to  Make  Returns. 

Art.  26.  If  any  person,  corporation,  joint-stock  com- 
pany, association,  or  insurance  company  liable  to  make 
returns  or  pay  tax  shall  refuse  or  neglect  to  make  returns 
at  the  time  or  times  specified  in  each  year,  such  person 
shall  be  liable  to  a  penalty  of  not  less  than  $20  nor  more 
than  $1,000. 

[Every  person  having  a  net  income  of  $3,000  or 
more  for  the  calendar  year  is  required  to  render  a 
return,  and  the  penalty  provided  by  law  for  refusal 
or  neglect  to  file  a  return  will  be  enforced  regardless 
of  the  fact  that  the  net  income  may  be  less  than  the 
exemption  to  which  the  individual  is  entitled. — T.  D. 
2090.J 

Penalties  for  Making  False  or  Fraudulent  Returns. 

Any  person  or  any  officer  of  any  corporation  required 
by  law  to  make,  render,  sign,  or  verify  any  return  who 
makes  any  false  or  fraudulent  return  or  statement  with 
intent  to  defeat  or  evade  the  assessment  required  by 
law  to  be  made  shall  be  guilty  of  a  misdemeanor,  and 
shall  be  fined  not  exceeding  $2,000  or  be  imprisoned  not 
exceeding  one  year,  or  both,  at  the  discretion  of  the 
court,  with  the  costs  of  prosecution. 

ART.  27 

Abatement  of  Taxes. 

Art.  27.  Nothing  in  the  law  or  these  regulations  shall 
be  construed  to  release  a  taxable  person  from  liability 
for  income  tax,  nor  shall  any  contract  entered  into  after 
the  act  of  October  3,  1913,  took  effect  be  valid  in  regard 
to  any  Federal  income  tax  imposed  upon  a  person  liable 
to  such  payment. 

Illegal  Collection  of  Tax— Court  Decision.— See  T.  D.  1983,  page  237. 

ART.  28 

Deductions  on  Income,  the  Tax  Upon  Which  Is  Withheld  at  the 

Source. 

Art.  28.  For  regulations  relative  to  the  claiming  of 
exemptions  and  deductions  on  income,  the  tax  on  which 
is  to  be  deducted  and  withheld  at  the  source,  see  ar- 
ticle 33. 


MEMORANDA. 

For  explanation,  see  Page  354. 


3W) 


Art.  28 — Continued. 

Returns  Public  Records. 

(See  T.  D.  2016,  page  259.) 

By  Whom  Returns  May  Be  Inspected. 

Individual  Returns.— By  officers  and  employes  of  the  Treasury  De- 
partment only.— T.  D.  2016. 

"Inspection  of  Returns,"  paragraph  (1).— T.  D.  2016,  page  259. 

PART  2. 
ART,  29 

COLLECTIONS  AT  THE  SOURCE. 

Collection  at  Source  Applies  Only  to  the  Normal  Tax  Imposed 
Upon  Individuals. 

Art.  29.  The  deductions  and  payment  of  the  tax  at 
the  source  of  income  applies  only  to  the  normal  tax 
imposed  upon  individuals  and  shall  not  be  construed  to 
require  any  of  such  tax  to  be  withheld  prior  to  the  1st 
day  of  November,  1913. 

The  income  of  Firms,  Organizations,  etc.,  whether  such  income  is 
taxable  or  exempt  from  tax  under  the  law,  is  not  subject  to  being 
withheld  at  the  source,  but  such  firms,  organizations,  etc.,  must  file 

g roper  certificate  of  ownership  and  exemption,  to  prevent  such  tax 
eing  withheld. — See  Art.  45. 

ART.  30 

Persons,  Firms,  Etc.,  Required  to  Withhold  Tax  at  the  Source. 

Art.  30.  Paragraph  E  of  section  2  of  the  act  provides 
that>- 

AU  persons,  firms,  copartnerships,  companies,  corporations, 
Joint-stock  companies  or  associations,  and  insurance  com- 
panies, in  whatever  capacity  acting,  including  lessees  or  mort- 
gagors of  real  or  personal  property,  trustees  acting  in  any 
trust  capacity,  executors,  administrators,,  agents,*  receivers, 
conservators,  employers,  and  all  officers  and  employees  of  the 
United  States  having  the  control,  receipt,  custody,  disposal,  or 
payment  of  interest,  rent,  salaries,  wages,  premiums,  annui- 
ties, compensation,  remuneration,  emoluments,  or  other  fixed 
or  determinable  annual  gains,  profits,  and  income  of  another 
person,  exceeding  $3,000  for  any  taxable  year,  other  than  divi- 
dents  on  capital  stock,  or  from  the  net  earnings  of  corporations 
and  joint-stock  companies  or  associations  subject  to  like  tax, 
who  are  required  to  make  and  render  a  return  in  behalf  of  an- 
other, as  provided  herein,  to  the  collector  of  his,  her,  or  its 
district,  are  hereby  authorized  and  required  to  deduct  and 
withhold  from  such  annual  gains,  profits,  and  income  such 
sum  as  will  be  sufficient  to  pay  the  normal  tax  imposed  thereon 
by  this  section,  and  shall  pay  to  the  officer  of  the  United 
States  Government  authorized  to  receive  the  same;  and  they 
are  each  hereby  made  personally  liable  for  such  tax. 

400     . 


MEMORANDA. 

For  explanation,  see  Page  354. 


401 


Art.  30 — Continued. 

[For  Collection  of  Tax  on  Coupons  and  Interest  Orders  at  Source, 
see  Section  "A,"  Arts.  37  and  38.] 

♦Agent. — The  word  "agents"  as  used  above  in  connection  with  the 
words  "control,  receipt,  custody,  disposal  or  payment  of  income  to 
another  person,"  does  not  relate  to  agents  not  acting  in  a  fiduciary 
capacity.  Agents  not  acting  in  a  fiduciary  capacity  have  no  respon- 
sibility with  reference  to  withholding  the  tax  on,  or  making  a  return 
of,  income  turned  over  to  resident  aliens  or  citizens  of  the  United 
States;  but  the  responsible  heads,  agents,  or  representatives  of  non- 
resident aliens  who  are  in  charge  of  property  owned,  business  carried 
on,  or  capital  invested  within  the  United  States,  shall  make  full  and 
complete  returns  of  the  income  therefrom  on  Form  1040,  revised,  and 
pay  the  tax  thereon.     (See  "Non-resident  alien,"  Art.  8).— T.  D.  2090. 

Non-Resident  Aliens. — Withholding  Agents  for. — See  Art.  8. 

Alimony. — Alimony  is  regarded  as  fixed  and  determinable  income 
and  in  cases  where  it  is  in  excess  of  $3,000  the  person  paying  such 
alimony  is  required  to  withhold  the  normal  tax  on  the  same  unless 
exemption  is  claimed  under  Paragraph  C,  in  which  case  the  normal 
tax  will  be  withheld  only  on  an  amount  in  excess  of  the  exemption 
claimed.— (T.  D.  2090).— See  "Items  Specified  as  Gross  Income,"  Art.  4. 

Government  Officers  and  Employees. — See  T.  D.  2079  for  income  tax 
liability  and  withholding  requirements  in  connection  with  Quarters, 
Heat  and  Light,  Mileage,  Reimbursement  for  Actual  Expenses,  and 
Per  Diem  Allowances  in  Lieu  of  Subsistence  while  Traveling  under 
Orders  furnished  or  paid  to  Government  officers  and  employees. 

Notes  Given  for  Interest,  Bents,  etc. — See  Art.  68. 

Organizations  Exempt  from  the  Tax  Not  Subject  to  Provisions  of 
the  Law  as  Withholding  Agents. 

[Organizations  exempted  by  law  from  payment 
of  tax  (see  Art.  87)  are  not  subject  to  the  provisions 
of  the  Income  Tax  Law  as  withholding  agents. — 
See  T.  D.  1967,  page  219.J 


ART.  31 

"Debtors"  or  Withholding  Agents. 

(See  Note  Above.) 

Art.  31.  All  persons,  firms,  etc.,  mentioned  in  the 
above-quoted  paragraph  are  referred  to  in  these  regula- 
tions as  "debtors"  or  "withholding  agents,"  and  the 
word  "source"  is  to  apply  to  the  place  where  the  income 
originated  and  is  payable. 

Income  as  to  Which  Tax  Is  to  Be  Withheld. 

For  items  of  income  subject  to  withholding  at  the 
source  see  Art.  4,  "Items  Specified  as  Income" 

ART.  32 

Art.  32.  The  income  from  which  the  normal  tax  of 
1  per  cent,  is  to  be  withheld  by  withholding  agents  in- 
cludes all  items  of  income  exceeding  in  the  aggregate 
$3,000  and  payable  to  any  one  person  during  the  year, 
except : 

402 


MEMORANDA. 

For  explanation,  see  Page  354. 


403 


Art.  32 — Continued. 

Income  From  Which  the  Tax  Is  Not  to  Be  Withheld. 

(a)  Dividends  on , capital  stock  or  from  the  net  earn- 
ings of  corporations  and  joint-stock  companies  or  asso- 
ciations and  insurance  companies  subject  to  like  tax. 

Holders  of  capita]  stock  are  indirectly  taxed  through  the  tax  of  1 
per  cent,  on  the  net  earnings  of  corporation. — See  Art.  76,  page  470. 

Dividends  declared  by  a  foreign  corporation  which  derives  its  entire 
income  from  business  transacted  in  the  United  States  should  be 
treated  in  the  same  manner  as  dividends  from  domestic  corporations. 
See  Art.  77,  page  472. 

Dividends  on  Stock  of  Domestic  Corporations  Owned  by  Non-Resi- 
dent Aliens  Not  Subject  to  Tax.— See  Art.  8,  also  T.  D.  2017,  page  262. 

(b)  Income  of  an  individual  which  is  not  fixed  or  cer- 
tain and  not  payable  at  stated  periods,  or  is  indefinite  or 
irregular  as  to  amount  or  time  of  accrual,  shall  not  be 
withheld  at  the  source,  but  shall  be  listed  in  the  annual 
return  of  the  individual,  and  the  tax  shall  be  paid  there- 
on by  him. 

Per  Diem  Allowances  in  Lieu  of  Subsistence  While  Traveling  Under 
Orders. — Tax  on  such  income  is  not  subject  to  withholding. — See 
"Items  Specified  as  Income,"  Art.  4. 

Incomes  derived  from  the  following  professions  and 
vocations  come  under  this  head :  Agents  compensated  on 
the  commission  basis,  lawyers,  doctors,  authors,  inven- 
tors, and  other  professional  persons  whose  income  is  ir- 
regular and  indefinite. 

Special  Fees — Annual  Retainers. 

Such  persons  shall  make  personal  return  of  all  their 
income,  provided  their  total  net  income  from  all  sources 
is  $3,000  or  over.  For  example:  When  a  lawyer  re- 
ceives a  retainer  of  $5,000  as  a  special  fee,  a  deduction 
therefrom  shall  not  be  made  by  the  payer;  but  when 
a  lawyer  receives  a  retainer  of  $5,000  per  annum,  and 
the  exemption  claimed  is  $3,000,  $2,000  of  such  income 
would  be  taxed  and  the  tax  retained  at  the  source ;  or  if 
his  exemption  claimed  should  be  $4,000,  $1,000  of  such 
income  would  be  taxed  and  the  tax  thereon  withheld  at 
the  source. 

(c)  Items  listed  in  article  5,  which  are  wholly  exempt 
from  tax. 

Mileage. — The  tax  on  payments  on  account  of  mileage  are  not 
subject  to  withholding  at  the  source.  See  "Mileage,"  Art,  4,  under 
"Items  Specified  as  Income." 

ART.  33 

Exemptions  Under  Paragraph  C — Certificate  to  Be  Filed  With 

Withholding  Agent. 

(See  Art.  9.) 

Art.  33.  (a)  In  all  cases  where  the  income  tax  of  a 
person  is  withheld  and  deducted  and  paid  or  to  be  paid 


MEMORANDA. 

For  explanation,  see  Page  354. 


405 


Art.  33 — Continued. 

at  the  source,  such  person  shall  not  receive  the  benefit 
of  the  deduction  and  exemption  allowed  in  paragraph  C 
(see  arts.  9  and  10)  except  by  an  application  to  the  col- 
lector for  refund  of  the  tax  unless  he  shall,  not  less  than 
SO  days  prior  to  the  day  on  which  the  return  of  his  in- 
come is  due,  file  with  the  person  who  is  required  to  with- 
hold and  pay  tax  for  him,  a  certificate  claiming  the 
benefit  of  such  exemption,  and  thereupon  no  tax  shall 
be  withheld  upon  the  amount  of  such  exemption. 

Non-Resident  Aliens. — The  specific  exemption  in  Paragraph  C  can- 
not be  allowed  as  a  deduction  in  computing  the  normal  tax  of  non- 
resident aliens. — See  Art.  8. 

Certificates  of  Exemption  Under  Paragraph  C. 

Individuals. 
On  income  other  than  interest  on  bonds,  mortgages,  etc. 
Exemption  certificate  for  claiming  exemption  at  the  source  as  pro- 
vided in  Paragraph  C  of  the  Act Revised  Form 

1007,  page  229. 

On  Income  from  Bond  Interest,  Mortgages,  Etc. 
Individuals. 
Certificate  of  Ownership. — Exemption  not  claimed.     Revised   Form 
1000,  page  224. 

Certificate  of  Ownership. — Exemption  claimed.    Revised  Form  1000B, 
page  225. 
See  Section  "A,"  Art.  37. 

Certificates. 
[The  department  will  furnish  blank  forms  of  certi- 
ficates to  be  used  in  connection  with  the  collection  of 
the  income  tax  to  such  parties  as  may  make  applica- 
tion for  the  same.  Private  corporations  and  others 
may  under  certain  conditions  have  these  certificates 
printed  for  their  own  use.  See  T.  D.  1939,  page  201. J 

Penalty  for  Making  False  Representations  to  Obtain  Exemption. 
If  any  person  for  the  purpose  of  obtaining  any 
allowance  or  reduction  by  virtue  of  a  claim  for  such 
exemption,  either  for  himself  or  for  any  other  per- 
son, knowingly  makes  any  false  statement  or  false 
or  fraudulent  representation,  he  shall  be  liable  to  a 
penalty  of  $300. 

Deductions  Under  Paragraph  B— Form  1008  to   Be  Filed  With 
Withholding  Agent  or  Collector. 

(b)  Nor  shall  any  person  under  the  foregoing  condi- 
tions be  allowed  the  benefit  of  any  deduction  provided 
for  in  subsection  B  (see  art.  6,  1  to  6)  unless  he  shall, 
not  less  than  30  days  prior  to  the  day  on  which  the  re- 
turn of  his  income  is  due,  either  file  with  the  person 
who  is  required  to  withhold  and  pay  tax  for  him  a  true 
and  correct  return  (on  Form  1008  Revised)  of  his 
annual  gains,  profits,  and  income  from  all  other 
sources,  and  also  the  deductions  asked  for,  and  the 
showing  thus  made  shall  then  become  a  part  of  the 

406 


MEMORANDA. 

For  explanation,  see  Page  354. 


407 


Art.  33 — Continued. 

return  to  be  made  in  his  behalf  by  the  person  re- 
quired to  withhold  and  pay  the  tax  and  the  debtor 
or  withholding  agent  will  only  withhold  the  tax  on 
the  payments  made  in  excess  of  the  deductions 
claimed  on  said  form.  Or  such  person  may  likewise 
make  application  for  deductions  to  the  collector  of  the 
district  in  which  return  is  made  or  to  be  made  for  him. 

NOTE. — For  detailed  instructions  as  to  the  use  and  requirement  of 
Form  1008  Revised,  see  letter  to  Collectors,  dated  Jan.  18,  1915,  page 
566. 

(See  also  "Claims  for  Exemption  and  Deduction,"  below.) 

Certificate  Filed  on  Behalf  of  Minors  or  Insane  Persons. 
Persons  Absent  from  United  States. 

If  such  person  is  a  minor  or  an  insane  person,  or  is 
absent  from  the  United  States,  or  is  unable  owing  to 
serious  illness  to  make  the  return  and  application  above 
provided  for,  the  return  and  application  may  be  made 
for  him  or  her  by  the  person  required  to  withhold  and 
pay  the  tax,  he  making  oath  on  certificate  (Form 
1040  Revised)  under  the  penalties  of  this  act  that 
he  has  sufficient  knowledge  of  the  affairs  and  prop- 
erty of  his  beneficiary  to  enable  him  to  make  a  full 
and  complete  return  for  him  or  her,  and  that  the 
return  and  application  made  by  him  are  full  and 
complete. 

Absence  in  Foreign  Countries. — The  5%  penalty  and  Interest  on 
delayed  payment  of  assessed  taxes  are  held  to  be  due  unless  payment 
Is  forwarded  within  ten  days  after  notice  and  demand  should  have 
been  received  in  ordinary  course  of  mails.  For  further  details,  see 
T.  D.  2028,  page  266. 

Claims  for  Refund  of  Tax. 
(c)  When,  however,  claims  for  exemption  and  deduc- 
tions as  above  described  are  not  filed  within  the  pre- 
scribed time,  the  tax  collected  in  excess  can  be  remitted 
only  on  presentation  of  a  claim  for  refund  under  the 
provisions  of  section  3220,  Revised  Statutes,  said  claims 
to  be  made  either  by  the  withholding  agent  against  whom 
the  assessment  was  made,  or  by  the  person  on  account 
of  whom  such  taxes  were  withheld. 

Note. — If  the  tax  has  been  deducted  at  the  source  upon  the  income 
of  the  taxpayer  and  he  later  finds  that  he  should  have  claimed  exemp- 
tion he  may  file  with  the  withholding  agent,  in  the  case  of  bonds,  a 
proper  certificate  claiming  exemption  and  requesting  the  withholding 
agent  to  refund  the  tax  withheld.  The  withholding  agent  shall  then 
forward  the  corrected  certificate  to  the  collector  of  his  district,  stating 
the  monthly  list  return  upon  which  the  tax  has  been  withheld  and 
requesting  that  the  substitution  of  certificates  be  made.  On  authori- 
zation of  the  collector,  the  withholding  agent  shall  then  refund  the 
tax  so  withheld  to  the  taxpayer. 

Form  46  for  Application  for  Refund  may  be  secured  upon  applica- 
tion to  the  collector. 

(For  Sec.  3220  Revised  Statutes,  see  page  565.) 

Claims  for  Abatement  of  Tax. 


Claims  for  abatement  of  taxes  erroneously 
or  which  are  excessive  in  amount,  may,  prior  to  collec- 

408 


MEMORANDA. 

For  explanation,  see  Page  354. 


Art.  33 — Continued. 

tion  thereof,  be  filed  under  the  provisions  of  said  sec- 
tion 3220,  Revised  Statutes,  either  by  the  withholding 
agent  against  whom  the  assessment  was  made,  or  by  the 
persons  on  account  of  whom  such  taxes  were  withheld. 

Form  47  for  Claiming:  Abatement  may  be  had  upon  application  to 
the  collector. 

Illegal  Collection  of  Tax.— Sec  T.  D.  1983,  page  237. 

When  Taxes  Withheld  Are  to  Be  Paid. 

In  the  monthly  list  returns  as  now  prescribed  a  space 
is  provided  to  show  the  amount  of  taxes  which  the  with- 
holding agent  may  remit  to  the  collector  when  such  re- 
turns are  filed.  The  withholding  agents  will  not,  how- 
ever, forward  to  the  collector  amounts  withheld  by  him 
until  notices  of  assessment  are  received  from  the  col- 
lector. 

(Advance  payment  of  tax  withheld  by  withholding:  agents  not  to 
be  made  prior  to  thirty  days  preceding-  date  on  which  the  annual 
reurn  is  required  to  be  filed.— See  T.  D.  1965,  page  218.) 

Claims  for  Exemption  and  Deduction. 
Claims  for  exemption  and  deductions  may  be  filed  with 
the  withholding  agent  and  claims  for  deductions  may  be 
filed  with  the  collector,  not  later  than  30  days  prior  to 
March  1. 

Withholding  Agents  to  Be  Furnished  Statement  of  Deductions 
Claimed  Through  Collector. 

In  cases  where  claims  for  deductions  are  filed  with  the 
collector  within  the  time  prescribed,  the  collector  will 
immediately  furnish  the  withholding  agent  (whose  name 
and  address  must  be  shown  on  Form  1008)  with  a  state- 
ment of  the  amount  of  deductions  claimed,  and  said  with- 
holding agent  shall  not  withhold  and  pay  the  normal 
tax  to  the  extent  of  the  deductions  claimed  as  per  said 
list. 

Filing  Annual  Returns. 
Withholding  agents  should  not  file  their  annual  re- 
turns until  after  the  expiration  of  the  time  allowed  per- 
sons to  file  claims  for  exemptions  and  deductions  and  if 
claims  for  deductions  are  filed  with  the  collector  in  the 
required  time,  yet  not  in  sufficient  time  to  have  the  ad- 
justment made  by  the  withholding  agent,  the  collector 
will  make  the  adjustment  on  the  withholding  agent's 
return  and  in  reporting  such  withholding  agent  for  as- 
sessment will  make  allowance  for  the  amount  of  such 
deductions  claimed.  Notice  of  such  adjustment,  how- 
ever, must  be  furnished  the  withholding  agent. 

[See  "When  Taxes  Withheld  Are  to  Be  Paid,"  above.] 

410 


MEMORANDA. 

For  explanation,  see  Page  354. 


411 


ART.  34 

Tax  Withheld  to  Be  Paid  to  Collector  of  District. 

Art.  34.  The  normal  tax  of  1  per  cent  shall  be  de- 
ducted and  withheld  at  the  source,  and  payment  made 
to  the  collector  of  internal  revenue  as  provided  in  the 
law,  by  the  debtor,  or  his,  her,  or  its  duly  appointed 
agent  authorized  to  make  such  deduction  and  payment. 

ART.  35 

Returns  to  Be  Made  to  Collector  of  Internal  Revenue. 

Art.  35.  Withholding  agents  who  are  required  to  make 
monthly  returns  will,  on  or  before  the  20th  day  of  each 
month,  file  with  the  collector  for  their  respective  dis- 
tricts such  returns  for  the  preceding  month,  accompa- 
nied by  all  certificates  relating  thereto,  and  there  shall 
also  accompany  said  returns  all  certificates  claiming  ex- 
emptions and  deductions  which  are  not  required  to  be 
listed  thereon;  and  on  or  before  the  1st  day  of  March 
in  each  year  said  withholding  agents  shall  likewise  file 
their  annual  returns  for  the  preceding  calendar  year. 
Annual  returns  (Form  1042)  must  be  accompanied 
by  all  certificates  claiming  exemptions  and  deduc- 
tions relating  thereto. 

Monthly  Returns  Not  to  Be  Made  Under  Oath.— See  T.  D.  1997, 
page  247. 

ART.  36 

Art.  36.  For  regulations  as  to  assessment  and  collec- 
tion of  taxes  from  withholding  agents,  see  article  25  and 
"  Assessments  and  collections, ' '  Part  4. 


ART.  37 

Income  derived  from  interest  upon  bonds  and  mort- 
gages or  deeds  of  trust  or  other  similar  obligations  of 
corporations,  etc. 

Tax  to  Be  Deducted. 

Art.  37.  Under  the  law  a  tax  of  1  per  cent,  designated 
as  the  normal  tax,  shall  be  deducted  at  "the  source/ ' 
beginning  November  1,  1913,  from  all  income  accruing 
and  payable  to  any  person  subject  to  such  tax  which 
may  be  derived  from  interest  upon  bonds  and  mortgages, 
or  deeds  of  trust,  or  other  similar  obligations*,  in- 
cluding equipment  trust  agreements  and  receivers' 
certificates  of  corporations,  joint-stock  companies  or 

412 


MEMORANDA. 

For  explanation,  see  Page  354. 


413 


Art.  37 — Continued. 

associations  and  insurance  companies,  although  such 
interest  does  not  amount  to  $3,000. 

*  [Obligations  of  corporations  similar  to  bonds, 
mortgages,  deeds  of  trust,  etc.,  for  income-tax  pur- 
poses are  held  to  be  those  obligations  of  corporations 
which,  though  not  bonds,  mortgages,  or  deeds  of 
trust,  are  similar  in  form,  purpose,  or  in  being  ex- 
tended beyond  the  time  of  ordinary  bankable  com- 
mercial paper.  Interest  payments  on  ordinary  bank- 
able commercial  paper  of  corporations  payable  to 
individuals  are  subject  to  withholding  at  the  source 
only  when  the  payment  to  any  one  individual  within 
a  taxable  year  exceeds  $3,000.  On  all  other  obliga- 
tions of  corporations,  etc.,  payable  to  individuals, 
interest  payments  are  subject  to  withholding  regard- 
less of  the  amount  of  interest  payment. — T.  D. 
2090.";] 

Bonds  Containing  Tax-free  Covenant  Clause. — The  stipulation  in 
bonds  whereby  the  tax  which  may  be  assessed  against  them,  or  the 
Income  therefrom  is  guaranteed,  is  a  contract  wholly  between  the 
corporation  and  the  bondholder,  and  in  so  far  as  the  income-tax  law 
applies,  the  Government  will  not  differentiate  between  coupons  from 
bonds  of  this  character  and  those  from  bonds  carrying  no  such  guar- 
anty. The  debtor  corporation  or  its  duly  authorized  withholding 
agent  will  be  held  responsible  for  the  normal  tax  due  in  such  cases 
when  no  exemption  is  claimed.  When  coupons  are  accompanied  by 
certificates  of  ownership  in  which  no  exemption  is  claimed,  the  income 
from  such  coupons  may  be  included  in  the  return  of  the  individual 
(under  column  A,  p.  2,  of  Form  1040,  revised)  as  income  upon  which 
the  normal  tax  of  1  per  cent,  has  been  paid  or  is  to  be  paid  at  the 
source.     (T.  D.  1948.)— T.  D.  2090. 

Coupons  Exchanged  for  Funding  Purposes  Construed  as  Income 
Subject  to  Withholding  of  Tax  at  the  Source. — See  "Items  Specified 
as  Gross  Income,"  under  Art.  4,  or  Note  under  Art.  107. 

Equipment  Trust  Notes. — Equipment  trust  notes  secured  by  mort- 
gage issued  by  a  corporation  are  subject  to  withholding.  Tempor- 
ary receipts  issued  pending  preparation  and  issue  of  the  notes  them- 
selves stand  in  the  place  of  the  notes,  and  where  an  interest  period 
Intervenes  and  receipts  are  to  be  presented  for  indorsement  thereon 
of  a  payment  of  interest,  requisite  certificates  of  ownership  claim- 
ing or  not  claiming  exemption  should  be  filed.— T.  D.  2090. 

Investment  Certificates. — Investment  securities  issued  by  a  corpor- 
ation for  a  term  of  years  are  corporate  obligations  within  the  mean- 
ing of  the  income-tax  law. — T.  D.  2090. 

Mortgage — Property  Purchased  Subject  to. — An  individual  issues 
coupon  bonds  secured  by  a  mortgage  upon  real  estate.  Subsequently 
a  corporation  purchases  the  real  estate  and  assumes  (as  between  the 
mortgagor  and  itself)  the  payment  of  bonds  and  coupons.  Held,  that 
the  situation  is  not  changed  by  the  purchase  by  the  corporation.  The 
corporation  purchased  only  the  mortgagor's  equity  of  redemption 
(and  the  mortgagor's  possession) ;  the  property  is  the  security,  and 
the  character  of  the  bond  obligation  remains  unchanged  and  as 
created,  even  though  the  corporation  is  to  pay  all  interest  and  will 
ultimately  pay  off  the  mortgage.  There  will  be  no  withholding  by 
the  corporation  (it  being  placed  in  the  stead  of  the  mortgagor)  until 
the  interest  payment  to  any  one  person  in  any  year  exceeds  $3,000. 
(T.  D.  2090.)  .* 

Promissory  Note  of  Corporations. — A  simple  promissory  note  not 
exceeding  one  year  in  time  is  not  "similar  to  bonds,  mortgages,  or 
deeds  of  trust  of  corporations,"  and  the  Interest  on  such  a  note  is 

414 


MEMORANDA. 

For  explanation,  see  Page  354. 


416 


Art.  37— Continued. 

not  subject  to  withholding  except  when  the  amount  of  interest  thereon 
payable  to  an  individual  in  any  one  year  is  in  excess  of  $3,000,  or 
when  the  interest  thereon  is  payable  to  a  nonresident  alien,  in  which 
latter  case  the  tax  should  be  withheld  regardless  of  the  amount  of 
interest  payment. — T.  D.  2090. 

Scrip. — Scrip  certificates  issued  by  a  corporation  to  its  stockholders 
in  lieu  of  dividends,  such  scrip  certificates  bearing  interest  payable 
semiannually  and  redeemable  at  a  specified  time  not  longer  than 
one  year  from  date  of  issue,  are  not  corporate  obligations  similar 
to  bonds,  mortgages,  or  deeds  of  trust,  and  the  interest  payable 
thereon  will  not  be  subject  to  withholding  except  when  the  amount 
thereof  payable  to  an  individual  in  a  calendar  year  exceeds  $3,000. 
Payment  in  scrip  is  held  to  be  equivalent  to  payment  in  cash,  and 
when  the  amount  of  such  scrip  payment  to  any  one  individual  in 
a  calendar  year  is  in  excess  of  $3,000  the  tax  must  be  withheld  and 
accounted  for  in  excess  of  exemption  claimed. — T.  D.  2090. 


Income  from  Bonds  of  Exempt  Organizations. 

[Any  organization  which  has  been  held  by  the 
Commissioner  of  Internal  Revenue  to  come  within  the 
class  of  organizations  enumerated  in  paragraph  G  of 
the  income-tax  law  [See  Arts.  87  and  30]  is  not 
required  to  deduct  and  withhold  the  normal  tax  from 
the  amount  of  any  salary  or  interest  paid  by  it,  and 
it  is  subject  to  no  requirements  of  said  law.  How- 
ever, the  owner  of  bonds  issued  by  such  an  organiza- 
tion is  not  relieved  from  the  filing  of  certificates  of 
ownership,  with  coupons  detached  from  such  bonds 
when  presenting  same  to  a  bank  or  other  collecting 
agency  for  collection  or  otherwise,  or  to  a  debtor 
corporation  or  its  duly  designated  paying  agent  for 
payment;  and  while  such  an  organization  as  the 
source  of  income  is  under  no  obligation  to  withhold 
the  tax  in  cases  where  no  exemption  is  claimed,  it 
should,  nevertheless,  forward  with  a  letter  of  trans- 
mittal such  certificates  are  are  received  by  it  to  the 
collector  of  internal  revenue  for  its  district  on  or 
before  the  20th  day  of  the  month  next  succeeding 
that  in  which  the  said  certificates  were  received.  No 
special  form  of  certificate  has  been  issued  for  presen- 
tation with  coupons  detached  from  bonds  of  exempt 
organizations,  but  certificates  in  the  usual  form, 
claiming  or  not  claiming  exemption,  may  be  used. — 
T.  D.  1967,  page  219. 

Where  such  organizations  have  an  issue  of  regis- 
tered bonds,  they  should,  before  sending  out  checks 
issued  in  payment  of  registered  interest,  stamp  or 
write  across  the  face  of  such  check,  "Corporation 
exempt  under  paragraph  G  from  withholding;" 
otherwise  the  first  bank  or  collecting  agent  would 

416 


MEMORANDA. 

For  explanation,  see  Page  354. 


417 


Art.  37 — Continued. 

deduct  and  withhold  the  normal  tax  therefrom. — 
T.  D.  2090.] 

Interest  on  State  and  Government  Obligations  Exempt. 
Income  derived  from  the  interest  upon  the  obliga- 
tions of  a  State,  county,  city,  or  any  other  political 
subdivision  thereof,  and  upon  the  obligations  of  the 
United  States  or  its  possessions,  is  not  subject  to  the 
income  tax,  and  certificates  of  ownership  in  connection 
with  coupons  or  registered  interest  orders  for  such  inter- 
est will  not  be  required. 

Municipal,  District  and  Local  Bonds. 
Special  Assessment  Districts. 

[Special  assessment  districts  created  under  the 
laws  of  the  several  States  for  public  purposes,  such 
as  the  improvement  of  streets  and  public  highways, 
the  provision  for  sewerage,  gas,  and  light,  and  the 
reclamation,  drainage,  or  irrigation  of  bodies  of 
land,  and  levee  and  school  districts,  are  held  to  be 
political  subdivisions  of  a  State,  and  income  derived 
from  interest  upon  the  obligations  of  such  districts 
shall  not  be  included  in  computing  net  income. — 
(T.  D.  1946,  page  209.)] 

[Taxes  paid  pursuant  to  assessments  levied  by 
such  special  assessment  districts  are  held  to  be 
"taxes  against  local  benefits,"  and  are,  therefore,  not 
allowable  deductions  in  computing  net  income. — 
T.  D.  2090.] 

Bonds  of  a  Public  Utility  Acquired  by  a  Municipality  not  an  obliga- 
tion of  the  municipality,  within  meaning  of  Paragraph  B,  and  income 
from  such  bonds  is  not  exempt  from  tax.    See  note  under  Art.  93. 

Interest  from  Domestic  Bonds   Owned   by  Non-Resident   Aliens 

Exempt. 

[Interest  on  bonds  and  dividends  on  stock  of  do- 
mestic corporations  owned  by  non-resident  aliens 
and  whether  such  bonds  and  stock  be  physically  lo- 
cated within  or  without  the  United  States,  are  not 
subject  to  the  income  tax.— See  T.  D.  2017,  page 
262.] 

ART.  38 

The  Term  Debtor— To  Whom  It  Applies. 

Art.  38.  The  term  "debtor,"  as  hereinafter  used,  shall 
apply  to  all  corporations,  joint-stock  companies  or  asso- 
ciations, and  insurance  companies;  and  such  "debtor" 

418 


MEMORANDA. 

For  explanation,  see  Page  354. 


m 


Art.  38 — Continued. 

may  appoint  withholding  and  paying  agents  to  act  for  it 
in  matters  pertaining  to  the  collection  of  this  tax,  upon 
filing  with  the  collector  of  internal  revenue  for  the  dis- 
trict a  proper  notice  of  the  appointment  of  such  agent  or 
agents.  Where  such  withholding  agent  is  so  authorized 
by  the  debtor  corporation,  he  may  file  with  the  collector 
of  his  district  the  required  returns  and  accompanying 
certificates  (arts.  50  and  51),  in  which  case  the  assess- 
ment of  the  tax  withheld  by  him  will  be  made  in  that 
district.  Unless  such  authority  is  given,  such  reports, 
etc.,  will  be  furnished  by  the  debtor  corporation  to  the 
collector  of  its  district  (i.  e.,  the  district  in  which  its 
principal  financial  or  business  office  is  located),  where, 
in  such  case,  assessment  will  be  made. 

ART.  39 

Tax  to  Be  Deducted  and  Withheld  by  Debtor  Corporation. 

Art.  39.  For  the  purpose  of  collecting  the  tax  on  all 
coupons  and  registered  interest  originating  or  payable 
in  the  United  States,  the  source  shall  be  the  debtor 
(or  its  withholding  and  paying  agent  in  the  United 
States),  who  shall  deduct  the  tax  when  same  is  to  be 
withheld,  and  no  other  bank,  trust  company,  banking 
firm,  or  individual  taking  coupons  or  interest  orders 
for  collection  or  otherwise,  shall  withhold  the  tax 
thereon,  where  coupons 

Certificates   of   Ownership   to   Accompany   Interest   Coupons   for 
Collection. 

are  accompanied  by  certificates  of  ownership 
signed  by  the  owners  of  the  bonds  upon  which  the 
interest  matured.  These  certificates  shall  be  made 
on  the  prescribed  forms  and  shall  be  made  out  by 
each  owner  of  bonds  for  the  coupons  or  interest  or- 
ders for  each  separate  issue  of  bonds  or  obligations 
of  each  debtor.     (See  Arts.  43  and  46.) 

Sinking  Fund  and  Similar  Bonds  Retired  Within  an  Interest 
Period. 

[Where  bonds,  under  contract  provisions  in  the 
bonds,  are  retired  within  an  interest  period  and  prior 
to  the  expiration  of  the  full  term  of  the  bond,  own- 
ership certificates  will  be  required  and  should  cover 
that  part  of  the  interest  period  affected  between  the 
beginning  of  such  period  and  the  date  of  the  retire- 
ment of  the  bonds.— T.  D.  2090.J 

420 


MEMORANDA. 

For  explanation,  see  Page  354. 


421 


Art.  39 — Continued. 

Registered   Bonds — Certificates    of    Ownership   Not    Required    to 
Accompany  Interest  Orders,  Checks,  Etc. 

[Certificates  of  ownership  are  not  required  to  ac- 
company interest  orders  or  checks  in  payment  of 
interest  on  fully  registered  bonds.  See  Art.  42,  also 
T.  D.  2006,  page  254.] 

Bonds  of  Foreign  Corporations. 

Bonds  of  Foreign  Corporations  payable  as  to  interest  wholly 
within  the  United  States  or  within  or  without  the  United  States,  at 
the  option  of  the  owner  of  the  bonds,  to  be  treated,  for  income  tax 
purposes,  as  domestic  bonds,  when  accompanied  by  certificates  of 
ownership  properly  executed. — See  T.  D.  1992,  page  242.  See  also 
Interpretation  of  T.  D.  1992,  page  242. — See  also  "Definition  of  Foreign 
Corporation"  and  "Fiscal  Agent"  as  used  in  T.  D.  1992,  and  further 
explanation  of  the  method  of  handling  collection  of  income  from 
bonds  of  such  foreign  corporations  and  foreign  countries  having  fiscal 
agents  in  the  United  States.— See  T.  D.  2006,  page  254. 

Other  Revised  Certificates. 

Ownership  Certificates — Non-Resident  Aliens. — Form  1060  originally 
prescribed  for  use  of  foreign  banks,  to  accompany  coupons,  etc., 
owned  by  non-resident  aliens,  may  be  used  by  domestic  banks  or 
bankers.— See  T.  D.  1988,  page  240,  and  T.  D.  1977,  page  233. 

ART.  40 

Coupon  Bonds — Substitute  Certificates,  When  Permitted. 

Art.  40.  Responsible  banks,  bankers,  and  collecting 
agents  receiving  coupons  for  collection  with  the  aforesaid 
certificates  of  ownership  attached,  may  present  the  cou- 
pons with  the  attached  certificates  to  the  debtor  or 
withholding  agent  for  collection,  or  such  certificates  may 
be  detached  and  forwarded  direct  to  the  Commissioner 
of  Internal  Revenue,  provided  such  bank,  banker,  or 
collecting  agent  shall  substitute  for  such  certificates  its 
own  certificate,  and  shall  keep  a  complete  record  of  each 
transaction,  showing — 

1.  Serial  number  of  item  received. 

2.  Date  received. 

3.  Name  and  address  of  person  from  whom  received. 

4.  Name  of  debtor  corporation. 

5.  Class  of  bonds  from  which  coupons  were  cut. 

6.  Face  amount  of  coupons. 

7.  Exemptions  from  tax  claimed  by  owner  under  para- 
graph C. 

For  the  purpose  of  identification,  such  substitute  cer- 
tificates should  be  numbered  consecutively,  and  cor- 
responding numbers  given  the  original  certificates  of 
ownership. 

Since  these  regulations  were  promulgated  thorp  have  been  issued 
supplemental  regulations  prescribing  revised  forms  of  certificates  of 

422 


MEMORANDA. 

For  explanation,  see  Page  354. 


Art.  40 — Continued. 

ownership,  exemption  and  substitute  certificates  which  are  adapted 
to  the  use  both  of  the  owner  or  individual  and  of  an  authorized  agent 
as  a  substitute  certificate. 

Revised   Certificates. 

Substitute  Certificates  to  be  attached  to  interest  coupons  when 
collection  agent's  certificate  is  substitute  for  the  certificae  of  owner: 

Exemption  claimed Form  1058,  page  231 

Exemption  not  claimed Form  1059,  page  232 

When  proper  certificate  is  filed  with  the  Commissioner  of  Internal 
Revenue  the  name  of  the  bank  or  collecting  agency  and  the  fac-simile 
signature  of  person  authorized  to  sign  same  may  be  printed  or 
stamped  on  certificates  1058  and  1059.— See  T.  D.  1986,  page  238. 

Other  revised  certificates  will  be  found  under  proper  subjects. 
Number  of  Bonds. 

Until  further  notice  regulations  requiring  filling  in  of  numbers  on 
certificates  is  waived.— See  T.  D.  2022,  dated  Oct.  3,  1914,  page  263. 

Privilege   of  Substituting  Certificates  Extended   to   Foreign 
Countries. 

The  permission  here  granted  will  extend  to  responsible 
banks,  bankers,  and  collecting  agents  in  foreign  coun- 
tries, through  whom  collection  of  such  interest  coupons 
is  made. 

ART.  41 

Registered  Bonds — By  Whom  Exemption  at  the  Source  May  Be 

Claimed. 

Normal  Tax  to  Be  Deducted  Before  Payment  of  Interest. 

Art.  41.  A  debtor  whose  bonds  may  be  registered,  both 
as  to  principal  and  interest,  shall  deduct  the  normal  tax 
of  1  per  cent,  from  the  accruing  interest  on  all  bonds 
before  sending  out  checks  for  said  interest  to  registered 
owners  or  before  paying  such  interest  upon  interest 
orders  signed  by  the  registered  holders  of  said  bonds 
unless  there  shall  be  filed  with  said  debtor  or  its  fiscal 
agent  [at  least  five  days  before  the  due  date  of  said 
interest.  (See  T.  D.  1974,  page  221.J  through  whom 
said  interest  is  customarily  paid,  the  proper  certifi- 
cates claiming  exemption  from  liability  for  said  tax 

(See  "Registered  Bonds"  in  Art.  42.) 

as  herein  provided,  executed — 

By  a  citizen  or  resident  of  the  United  States,  the 
bona  fide  owner  of  the  registered  obligations,  who 
may  claim  exemption  under  paragraph  C,  section  2, 
of  the  income  tax  law,  or 

By  corporations,  joint-stock  companies,  associations. 
or  insurance  companies  organized  in  the  United  States, 
or  organizations,   associations,   fraternities,   etc.,   which 


MEMORANDA. 

For  explanation,  see  Page  354. 


425 


Art.  41 — Continued. 

are  either  taxable  or  exempt  from  taxation,  as  provided 
in  paragraph  G,  subdivision  (a),  of  the  act,  or 

By  a  bona  fide  resident  and  citizen  of  a  foreign  coun- 
try, claiming-  exemption  as  such,  or 

(See  Non-Resident  Alien.) 

[By  partnerships,  as  such,  which  are  not  subject  to 
the  income  tax,  but  are  required  to  file  certificates 
of  ownership  (form  1001  revised)  to  prevent  the 
withholding  of  their  income  from  bonds  and  mort- 
gages, etc.,  at  the  source.  See  T.  D.  1957,  page  215.J 

Firms,  Organizations  or  Fiduciaries. 

Exemption  Certificate — Firms,  Organizations  or  Fiduciaries  entitled 
to  receive  income  other  than  from  interest  on  bonds,  to  establish  their 
identity    and   non-liability    to   having   such    income   withheld   at   the 

source Form  1063,  page  248. 

—See  T  .D.  1998,  page  247. 

Firms  and   Organizations. 

Ownership  Certificate — Firms  and  Organizations  showing  ownership 
of  bonds,  which  is  to  be  furnished  by  firms  or  organizations  to 
establish  their  identity  and  non-liability  to  having  such  income  with- 
held at  the  source Revised  Form  1001,  page  226. 

Interest  on  bonds  of  domestic  corporations  and  dividends  on  stock 
of  domestic  corporations  owned  by  non-resident  aliens  and  whether 
such  bonds  and  stock  be  physically  located  within  or  without  the 
United  States  are  not  subject  to  the  income  tax. — T.  D.  2017,  page  2S2. 

ART.  42 

Certificates    of    Ownership    to    Specify    Bonds    and    Amount    of 
Interest  Due. 

Art.  42.  If  the  owners  of  the  bonds  are  individuals 
who  are  citizens  or  residents  of  the  United  States,  the 
aforesaid  certificates  shall  accompany  the  coupons,  or, 
with  respect  to  the  interest  on  registered  bonds,  shall 
be  filed  with  payer  of  said  interest,  and  such  certificates 
shall  describe  the  bonds  and  show  the  amount  of 
coupons  attached  or  the  amount  of  interest  due  such 
owners  on  registered  bonds  and  the  name  and  ad- 
dress of  the  owners,  and  if  registered  in  names  other 
than  the  owners  such  names  with  addresses  shall 
also  be  given.  Such  certificates  shall  also  show 
whether  the  claimants  do  or  do  not  then  claim  ex- 
emption from  taxation  at  the  source,  under  para- 
graph C,  articles  9  and  10  ($3,000,  and  under  certain 
conditions  $4,000),  as  to  the  income  represented  by 
such  coupons  or  interest.  The  certificates  will  be 
prepared  on  [Form  1000  Revised  if  exemption  is  not 
claimed,  and  Form  1000  B  Revised  if  exemption  is 
claimed]  and  must  show  the  amount,  if  any,  of  ex- 

426 


MEMORANDA. 

For  explanation,  see  Page  354. 


Art.  42 — Continued. 

emption  claimed,  the  total  amount  of  exemption  to 
which  the  claimant  is  entitled  and  must  be  signed 
by  the  claimants,  who  shall  use  their  ordinary  busi- 
ness signatures.  The  certificates  shall  also  show  the 
post-office  and  street  address  of  the  claimants,  the 
internal-revenue  district,  and  the  date  when  signed. 

Registered   Bonds— Certificates    of   Ownership   Not    Required    to 
Accompany  Interest  Orders. 

(Principal  and  Interest.) 

[Certificates  of  ownership  are  not  required  to  ac- 
company interest  orders  or  checks  in  payment  of 
interest  on  fully  registered  bonds. 

As  information  as  to  ownership  of  such  bonds  will 
be  furnished  by  the  debtor  organizations  on  monthly 
list  returns,  Form  1012 ;  but  claim  for  exemption  must 
be  filed  with  debtors,  or  the  tax  must  be  withheld.  The 
form  of  certificate  provided  for  use  of  coupon  bonds 
(see  Art.  42)  may  be  used  by  owners  of  registered 
bonds  for  the  purpose  of  claiming  this  exemption. — 
See  T.  D.  1974,  page  221.] 

[Where  such  certificates  are  so  filed,  the  said 
debtors  shall  stamp  or  write  on  the  interest  orders 
or  checks,  as  the  case  may  be,  "Exemption  claimed 
by  certificate  filed  with  debtor."  Where  prescribed 
certificates  are  not  so  filed,  said  debtor  shall  deduct 
and  withhold  the  normal  tax  of  1  per  cent,  from  the 
amount  of  such  payment,  and  shall  stamp  or  write 
on  the  interest  order  or  check,  as  the  case  may  be, 
"Income  tax  withheld  by  debtor." 

Responsible  banks,  bankers,  or  collecting  agents 
receiving  for  collection  interest  orders  or  checks 
bearing  the  aforesaid  endorsements,  may  present 
said  interest  orders  or  checks  for  collection  without 
requiring  that  certificates  of  ownership  be  filed 
therewith.  For  further  details  see  T.  D.  1974,  page 
221J 

Kesri  stored  Bonds  of  Organizations  Exempt  from  Tax. — See  "Income 
from  bonds  of  Exempt  Corporations,"  Art.  37. 

ART.  43 

Certificates  May  Be  Signed  by  Duly  Authorized  Agents,  Etc. 

Art.  43.  Duly  authorized  agents  may  sign  such 
certificates  for  the  persons  for  whom  they  act,  and 
withholding  agents,  banks,  or  others,  [see  "Regis- 

428 


MEMORANDA. 

For  explanation,  see  Page  354. 


Art.  43 — Continued. 

tered  Bonds"  above J  with  whom  such  certificates 
are  filed,  if  satisfied  as  to  the  identity  and  responsibility 
of  the  persons  so  signing,  shall  stamp  or  write  on  the 
face  of  each  such  certificate  ' '  Satisfied  as  to  identity  and 
responsibility  of  agent/'  giving  name  and  address  of 
person  thus  certifying.  Certificates  so  verified  may  be 
accepted  by  all  other  persons,  firms,  or  organizations  to 
whom  presented,  without  question  as  to  authority  of 
such  agent.  If  the  person,  firm,  or  organization  first 
receiving  such  certificate  is  not  satisfied  as  to  the  agent 's 
identity  and  responsibility,  then,  in  that  event,  the 
agent  shall  furnish  evidence  of  his  authority  to  so 
act,  which  will  be  retained  by  the  person,  firm,  or 
organization  receiving  it,  and  the  certificate  of 
ownership  shall  be  indorsed  as  above  provided. 

Number  of  Bonds  Not  Required. 

[Until  further  notice  the  regulations  requiring  the 
filling  in  of  the  numbers  of  bonds  on  certificates  are 
waived.    See  T.  D.  2022,  page  263.] 

ART.  44 

Tax  to  Be  Deducted  Before  Payment  of  Interest. 

Art,  44.  Whenever  interest  coupons,  accompanied  by 
a  certificate  of  an  individual  who  is  a  citizen  or  resident 
of  the  United  States,  are  presented  to  a  debtor  or  its 
withholding  agent  for  payment,  or  whenever  interest  is 
payable  to  such  individual  on  a  bond  registered  as  to 
both  principal  and  interest,  the  debtor  or  its  withholding 
agents  shall  deduct  and  withhold  the  amount  of  the 
normal  tax,  except  to  the  extent  that  exemption  is 
claimed  in  the  certificate  of  ownership.  [Form  1000B 
Revised.] 

Where  the  interest  to  be  paid  is  registered,  the  same 
form  of  certificate  shall  be  used  where  exemptions  are 
claimed,  and  it  shall  be  filed  with  the  debtor  at  least  five 
days  before  the  due  date  of  such  interest. 

(See  "Registered  Bonds"  in  Art.  42.) 

ART.  45 

Tax  on  Interest  Payable  to  Certain  Corporations,  Partnerships, 
Etc.,  Not  to  Be  Deducted. 

Art.  45.  If  the  owners  of  the  bonds  are  "corporations, 
joint-stock  companies,  associations,  insurance  com- 
panies [or  firms  and  co-partnerships.     See  T.  D. 

430 


MEMORANDA. 

For  explanation,  see  Page  354. 


431 


Art.  45 — Continued. 

1957]  organized  in  the  United  States,  no  matter  how 
created  or  organized,  or  organizations,  associations, 
fraternities,  etc.,  which  are  either  taxable  or  exempt 
from  taxation  as  provided  in  paragraph  G,  subdivision 
(a)  of  the  act,  the  debtor  is  not  required  to  withhold 
or  deduct  the  tax  upon  income  derived  from  interest  on 
such  bonds,  provided  coupons  or  orders  for  interest 
from  such  bonds  shall  be  accompanied  by  a  certificate  of 
the  owners  thereof  certifying  to  such  ownership,  which 
certificates  shall  be  filed  with  the  debtor  when  such  cou- 
pons or  interest  orders  are  presented  for  payment. 

(See  "Registered  Bonds"  in  Art.  42.) 

Certificates   of  Corporations   Claiming  Exemption. 

Such  certificate  will  be  made  on  [Form  1001  Re- 
vised], and  must  be  signed  in  the  name  of  the  [firm 
or]  organization  (stating  its  place  of  business)  by 
the  president,  secretary,  or  some  other  principal 
officer  of  the  said  corporation  or  organization  [or 
in  the  case  of  a  firm  or  co-partnership,  by  a  person] 
duly  authorized  to  sign  same,  and  must  be  properly 
dated.— See  T.  D.  1957,  page  215. 


ART.  46 

Certificates   of   Non-Resident   Aliens. 

Art.  46.  Coupons,  or  orders  for  registered  interest, 
payable  in  the  United  States,  representing  the  interest 
on  bonds  owned  by  nonresident  aliens,  must  be  accom- 
panied by  the  prescribed  certificate  [Form  1004  Re- 
vised], but  [a  certificate  (Form  1060)]  may  be 
signed  in  behalf  of  the  owner,  by  a  reputable  bank  or 
bankers,  or  other  responsible  collecting  agency,  cer- 
tifying to  the  ownership  of  the  bonds  .  .  .  and 
when  such  certificate  is  thus  attached  the  normal  tax 
of  1  per  cent,  on  such  coupons  or  interest  orders  need 
not  be  withheld  at  the  source  by  the  debtor  or  col- 
lecting agency.  Unless  such  proof  of  foreign  owner- 
ship is  furnished,  the  normal  tax  of  1  per  cent,  should 
be  deducted. 

See  T.  D.  1988,  page  240,  and  T.  D.  1977,  page  233. 

See  "Registered  Bonds"  above  (on  page  424). 

No  Taxes  on  Interest  from  Bonds  and  Dividends  on  Stock  of 
Domestic    Corporations    Owned    by    Non-Resident    Aliens. — See    T.    D. 

2017,  page  262. 

432 


MEMORANDA. 

For  explanation,  see  Page  354. 


433 


Art.  46 — Continued. 

Foreign  Organizations. 

Foreign  organizations  engaged  in  business  within  the 
United  States  are  subject  to  the  normal  tax  of  1  per  cent 
per  annum  upon  the  amount  of  net  income  accruing  from 
business  transacted  and  capital  invested*  within 
the  United  States;  but  said  organizations  shall  be 
exempt  from  having  any  part  of  their  income  with- 
held by  a  debtor  or  withholding  agent,  and  claim  for 
such  exemption  will  be  made  on  [Form  1004  revised, 
page  228.J 

[The  form  of  exemption  certificate  to  be  filed  by 
non-resident  aliens  on  income  other  than  interest  on 
bonds,  mortgages,  etc.,  is  Form  1063,  page  248.  See 
T.  D.  2012,  page  256,  and  T.  D.  1998,  page  247.] 

♦There  are  no  taxes  on  interest  from  bonds  and  dividends  on  stock 
of  domestic  corporations  owned  by  non-resident  aliens.  See  T.  D. 
2017,  page  262. 

Non-Resident  Aliens — Interest  on  Bonds,  Etc.. — Ownership  certifi- 
cate (Form  1060)  to  be  executed  by  foreign  banks,  bankers,  etc., 
claiming  exemption  of  non-resident  aliens. — See  T.  D.  1977,  page  233. 

This  form  may  be  executed  also  by  responsible  banks  and  bankers 
of  the  United  States  for  or  in  behalf  of  non-resident  alien  owners 
of  bonds  of  United  States  Corporations. — See  T.  D.  1988,  page  240. 

ART.  47 

Partnership  Deductions. 
Art.  47. 

This  article,  providing  for  claim  by  partnerships  for  deduction 
for  legitimate  expenses  of  conducting  the  business  of  a  partner- 
ship is  superseded  and  repealed  by  T.  D.  1957,  page  215. 

ART.  48 

Foreign  Partnerships,  Certificate  of  Ownership  May  Be  Filed  By. 

Art.  48.  Foreign  partnerships  or  firms,  all  the  members 
of  which  are  both  citizens,  or  subjects,  and  residents  of  a 
foreign  country,  which  are  the  owners  of  bonds  and  mort- 
gages or  deeds  of  trust  or  other  similar  obligations,  in- 
cluding equipment  trust  agreements,  receivers'  certifi- 
cates, and  stocks  of  corporations,  joint-stock  companies 
or  associations  and  insurance  companies,  organized  or 
doing  business  in  the  United  States,  may  file  with  the 
debtor  or  withholding  agent,  with  their  coupons  or  orders 
for  registered  interest,  or  orders  for  other  income  derived 
from  property  or  investments  in  the  United  States, 
certificates  and  notices  of  ownership  setting  forth 
the  above  facts ;  and  the  debtor  or  withholding  agent 
shall  not  withhold  any  part  of  said  income. 

434 


MEMORANDA. 

For  explanation,  see  Page  354. 


435 


Art.  48 — Continued. 

Exemption  certificate  on  income  from  bond  interest,  etc.,  is  Form 
1004,  Revised,  page  228.  On  income  other  than  interest  on  bonds. 
Form  1063,  page  248.   See  T.  D.  2012,  page  256,  and  T.  D.  1998,  page  247! 


ART.  49 

Foreign  Partnership  Composed  of  Non-Resident  Foreigners  and 
Citizens  of  United  States. 

Art.  49.  Where  a  foreign  partnership  or  firm  is  com- 
posed of  both  nonresident  foreigners  and  citizens  of  the 
United  States,  or  foreigners  residing  in  the  United 
States  or  its  possessions,  the  certificate  of  ownership 
shall  show  this  fact,  and  the  name  and  legal  address  of 
each  member  of  said  partnership  who  is  a  citizen  oi 
the  United  States,  or  who  is  a  foreigner  residing  in  the 
United  States  or  its  possessions,  shall  be  given  on  the 
back  of  said  certificate,  and  no  part  of  said  income  shall 
be  withheld.  The  said  certificate  and  notice  of  owner- 
ship in  either  case  above  provided  shall  be  on  [Form 
1004  revised  J 

Note. — On  Revised  Form  1004  no  provision  is  made  on  the  back  of 
the  certificate  for  the  matter  prescribed  in  Art.  49,  but  we  are  in- 
formed that  the  proper  procedure  is  to  write  this  information  on  the 
blank  spaces  of  such  certificate. 


ART.  50 

Monthly  List  Return. 

Monthly    returns    not    to    be   made    under    oath. — See    T.    D.    1997, 
page  247. 

Art.  50.  Withholding  agents  are  required  to  file  in 
duplicate  a  monthly  list  return  (Form  1012)  giving  a 
list  of  all  coupon  or  interest  payments  made  on  which 
the  normal  tax  of  1  per  cent  was  deducted  and  with- 
held from  interest  payments  made  upon  bonds  or  other 
similar  obligations,  and  shall  show  the  name  and  address 
in  full  of  the  owners  of  the  bonds,  amount  of  the 
income,  amount  of  exemption  claimed,  amount  of  in- 
come on  which  withholding  agent  is  liable  for  tax,  and 
the  amount  of  tax  withheld. 

Summary  of  Monthly  Lists  May  Be  Used. 

Forms  1012a,  1012b,  and  1012c  are  to  be  used  where 
Form  1012  does  not  afford  sufficient  space  in  which  to 
enter  all  items. 

Form  1012d,  when  necessary  to  be  used,  shall  be  made 
in  duplicate  and  shall  be  a  summary  of  the  monthly  list 
return,  Form  1012,  as  made  in  detail  by  the  withholding 
agent,  and  the  said  summary  and  lists  thereto  attached 
when  properly  filled  in  and  the  summary   signed 

486 


MEMORANDA. 

For  explanation,  see  Page  354. 


437 


Art.  50 — Continued. 

.  .  .  shall  constitute  the  complete  monthly  list 
return  of  the  withholding  agent  making  same  as 
fully  as  if  each  list  attached  to  the  summary  was 
signed     .     .     .     separately. 

Annual  List  Return. 

An  annual  list  return  (Form  1013)  in  duplicate  is  also 
required  to  be  made  by  debtors  or  withholding  agents 
of  the  normal  tax  of  1  per  cent  withheld  from  interest 
payments  made  upon  bonds  or  other  similar  obligations, 
and  it  shall  be  filed  on  or  before  March  1  of  each  calen- 
dar year. 

ART.  51 

Monthly  List  to  Constitute  Part  of  the  Annual  List  Return. 

Art.  51.  The  monthly  list  return  in  the  form  as  re- 
quired herein  shall  constitute  a  part  of  the  annual  list 
return  to  be  made  by  debtors  or  withholding  agents,  and 
the  debtor  or  withholding  agent  will  not  be  required,  in 
making  an  annual  list  return  of  the  tax  withheld  from 
income  derived  from  interest  upon  bonds  and  mortgages 
or  deeds  of  trust,  or  other  similar  obligations  of  corpora- 
tions, joint-stock  companies,  or  associations  and  insur- 
ance companies,  to  again  make  an  itemized  list  of  the 
amount  of  tax  withheld  from  each  person,  but  will  give 
in  the  annual  list  return  the  totals  of  the  monthly  list 
return  for  each  month  of  the  year  for  which  annual 
list  return  is  made. 

Substitute  Certificates  of  Ownership. 

All  substitute  certificates  of  collecting  agents,  author- 
ized by  regulations,  that  are  received  oy  debtors  or 
withholding  agents  will  be  considered  the  same  as  certi- 
ficates of  owners,  and  in  entering  same  in  making 
monthly  list  returns  debtors  or  withholding  agents  will 
enter  the  name  and  address  of  the  collecting  agent  and 
the  number  of  the  substitute  certificate  issued  in  lieu  of 
the  original  certificate  containing  the  name  and  address 
of  the  owner  of  the  bonds.  Until  the  further  ruling  on 
this  subject  by  this  department  no  list  return  is  required 
to  be  made  of  certificates  of  ownership  accompanying 
coupons  or  registered  interest  orders  filed  with  a  debtor 
or  withholding  agent  when  the  owners  of  the  bonds  are 
not  subject  to  having  the  normal  tax,  withheld  at  the 
source,  but  all  such  certificates  of  ownership  shall  be 
forwarded  by  the  debtor  or  withholding  agent  to  the 


MEMORANDA. 

For  explanation,  see  Page  354. 


139 


Art.  51 — Continued. 

collector  of  internal  revenue  for  the  district,  on  or  before 
the  20th  day  of  the  month  succeeding  that  in  which 
said  certificates  of  ownership  were  received. 


B. 

ART.  52 

Income  derived  from  interest  upon  bonds,  mortgages, 
etc.,  paid  by  first  bank  or  collecting  agency  when 
certificates  of  owners  are  not  filed. 

Interest  Coupons  or  Orders,  Not  Accompanied  by  Certificate. 

Registered  Bonds — Interest  Orders. — Responsible  banks,  bankers, 
or  collecting  agents  receiving  for  collection  interest  orders  or  checks 
bearing  endorsement  "Exemption  claimed  by  certificate  filed  with 
debtor,"  or  "Income  tax  withheld  by  debtor,"  may  present  said  inter- 
est orders  or  checks  for  collection  without  requiring  that  certificates 
of  ownership  be  filed  therewith. — See  "Registered  Bonds,"  in  Art.  42; 
also  T.  D.  1974,  page  221. 

Registered  Bonds  of  Organizations  Exempt  from  Tax. — See  Art.  37, 
"Income  from  Bonds  of  Exempt  Corporations." 

[Art.  52.  Where  the  coupons  .  .  .  are  not 
accompanied  by  certificates  as  heretofore  prescribed, 
the  first  bank,  trust  company,  banking  firm,  or 
individual,  or  collecting  agency  receiving  the 
coupons  .  .  .  for  collection,  or  otherwise,  shall 
deduct  and  withhold  the  tax  and  shall  attach  to  such 
coupons  ...  its  own  certificate  [Form  1002 
Revised],  giving  the  name  and  address  of  the  owner 
of,  or  the  person  presenting  such  coupons  .  .  . 
if  the  owner  is  not  known,  with  a  description  of  the 
coupons  .  .  .  also  setting  forth  the  fact  that 
they  are  withholding  the  tax  upon  them ;  whereupon 
the  debtor  shall  not  again  withhold  the  tax  on  said 
coupons  .  .  .  but  in  lieu  thereof  shall  deliver  to 
the  Collector  of  Internal  Revenue  the  certificate  of 
such  bank,  trust  company,  etc.,  which  is  withholding 
such  tax  money. 

Certificate   of    First    Bank    or    Collecting    Agency    to    be 
presented   with   coupon   or  interest   orders   when    not 

accompanied  by  certificate  of  owner 1002  Revised 

(See  page  227.) 

Identity  of  Persons  Presenting  Interest  Coupons  to  Be  Established. 
Any  corporation,  collecting  agency,  or  person  first 
receiving  from  the  owner  any  interest  coupons 
.  .  .  should  require  the  persons  tendering  such 
coupons  to  satisfactorily  establish  their  identity. 

440 


MEMORANDA. 

For  explanation,  see  Page  354. 


441 


ART.  53 

Monthly  and  Annual  List  Returns. 

Art.  53.  Withholding  agents  receiving  coupons  not 
accompanied  by  certificates  of  owners  are  required  to  file 
monthly  and  annual  list  returns  in  duplicate. 

[On  April  21,  1914,  Form  1044  (monthly  list  re 
turn)  was  revised  so  that  the  tax  withheld  from 
interest  on  bonds  of  different  classes  or  of  more  than 
one  organization  can  be  reported  thereon. — See  T.  D. 
1973,  page  220  J 

Monthly  list  returns  not  to  be  made  under  oath. — See  T.  D.  1997, 
page  247. 

An  annual  list  return  (Form  1044a)  is  also  required 
to  he  made  by  such  withholding  agents,  showing  the 
amount  of  tax  withheld  during  the  preceding  year  on 
income  of  this  character.  This  return  must  be  filed  on 
or  before  the  1st  day  of  March  of  each  calendar  year. 

The  monthly  list  returns  in  the  form  as  required  herein 
shall  constitute  a  part  of  the  annual  list  return  to  be 
made,  and  the  withholding  agent  will  not  be  required,  in 
making  an  annual  list  return  of  the  tax  thus  withheld, 
to  again  make  an  itemized  list  of  the  amount  of  tax  with- 
held from  each  person,  but  will  give  in  the  annual  list 
return  the  totals  of  the  monthly  list  returns  for  the  year 
for  which  annual  list  return  is  made. 

C. 

ART.  54 

Income  derived  from  coupons,  checks  or  bills  of  ex- 
change on  foreign  bonds,  mortgages,  dividends,  etc. 

[Amounts  received  by  citizens  or  residents  of  the 
United  States  for  or  in  payment  of  interest  upon 
bonds  issued  in  foreign  countries,  and  upon  foreign 
mortgages  or  like  obligations,  and  for  any  dividends 
upon  stock  or  interest  upon  obligations  of  foreign 
corporations,  associations,  or  insurance  companies 
engaged  in  business  in  foreign  countries,  are  subject 
to  the  income  tax.— T.  D.  2090  J 

NOTE. — Dividends  paid  hy  a  foreign  corporation  which  derives  its 
entire  income  from  business  transacted  in  United  States,  to  be  treated 
in  same  manner  as  income  from  domestic  corporation — exempt  from 
normal  tax._  See  Art.  77,  page  472. 

Collection  of  Coupons,  Checks,  Bills  of  Exchange,  Etc. — License 
to  Be  Obtained. 

Art.  54.  All  persons,  firms,  or  corporations  under- 
taking for  accommodation  or  profit  (this  includes  hand- 
ling either  by  way  of  purchase  or  collection)  the  collec- 
tion of  coupons,  checks,  bills  of  exchange,  etc.,  for  or  iD 

442 


MEMORANDA. 

For  explanation,  see  Page  354. 


443 


Art.  54 — Continued. 

payment  of  interest  upon  bonds  issued  in  foreign  coun- 
tries, and  upon  foreign  mortgages  or  like  obligations,  and 
for  any  dividends  upon  stock  or  interest  upon  obligations 
of  foreign  corporations,  associations,  or  insurance  com- 
panies engaged  in  business  in  foreign  countries,  are  re- 
quired by  law  to  obtain  a  license  from  the  Commissioner 
of  Internal  Revenue. — See  Art.  4,  "Interest  and  Divi- 
dends of  Foreign  Corporations,"  under  paragraph 
(c). 

Definition  of  Foreign  Corporation  and  Method  of  Procedure  in  Case 
of  Interest  on  Bonds  of  Foreign  Corporation. — See  note  under  Art.  39. 

ART.  55 

Application  for  License. 

Art.  55.  Applications  for  such  license  (Form  1017) 
will  be  made  to  the  collector  for  the  district  in  which 
such  business  is  to  be  carried  on.  Upon  the  acceptance 
of  such  application  the  collector  will  issue  to  the  appli- 
cant without  cost  a  license  (Form  1010)  which  will  con- 
tinue in  force  until  revoked  or  canceled.  Blank  forms  of 
such  license,  bearing  the  fac  simile  signature  of  the 
Commissioner  of  Internal  Revenue,  will  be  furnished 
collectors  on  requisition,  who  will  in  all  cases  countersign 

Penalty  for  Failure  to  Obtain  License. 

the  same  before  issuing  it  to  applicant.  Failure  to  ob- 
tain a  license  or  to  comply  with  regulations  is  punish- 
able by  a  fine  not  exceeding  $5,000  or  imprisonment  not 
exceeding  one  year,  or  both,  in  the  discretion  of  the 
court. 

License  Not  Bequired  for  Collection  of  Foreign  Pensions  Paid  to 
Resident  Aliens  or  Citizens  of  the  United  States.— T.  D.  2090. 

ART.  56 

Bond  May  Be  Required  in  Certain  Cases. 

Art.  56.  Where  the  collector  is  not  sufficiently  in- 
formed as  to  the  entire  responsibility  of  the  applicant, 
or  where  in  anv  case  he  deems  it  advisable,  the  Com- 
missioner of  Internal  Kevenue  may  upon  the  recommen- 
dation of  the  collector  require  of  the  applicant  a  bond, 
in  duplicate,  with  satisfactory  sureties,  m  a  penal  sum 
at  least  equal  to  the  estimated  amount  of  tax  to  be 
withheld  by  such  applicant  during  any  one  year.  A  form 
of  bond  to  be  given  in  such  cases  will  be  furnished  col- 
lectors on  application  for  the  same.  Where  licenses  are 
issued  without  bond,  the  collector  will  each  year  inquire 

444 


MEMORANDA. 

For  explanation,  see  Page  354. 


445 


Art.  56 — Continued. 

into  and  satisfy  himselt  of  the  financial  responsibility 
of  the  licensee. 

ART.  57 

License  to  Be  Obtained  for  Branch  Offices. 

Art.  57.  When  any  person,  firm,  or  corporation  shall 
have  branch  offices  and  desire  to  collect  foreign  interest 
or  dividend  income  through  said  branch  offices,  the  ap- 
plication for  license  or  licenses  shall  be  made  by  the  per- 
son, firm,  or  corporation  through  its  principal  office  for 
its  branch  office  or  offices.     Application  for  licenses  in 

Application  for  License  to  Be  Certified  to  Collector. 

such  cases  shall  be  made  to  the  collector  of  internal 
revenue  for  the  district  in  which  the  home  office  is 
located.  The  names  and  addresses  of  the  branch  offices 
shall  be  furnished  to  the  collector  in  the  application  of 
the  said  principal,  and  if  the  requirements  of  the  fore- 
going regulations  have  been  complied  with  to  the  satis- 
faction of  the  collector,  he  shall  certify  this  fact  to  the 
collector  of  internal  revenue  for  the  district  in  which 
the  branch  office  is  located,  and  the  collector  to  whom 
this  certification  is  made  shall  issue  to  such  branch  office 
a  license,  as  in  the  case  provided  in  article  55. 

ART.  58 

Foreign  Items — Normal  Tax  on  Interest  to  Be  Withheld. 

(As  amended  by  T.  D.  2023,  page  263,  and  T.  D.  2090.) 

[Art.  58.  The  licensed  person,  firm,  or  corporation 
first  receiving  any  such  foreign  items  for  collection 
or  otherwise,  shall  withhold  therefrom  the  normal 
tax  of  1  per  cent.,  and  shall  be  held  responsible 
therefor. 

If  the  foreign  item  is  in  form  of  a  check  or  bill  of  exchange, 

the  words  "Income  Tax  withheld  by "  (giving  name, 

address  and  date)   or  the  words  'income -tax  exemption  claimed 

through "   (giving  name  and  address  of  licensee), 

as  the  case  may  be,  shall  be  endorsed  or  stamped  thereon  by  such 
licensee;  but  if  the  item  is  represented  by  a  coupon  or  coupons 
from  bonds,  the  licensee  shall  attach  thereto  a  statement  identify- 
ing the  same,  and  the  endorsement  or  stamp  showing  the  tax 
withheld  shall  be  placed  on  the  statement  instead  of  the  coupon 
or  coupons.  Said  endorsement  or  stamp  shall  be  sufficient  evi- 
dence of  tax  withheld  to  relieve  subsequent  holder's  or  purchasers 
from  the  obligations  of  withholding. 

Compare  also  note  under  Art  39. J 

446 


MEMORANDA. 

For  explanation,  see  Page  354. 


147 


Art.  58 — Continued. 

Statement  to  Be  Appended  to  Coupons,  Checks,  Etc. 

If  the  size  or  nature  of  such  coupons,  checks,  etc.. 
makes  it  impracticable  to  make  said  indorsement  thereon, 
a  statement  identifying  the  item  on  which  tax  is  with- 
held and  bearing  said  indorsement  may  be  attached 
thereto  with  the  same  effect  as  if  the  indorsement  was 
made  directly  thereon. 

ART.  59 

Licensee  to  Furnish  List  of  Taxes  Deducted,  Etc. 

Art.  59.  Such  licensee  shall  obtain  the  names  and 
addresses  of  the  persons  from  whom  such  items  are  re- 
ceived and  shall  prepare  a  list  of  same  in  duplicate  (on 
Form  1043)  and  file  it  with  the  collector  of  internal 
revenue  for  his  district  not  later  than  the  20th  day  of 
the  month  next  succeeding  the  month  in  which  such 
items  were  paid.  The  list  shall  be  dated,  and  shall 
contain  the  names  and  addresses  of  the  taxable  persons, 
the  character  and  amount  of  income,  amount  of  exemp- 
tion claimed,  amount  of  income  in  which  withholding 
agent  is  liable  for  tax,  and  the  amount  of  tax  withheld 
In  addition  to  the  monthly  lists  the  licensee  will,  on  or 
before  the  1st  day  of  March  in  each  year,  file  with  the 
collector  in  duplicate  a  return  (Form  1043a),  showing 
the  amount  of  income  paid  and  the  amount  of  tax  with- 
held by  him  during  the  preceding  year  and  such  other 
information  as  the  form  prescribes. 

Monthly  and  Annual  List  Return. 

The  monthly  list  return  in  the  form  as  required  herein 
shall  constitute  a  part  of  the  annual  list  return  to  be 
made  by  the  licensee  as  withholding  agent,  and  he  will 
not  be  required,  in  making  an  annual  list  return  of  the 
tax  withheld  from  income  described  in  article  54,  to 
again  make  an  itemized  list  of  the  amount  of  tax  with- 
held from  each  person,  but  will  give  in  the  annual  list 
return  the  totals  of  the  monthly  list  return  for  each 
month  of  the  year  for  which  annual  list  return  is  made. 

ART.  60 

Exemption  Certificates— Organizations  Exempt  From  Having  Tax 
Withheld. 

Art.  60.  In  the  event  such  coupons,  checks,  or  bills  of 
exchange  above  mentioned  are  presented  for  collection 
by  an  individual  claiming  the  benefit  of  the  exemptions 

448 


MEMORANDA. 

For  explanation,  see  Page  354 


Art.  60 — Continued. 

allowable  under  paragraph  C  (arts.  9  and  10),  such  indi- 
vidual shall  be  permitted  to  avail  himself  of  the  exemp- 
tion claimed,  upon  signing  on  the  form  heretofore  pre- 
scribed for  coupons  payable  in  the  United  States,  and  no 
tax  shall  be  deducted  for  the  amount  of  the  exemption 
so  claimed ;  or  if  such  items  are  presented  by  [firms] 
corporations,  joint-stock  companies,  or  associations 
and  insurance  companies,  organized  in  the  United 
States,  the  form  of  certificate  heretofore  prescribed 
for  such  organizations  shall  be  used,  and  in  such 
instances  no  tax  shall  be  deducted. —  (See  Art.  58.) 

Income  of  Partnerships  is  not  subject  to  the  provisions  of  the  law- 
relating  to  the  deduction  and  payment  of  the  tax  at  the  source  of 
income. — See  Art.  14,  also  T.  D.  1957,  page  215. 


ART.  61 

Certificates  of  Exemption  to  Be  Forwarded  With  Monthly  List 

Returns. 

Art.  61.  In  both  instances  the  licensee  first  receiving 
such  items  shall  retain  such  certificates  for  delivery  with 
the  lists  aforesaid,  and  with  respect  to  said  coupons, 
checks,  or  bills  of  exchange,  said  licensee  shall  attach 
thereto  (identifying  the  items)  or  indorse  or  stamp 
thereon  the  words  "  Income  tax  exemption  claimed 
through"  (giving  name  and  address  of  licensee),  which 
shall  be  sufficient  evidence  to  relieve  subsequent  holders 
or  purchasers  from  the  duty  of  also  withholding  the  tax 
thereon. —  (See  Art.  58.) 

Interest  on  Foreign  Bonds. 

The  provisions  for  collection  of  the  tax  on  foreign  obli- 
gations herein  set  forth  includes  the  interest  upon  all 
foreign  bonds,  even  though  the  coupons  may,  at  the 
option  of  the  holder,  be  payable  in  the  United  States  as 
well  as  in  some  foreign  country. 

[See  note  under  Art.  39.] 

ART.  62 

Licensee  to  Keep  Records. 

Art.  62.  All  persons  licensed  shall  keep  their  records  in 
such  manner  as  to  show  from  whom  every  -such  item  has 
been  received,  and  such  records  shall  be  open  at  all 
times  to  the  inspection  of  internal-revenue  officers. 

450 


MEMORANDA. 

For  explanation,  see  Page  354. 


451 


D. 
ART.  63 

Income  derived  from  wages,  rent,  interest,  or  other 
fixed  and  determinable  gains,  profits,  and  income. 

Collection   at   the   source   of   income  applies   to    individuals    only. — 

See  Art.  29. 

Wages,  Salaries,  Rents,  Etc. 

Art.  63.  The  above  title  includes  all  income  derived 
from  salaries,  wages,  rents,  royalties,  interest,  taxable 
annuities,  emoluments,  or  other  fixed  and  determinable 
annual  gains,  profits,  and  income  of  another  person. 
("Income  derived  from  interest  upon  bonds  and  mort- 
gages, or  deeds  of  trust,  or  other  similar  obligations  of 
corporations,  etc.,,,  and  "Income  derived  from  coupons, 
checks,  or  bills  of  exchange  on  foreign  bonds,  mortgages, 
dividends,  etc.,"  which  have  been  covered  by  regulations 
under  such  titles,  are  not  to  be  included  here.) 

Commissions  Paid  to  Salesmen,  when  indefinite  as  to  amount  and 
time  of  accrual,  are  not  subject  to  withholding  of  tax  at  the  source. — 
T.  D.  2090. 

Salary  Received  by  a  foreign  Employee  of  a  Domestic  Corporation 
for  Service  Rendered  entirely  in  a  Foreign  land  is  not  subject  to 
deduction  and  withholding  of  the  normal  tax  at  the  source. — T.  D. 
calendar  year.— T.  D.  2090. 

Salaries,  Withholding  On,  Based  on  Calendar  Year. — The  salary  of 
an  individual  is  subject  to  withholding  at  the  source  only  on  the 
basis  of  the  calendar  year.  Corporations  which  have  a  fiscal  year 
other  than  the  calendar  year  and  pay  employees  salaries  of  $3,000 
or  over  per  annum  will  be  required  to  withhold  on  the  basis  of  the 
calendar  year.— T.  D.  2090. 

Rents. — Real  Estate  Agents  Are  Not  Withholding  Agents. — Real 
estate  agents  are  not  required  to  deduct  and  withhold  the  normal 
tax  from  rents  collected,  even  though  the  amount  is  in  excess  of 
$3,000.  The  agent  stands  in  the  place  of  the  landlord  and  receives 
money  from  tenants  in  exactly  the  same  capacity  as  the  landlord 
would  receive  such  moneys  and  should  be  treated  as  such.  A  real 
estate  agent  does  not  act  as  an  agent  of  the  debtor.  Therefore  the 
duty  of  withholding  the  tax  cannot  be  transferred  from  the  debtor 
to  such  agent,  because  such  transfer  would  simply  be  transferring 
the  duty  of  withholding  to  the  landlord  himself— T.  D.  2090. 

Rent. — Where  a  tenant  rents  two  pieces  of  property  from  the  same 
owner,  the  tenant  should  combine  the  payments,  and  when  such 
payments  so  combined  aggregate  in  excess  of  $3,000  the  normal  tax 
should  be  deducted  and  withheld,  subject  to  authorized  exemptions 
claimed. 

Where  a  Board  of  Education  for  a  school  district  rents  property 
at  an  annual  rental  exceeding  $3,000.  such  Board  of  Education  is 
regarded  as  a  tenant  and  should  withhold  the  normal  tax,  subject, 
however,  to  the  exemption  claimed. 

A  lessee  paying  rent  in  excess  of  $3,000  a  year  under  a  lease  from 
two  or  more  individuals  must  make  deduction  from  all  payments  to 
individuals  in  excess  of  $3,000  unless  certificates  of  exemption  are 
filed.  He  should  ascertain  in  what  proportion  the  rent  is  divided 
by  the  use  of  office  Form  1000B,  which  may  be  adapted  and  executed 
by  one  of  the  parties  in  interest,  the  others  executing  Form  1007. 
The  withholding  should  be  made  from  the  income  of  individuals  and 
not  from  the  aggregate  amount  paid.  This  situation  is  not  different 
if  the  lessors  are  husband  and  wife  if  their  individual  interests  are 
separate.  The  situation  is  not  changed  if,  by  instruction,  the  actual 
payments  of  rent  are  made  to  one  lessor,  the  payments  to  be  dis- 


MEMORANDA. 

For  explanation,  see  Page  354. 


453 


Art.  63 — Continued. 

tributed  by  him.  Where  notes  are  given  in  payment  of  rent,  the 
lessee's  obligation  to  withhold  is  not  altered.  The  lessee's  obligation 
is  the  same  as  in  the  case  of  cash  rental,  withholding  occuring  at 
the  time  the  notes  are  given,  and  not  at  maturity.  When  rental 
payments  in  excess  of  $3,000  a  year  are  payable  to  a  fiduciary,  who 
fails  or  refuses  to  file  Form  1063,  agreeing  to  act  as  the  source,  the 
beneficiaries  are  not  entitled  to  file  exemption  certificates  directly, 
the  lease  having  been  taken  from  the  fiduciary.  If  the  fiduciary's 
certificate  is  not  filed,  the  lessee  should  withhold  1  per  cent  on  the 
entire  amount.  The  lessee  is  not  presumed  to  have  knowledge  of 
the  beneficiaries  unless  they  are  parties  to  the  lease. 

[A  landlord  in  receipt  of  annual  rental  from  a  tenant  in  excess 
of  $3,000  may,  at  the  time  the  amount  of  rental  payments  aggregates 
$3,000,  file  with  the  tenant  a  claim  for  exemption  under  paragraph 
C  of  the  income  tax  law  (Form  1007,  revised).  He  may,  also,  after 
December  31  of  the  taxable  year,  file  with  the  tenant,  or  with  the 
collector  of  internal  revenue,  "a  claim  for  deductions  under  paragraph 
B  on  Form  1008,  revised.]— T.  D.  2090. 

Salaries  Paid  by  Organizations  Exempt  from  Tax. 

[Salaries  paid  by  corporatious  which  corporations 
have  been  held  to  be  exempt  from  the  income  tax 
under  paragraph  G  of  the  income-tax  law,  [See  Art. 
87]  are  subject  to  the  income  tax  and  should  be  [Art. 
4  note]  returned  as  income  by  the  individual,  but  the 
corporation  is  not  required  to  withhold  the  tax. — 
T.  D.  2090.] 

ART.  64 

Withholding  Agents  to  Deduct  and  Pay  Tax. 

Art.  64.  Copartnerships,  companies,  corporations,  joint- 
stock  companies  or  associations,  insurance  companies,  in 
whatever  capacity  acting,  including  lessees,  mortgagors 
of  real  or  personal  property,  trustees  acting  in  any  trust 
capacity,  executors,  administrators,  agents,  receivers, 
conservators,  employers  and  all  officers  and  employees 
of  the  United  States,  hereinafter  referred  to  as  "  debt- 
ors' '  or  withholding  agents,  having  the  control,  receipt, 
custody,  disposal,  or  payment  of  income  as  described  in 
article  63,  shall  deduct  and  withhold  from  such  annual 
gains,  profit  and  income,  when  the  same  shall  have 
reached  an  aggregate  amount  in  excess  of  $3,000,  such 
sum  as  will  be  sufficient  to  pay  the  normal  tax  of  1  per 
cent  imposed  by  law,  and  shall  pay  the  taxes  so  with- 
held to  the  collector  of  internal  revenue  for  the  district 
in  which  the  said  withholding  agent  resides  or  has  his, 
her,  or  its  principal  place  of  business. 

[Organizations  exempted  by  law  from  payment  of 
tax  [such  as  labor,  agricultural,  horticultural  organ- 
izations, mutual  savings  banks,  etc.,  mentioned  in 
Art.  87]  are  not  subject  to  the  provisions  of  the  law 
as  withholding  agents.— See  T.  D.  1967,  page  219/] 

454 


MEMORANDA. 

For  explanation,  see  Page  354. 


•}:,:, 


ART.  65 

Tax  to  Be  Withheld  on  Periodical  Payments — Exemption  Under 
Paragraph  C. 

Art.  65.  A  withholding  agent  who  pays  monthly,  or 
periodically  during  the  year,  interest,  rents,  salaries, 
wages,  etc.,  shall  not  withhold  the  said  tax  until  such 
time  as  the  interest,  rents,  salaries,  wages,  etc.,  shall  have 
reached  an  aggregate  amount  in  excess  of  $3,000.  When 
such  amount  has  been  reached,  such  agent  shall  withhold 
the  tax  on  the  whole  $3,000  and  any  excess  thereof, 
unless  the  person  to  whom  the  income  is  due  files  a  notice 
claiming  exemption  under  paragraph  C  (as  provided  in 
art.  33  (a)),  in  which  case  the  withholding  agent  shall 
withhold  only  the  tax  on  the  income  in  excess  of  said 
exemption  of  $3,000  or  $4,000  (as  the  case  may  be),  and 
the  tax  so  withheld  shall  be  paid  as  required  by  law. 

Salary  and  Commissions. — A  person  receiving  a  salary  in  excess  of 
$4,000,  and,  in  addition,  a  commission  of  1  per  cent,  on  all  sales,  the 
exact  amount  due  on  account  of  commissions  not  being  determinable 
until  February  following  the  year  in  which  the  commissions  were 
earned,  at  which  time  both  his  salary  for  the  preceding  year  and  his 
commissions  are  paid  to  him,  should  return  as  income,  for  the  year 
in  which  payment  was  made,  the  aggregate  amount  received  on 
account  of  salary  and  commissions.  The  normal  tax  should  be  de- 
ducted and  withheld  therefrom  when  the  combined  payments  of  salary 
and  commission  aggregate  in  excess  of  $3,000,  subject  to  authorized 
exemption  claimed.  The  normal  tax  deducted  from  these  payments 
should  be  accounted  for  on  the  withholding  agent's  return,  Form 
1042,  for  the  year  in  which  the  deductions  were  made. — T.  D.  2090. 

Where  an  employee  is  paid  a  sum  equal  to  two  years'  salary  on 
condition  that  he  surrender  his  contract  of  employment,  such  sum 
should  be  reported  by  him  on  his  annual  return  as-  income,  and  if  the 
sum  paid  exceeds  $3,000,  the  normal  tax  should  be  deducted  and 
withheld  therefrom,  subject  to  authorized  exemption  claimed. — T.  D. 
2090. 

When  profits  distributed  by  a  corporation  to  an  employee,  together 
with  payments  of  the  employee's  salary,  aggregate  in  excess  of  $3,000, 
the  normal  tax  should  be  deducted  and  withheld  therefrom,  subject 
to  authorized   exemption  claimed. — T.   D.  2090. 

Living  Quarters  Furnished  as  Part  of  Compensation. — Where  an 
individual  is  furnished  living  quarters  in  addition  to  salary,  the 
rental  value  of  such  living  quarters  is  regarded  as  compensation 
subject  to  the  income  tax.— T.  D.  2090. 


ART.  66 


Deductions  Under  Paragraph  B  May  Be  Claimed. 

Art.  66.  In  case  the  person  to  whom  the  income  is  due 
is  entitled  to  any  deductions  under  paragraph  B,  he  may 
avail  himself  of  such  deductions  by  filing  with  the  with- 
holding agent  Form  1008,  as  provided  in  article  33  (b), 
in  which  case  the  withholding  agent  will  only  withhold 
the  tax  on  such  income  in  excess  of  the  deductions 
claimed  on  said  form. 

450 


MEMORANDA. 

For  explanation,  see  Page  354. 


457 


ART.  67 

Tax  Not  to  Be  Withheld  by  Banks  on  Interest  Paid  on  Deposits. 

Art.  67.  Banks,  bankers,  trust  companies,  and  other 
banking  institutions  receiving  deposits  of  money,  are  not 
required  to  withhold  at  the  source  the  normal  income  tax 
of  1  per  cent  on  interest  paid,  or  accrued,  or  accruing  to 
depositors,  whether  on  open  accounts  or  on  certificates 
of  deposit ;  but  all  such  interest,  whether  paid  or  accrued 
and  unpaid,  must  be  included  in  the  annual  income 
return  of  the  person  entitled  to  receive  such  interest, 
whether  on  open  account  or  on  the  certificate  of  deposit. 

ART.  68 

Tax  to  Be  Withheld  on  Payment  of  Interest  Notes,  or  Notes 
Given  for  Rent. 

Art.  68.  When  a  note  shall  have  been  given  in  payment 
of  interest,  rents,  or  other  income  accruing  after  March 
1,  1913,  the  maker  of  the  note,  as  the  "debtor"  and  as 
the  ' '  source ' '  where  the  income  originates,  is  required,  in 
paying  such  note,  to  withhold  the  normal  tax  of  1  per 
cent  on  the  entire  amount  of  the  note,  if  in  excess  of 
$3,000,  unless  claim  for  exemption  or  deductions  under 
article  33(a)  or  33(b)  is  filed,  in  which  case  the  said  tax 
shall  be  withheld  only  on  the  amount  of  said  note  in 
excess  of  the  exemption  or  deductions  so  claimed. 

See  also  note  "Rent"  under  Art.  63. 

Purchasers  of  Interest  Notes  as  to  Which  Tax  Has  Not  Been 
Withheld. 

If  any  person  who  has  purchased  or  discounted  any 
such  notes  omitted,  in  acquiring  them  from  previous 
holder,  to  make  a  deduction  or  allowance  for  said  tax,  he 
can  look  for  relief  only  to  the  person  from  whom  the 
notes  were  obtained,  as  the  ' '  debtor, ' '  the  maker  of  said 
notes,  is  required  to  deduct,  withhold,  and  pay  to  the 
collector  of  internal  revenue  the  amount  of  the  normal 
tax  of  1  per  cent  which  may  be  due  thereon. 

ART.  69 

Annual  List  Return  by  Withholding  Agents. 

Art,  69.  Withholding  agents  shall  make  an  annual  list 
return  (Form  1042),  in  duplicate,  to  the  collector  of  in- 
ternal revenue  for  the  district  in  which  the  withholding 
agent  resides  or  has  his  principal  place  of  business  on 
or  before  the  1st  day  of  March  in  each  year,  showing 

458 


MEMORANDA. 

For  explanation,  see  Page  354. 


459 


Art.  69 — Continued. 

the  names  and  addresses  of  persons  who  have  received 
incomes  in  excess  of  $3,000,  on  which  the  normal  tax 
of  1  per  cent  has  been  deducted  and  withheld  during 
the  preceding  year.  This  return  must  be  accompanied 
by  all  forms  presented  claiming  exemptions  and  deduc- 
tions. 


ART.  70 

Fiduciaries. 

"Legacy — Bequest". — See  Art.  4,  and  note  thereunder. 
Guardians,  Etc.,  as  Fiduciary  Agents,  to  Deduct  Tax — Notice  of 
Deduction  to  Be  Filed  With  Other  Withholding  Agents. 

Art.  70.  Guardians,  trustees,  executors,  administrators, 
agents,  receivers,  conservators,  and  all  persons,  corpora- 
tions, or  associations  acting  in  any  fiduciary  capacity 
hereinafter  referred  to  as  fiduciary  agents,  who  hold  in 
trust  an  estate  of  another  person  or  persons,  shall  be  des- 
ignated the  "source"  for  the  purpose  of  collecting  the  in 
come  tax,  and  by  filing  notice  with  other  debtors  or  with- 
holding agents  said  fiduciary  shall  be  exempt  from  hav- 
ing any  income,  due  to  them  as  such,  withheld  for  any 
income  tax  by  any  other  debtor  or  withholding  agent. 
Other  debtors  or  withholding  agents  upon  receipt  of 
such  notice  shall  not  withhold  any  part  of  such  income 
from  said  fiduciary  and  will  not  in  such  case  be  held 
liable  for  normal  tax  of  1  per  cent  due  thereon.  The 
form  of  notice  to  be  filed  with  the  debtor  or  withholding 
agent  by  fiduciary  will  be  on  [Form  1015  Revised.] 
Where  such  exemption  is  not  claimed,  notice  thereof 
on  [Form  1019,  Revised]  should  be  filed  with  the 
withholding  agent  .J 

[Forms  1015  and  1019  may  be  adapted  so  that  but 
one  certificate  will  be  required  to  be  filed  with  cou- 
pons from  the  same  issue  of  bonds,  the  property  of 
different  estates  or  trusts. — See  T.  D.  1987,  page 
239, 

(See  Forms  1015  R.,  page  S2'.),  and  loi!>  it.,  page  230.) 

Rents — Withholding  Duties  of  Fiduciary. — See  notes   under   Art.   88. 

Definition  of  the  Term  Fiduciary. 

["Fiduciary"  is  a  term  which  applies  to  all  per- 
sons or  corporations  that  occupy  positions  of  peculiar 
confidence  toward  others,  such  as  trustees,  executors, 


MEMORANDA. 

For  explanation,  see  Page  354. 


461 


Art.  70 — Continued. 

or  administrators;  and  a  fiduciary,  for  income-tax 
purposes,  is  any  person  or  corporation  that  holds  in 
trust  an  estate  of  another  person  or  persons. 

There  may  be  a  fiduciary  relationship  between  an 
agent  and  a  principal;  but  the  word  "agent"  does 
not  denote  a  "fiduciary"  within  the  meaning  of  the 
income-tax  law. — T.  D.  2090.] 


ART.  71 

Annual  Return. 

Art.  71.  Fiduciaries  shall,  on  or  before  March  1,  of  each 
year,  make  and  render  a  return  of  the  income  coming  into 
their  custody  or  control  and  management  from  each  trust 
or  estate  when  the  annual  interest  of  any  beneficiary  in 
said  trust  or  estate  is  in  excess  of  $3,000.  This  return 
(Form  1041  Revised,  pages  318-24)  must  be  filed 
the  collector  for  the  district  in  which  the  fiduciary 
resides  or  has  his  principal  place  of  business,  and 
shall  contain  an  itemized  statement  of  the  gross  in- 
come and  deductions  claimed. 

[For  further  detailed  information  relating  to  the 
returns  of  fiduciaries,  see  instructions  contained  in 
Form  1041  Revised,  pages  318-24.] 

[Fiduciaries  are  required  to  make  a  return  on 
Form  1041,  Revised,  whenever  the  interest  of  any 
one  beneficiary  in  the  income  from  the  estate  or 
trust  subject  to  the  normal  tax  is  in  excess  of  $3,000. 
This  duty  cannot  be  delegated  to  another  person. 
When  the  interest  of  any  one  beneficiary  exceeds 
$3,000  and  a  return  is  required,  the  name  and  full 
address  of  each  beneficiary  and  the  share  of  income 
to  which  entitled,  even  though  it  be  less  than  $3,000, 
must  be  shown;  and  in  all  cases  where  the  bene- 
ficiary^ interest  is  in  excess  of  $3,000  the  fiduciary 
is  required  to  withhold  the  normal  tax  unless  exemp- 
tion is  claimed  under  paragraph  C,  and  then  only  on 
the  amount  in  excess  of  the  exemption  so  claimed. 

A  fiduciary  acting  for  a  beneficiary  in  more  than 
one  estate  or  trust  is  required  to  account  for  each 
estate  separately,  and  if  the  amount  of  income  from 
no  one  estate  exceeds  $3,000  no  return  or  with- 
holding will  be  required.  Unless  the  beneficiary  is 
under  some  disability  which  requires  the  fiduciary 

462 


MEMORANDA. 

For  explanation,  see  Page  354. 


463 


Art.  71 — Continued. 

to  act,  the  beneficiary  will  make  his  own  return  and 
account  for  the  tax  upon  his  entire  net  income. 

A  fiduciary  acting  for  a  minor  or  insane  person 
having  a  net  income  in  excess  of  $3,000  will  make 
the  return  for  his  ward  on  Form  1040,  Revised,  and 
will  not  be  required  to  file  a  return  on  Form  1041, 
Revised,  unless  he  has  more  than  one  ward  by  reason 
of  the  same  estate  or  trust.  Then,  in  that  event,  a 
return  will  be  required  on  Form  1041,  Revised,  and 
a  separate  return  on  Form  1040  for  each  ward  having 
a  net  income  of  $3,000  or  more  for  the  calendar  year. 

Dividends  in  the  hands  of  a  fiduciary  and  belong- 
ing to  a  beneficiary  are  not  subject  to  the  normal 
tax,  but  will  be  subject  to  the  additional  tax  to  the 
beneficiary  whenever  the  beneficiary's  income  from 
all  taxable  sources  is  in  excess  of  $20,000. —  (T.  D. 
1943.)  T.  D.  2090.] 

Notice  of  failure  to  file  return  as  required  shall  be 
served  upon  the  fiduciary.     (See  art.  18.) 


ART.  72 

Return   to   Include   Only  Income   Accruing   From   Trust,   Unless 
Otherwise  Authorized  by  Beneficiary. 

Art.  72.  As  each  such  fiduciary  acts  solely  in  behalf  of 
the  beneficiaries  of  the  trust,  the  annual  return  required 
in  such  cases  has  reference  only  to  the  income  accruing 
and  payable  through  said  fiduciary,  and  not  to  the  in- 
come of  the  beneficiary  derived  from  other  sources.  If, 
however,  such  fiduciary  is  legally  authorized  to  act  for 
such  beneficiary  as  agent  or  attorney  in  fact,  he  may  in 
such  case  also  make  for  the  beneficiary  the  personal 
annual  return  [(Form  1040  Revised)]  required  by 
law. 

[In  making  returns,  Dividends  on  Stock  or  from 
Net  Earnings  of  a  Corporation,  which  is  taxable  on 
its  net  income  is  not  to  be  included  as  gross  income 
by  persons  subject  to  the  normal  tax  only.  The  pro- 
visions of  this  ruling  [See  T.  D.  1945,  page  208] 
apply  also  to  Fiduciaries. — See  T.  D.  1947,  page  210.J 


Expenses  of  Administration  of  Estates  Not  Deductible. 

[Expenses  of  administration  of  an  estate,  such  as 
court  costs,  attorneys'  fees,  executors'  commissions, 
etc.,  are  chargeable  against  the  corpus  of  the  estate 

464 


MEMORANDA. 

For  explanation,  see  Page  354. 


465 


Art.  72— Continued. 

and  are  not  allowable  deductions  in  a  return  of  a 
fiduciary  on  Form  1041. — T.  D.  2090.] 

ART.  73 

Annual  Return   to   Include   List   of   Beneficiaries,   Showing   Tax 
Withheld  From  Each. 

Art.  73.  The  annual  return  of  the  fiduciary  shall  con- 
tain a  list  of  the  name  and  full  address  of  each  benefi- 
ciary and  the  share  of  said  income  to  which  each  may  be 
entitled.  There  must  also  be  entered  opposite  the  name 
of  each  beneficiary  the  amount  of  exemption,  if  any, 
claimed  by  him,  the  amount  of  income  on  which  the 
fiduciary  is  liable  for  tax,  and  the  amount  of  tax  with- 
held, and  the  said  return  shall  be  signed  and  sworn  to  by 
the  fiduciary,  if  an  individual,  making  same,  and  his  full 
address  must  be  stated.  If  the  fiduciary  is  an  organiza- 
tion, the  return  shall  be  signed  and  sworn  to  by  the 
president,  secretary,  or  treasurer  of  said  organization. 

ART.  74 

Return  to  Be  Made  of  Undistributed  Income  Accruing  During  the 

Year. 

Art.  74.  Fiduciaries  having  control  of  any  portion  of 
an  annual  income,  accruing  during  the  year,  but  not  dis- 
tributed or  paid  to  the  beneficiaries  durinsr  the  year, 
shall,  in  rendering  their  annual  return  (Form  1041 
Revised) ,  give  the  name  and  address  of  each  of  said 
beneficiaries  having  a  distributive  interest  in  said 
income,  and  shall  furnish  all  information  called  for 
in  such  returns.  The  fiduciary  shall  in  all  such  cases 
withhold  and  pay  to  the  collector,  as  provided  by 
law,  the  normal  tax  of  1  per  cent,  upon  the  distribu- 
tive interest  of  each  of  said  beneficiaries  when  in 
excess  of  $3,000,  the  same  as  if  said  income  was 
actually  distributed  and  paid. 

Beneficiary  May  File  Claim   of  Exemption  Under  Paragraph   C 
with  Fiduciary. 

Exemption  under  paragraph  C,  however,  may  be 
claimed  by  the  beneficiary  or  his  legal  representative 
by  filing  his  claim  for  exemption  with  the  fiduciary 
agent  [on  Form  1007  Revised,  page  229.] 

Income  of  a  Beneficiary — Liability  to  Tax. 

[A  beneficiary  is  liable  for  the  normal  tax  upon 
the  amount  of  net  income  derived  by  him  from  a 

466 


MEMORANDA. 

For  explanation,  see  Page  354. 


4«7 


Art.  74 — Continued. 

taxable  source  through  a  fiduciary,  less  the  amount 
of  exemption  claimed  and  the  amount  of  income  on 
which  the  normal  tax  has  been  withheld  at  source, 
and  is  also  liable  for  the  additional  tax  assessable  on 
the  amount  of  net  income  received  by  him  in  excess 
of  $20,000;  and  in  order  to  determine  whether  the 
net  income  of  a  beneficiary  is  or  is  not  in  excess  of 
$20,000  and  subject  to  the  additional  tax,  the  amount 
derived  by  him  from  an  estate  and  all  other  taxable 
sources  is  required  to  be  shown  on  his  personal  an- 
nual return.— T.  D.  2090.] 


ART.  75 

Tax  Withheld  on  Undivided  Income  Not  to  Be  Again  Withheld 
When  Income  Is  Distributed. 

Art.  75.  When  the  normal  tax  on  undivided  annual  net 
income  has  been  so  withheld,  such  tax  shall  not  be  again 
withheld  when  such  portion  of  the  income  is  actually  dis- 
tributed and  paid  to  said  beneficiary. 

Executors  and  Administrators  to  Make  Return  of  Individual  in 
Case  of  Death. 

[If  the  net  income  of  a  decedent  from  January  1 
of  the  year  in  which  he  died  to  the  date  of  his  death 
was  $3,000  or  over,  a  return  for  such  decedent  must 
be  made  by  the  executor  or  administrator  on  Form 
1040,  Revised,  and  such  executor  or  administrator 
may  claim  all  deductions  and  exemption  to  which 
the  decedent  would  have  been  entitled  under  the 
law.— T.  D.  2090.] 

Death  of  Husband  or  Wife. 

[Where  either  husband  or  wife  dies  during  the 
year  having  a  net  taxable  income  of  $3,000  or  more  a 
return  should  be  made  by  the  executor  or  admin- 
istrator of  the  deceased  as  of  the  date  of  his  death, 
and  the  executor  or  administrator  may  claim  an 
exemption  of  $4,000  under  paragraph  C.  The  sur- 
vivor, when  making  a  return  at  the  end  of  the  year 
for  the  entire  year,  will  be  allowed  the  applicable 
exemption  for  the  single  or  married  status  existing 
at  the  close  of  the  year.— T.  D.  2090J 

Power  of  Attorney,  Fiduciary  Relation  Can  Not  Be  Created  By. — A 

person  can  not,  by  a  power  of  attorney,  delegate  to  another  a  duty 
which  he  himself  could  not  perform,  and  inasmuch  as  an  individual 

468 


MEMORANDA. 

For  explanation,  see  Page  354. 


469 


Art.  75 — Continued. 

can  not  relieve  a  withholding  agent  from  the  withholding  require- 
ments of  the  income-tax  law  by  filing  Form  1015,  a  person  holding  a 
power  of  attorney  from  another  is  without  authority  to  file  this  cer- 
tificate as  a  fiduciary.  However,  for  income-tax  purposes  he  is  au- 
thorized to  file  any  certificate  which  his  principal,  as  such,  would  be 
entitled  to  file.— T.  T).  2000. 


PART  3. 


ART.  76 

RELATING  TO  THE  INCOME  TAX  IMPOSED  BY 
SECTIONS  2  AND  4  OF  THE  ACT  OF  OCTOBER  3, 
1913,  ON  CORPORATIONS,  JOINT-STOCK  COM- 
PANIES OR  ASSOCIATIONS,  AND  INSURANCE 
COMPANIES. 

Organizations   Subject   to   Tax — One   Per   Cent,    on   Entire    Net 

Income. 

Art.  76.  Under  the  provisions  of  sections  2  and  4  of 
the  act  of  October  3,  1913,  every  corporation,  joint-stock 
company  or  association,  and  every  insurance  company 
organized  in  the  United  States,  no  matter  how  created  or 
organized,  except  those  specifically  exempted,*  shall 
be  subject  to  pay  annually  an  income  tax  of  1  per 
centum  per  annum  upon  the  entire  net  income  aris- 
ing or  accruing  from  all  sources  during  the  preced- 
ing calendar  or  fiscal  year,  as  the  case  may  be.  Cer- 
tain exceptions  as  to  taxability  will  be  noted  speci- 
fically hereinafter. 

•See  Art.  87. 

Philippine  and  Porto  Rican  Corporations. 

[Such  corporations  organized  under  laws  of  the 
United  States  or  any  State  thereof,  resident  in  the 
United  States  but  doing  business  in  these  posses- 
sions, are  taxable  in  the  United  States.  If  they  are 
organized  under  the  laws  of  the  United  States  or 
local  laws  of  these  possessions  and  resident  in  said 
possessions,  they  are  required  to  pay  their  tax  in 
the  Philippines  or  in  Porto  Rico,  as  the  case  may  be. 
The  law  provides  that  corporations  shall  make  their 
returns  "to  the  collector  of  internal  revenue  for  the 
district  in  which  they  have  their  principal  place  of 
business."  Held,  "prinicipal  place  of  business"  of  a 
corporation  is  the  place  or  office  in  which  are  kept 
the  books  of  account  and  other  data  from  which  the 
return  is  to  be  prepared. — T.  D.  2090.J 

470 


MEMORANDA. 

For  explanation,  see  Page  354. 


471 


ART.  77 

Foreign  Corporations  Subject  to  the  Tax. 

Art.  77.  A  similar  tax  shall  be  levied,  assessed  against, 
and  paid  annually  by  corporations,  joint-stock  companies 
or  associations,  and  insurance  companies  organized, 
authorized,  or  existing  under  the  laws  of  any  foreign 
country  upon  the  amount  of  net  income  accruing  from 
business  transacted  and  capital  invested*  within  the 
United  States  during  such  year. 

Income  from  interest  on  bonds  and  dividends  on  stock  of  a  domes- 
tic corporation  owned  by  a  non-resident  is  not  subject  to  tax. — See 
also  T.  D.  2017,  page  262. 

[Dividends  declared  and  paid  by  a  foreign  corpor- 
ation which  derives  its  entire  income  from  business 
done  wholly  within  the  United  States  and  pays, 
under  the  provisions  of  the  Federal  income-tax  law, 
a  tax  upon  its  net  income,  should  be  treated  in  the 
same  manner  as  dividends  from  domestic  corpora- 
tions.— T.  D.  2090.] 

ART.  78 

Corporations  Defined. 

Art.  78.  " Corporation ' '  or  "corporations,"  as  used  in 
these  regulations,  shall  be  construed  to  include  all  cor- 
porations, joint-stock  companies  or  associations,  and  all 
insurance  companies  coming  within  the  terms  of  the 
law,  and  such  organizations  will  hereinafter  be  referred 
to  as  "corporations." 

ART.  79 

Associations,  Real  Estate,  Trusts,  Etc.,  Subject  to  the  Tax. 

Art.  79.  It  is  immaterial  how  such  corporations  are 
created  or  organized.  The  terms  "joint-stock  com- 
panies" or  "associations"  shall  include  associates,  real 
estate  trusts,  or  by  whatever  name  known,  which  carry 
on  or  do  business  in  an  organized  capacity,  whether 
organized  under  and  pursuant  to  State  laws,  trust  agree- 
ments, declarations  of  trusts,  or  otherwise,  the  net  in- 
come of  which,  if  any,  is  distributed,  or  distributable, 
among  the  members  or  share  owners  on  the  basis  of  the 
capital  stock  which  each  holds,  or  where  there  is  no 
capital  stock,  on  the  basis  of  the  proportionate  share  of 
capital  which  each  has  invested  in  the  business  or  prop- 
erty of  the  organization,  all  of  which  joint-stock  com- 

472 


MEMORANDA. 

For  explanation,  see  Page  354. 


473 


Art.  79 — Continued. 

panies  or  associations  shall,  in  their  organized  capacity, 
be  subject  to  the  tax  imposed  by  this  act. 

Certificates. 

[The  department  will  furnish  blank  forms  of  cer- 
tificates to  be  used  in  connection  with  the  collection 
of  the  income  tax  by  such  parties  as  may  make  appli- 
cation for  the  same.  Private  corporations  and  others 
desiring  to  have  these  certificates  printed  for  them- 
selves may  do  so  if  they  will  strictly  observe  the 
requirements  of  the  department  as  to  size,  print, 
form,  color,  and  contents.  (See  T.  D.  1939,  page 
201.)] 

ART.  80 

Corporations  Required  to  Make  Returns — Mutual  Telephone  and 
Mutual  Insurance  Companies  Not  Exempt. 

Art.  80.  Every  corporation  not  specifically  enumerated 
as  exempt  shall  make  the  return  of  annual  net  income 
required  by  law  whether  or  not  it  may  have  any  income 
liable  to  tax,  or  whether  or  not  it  shall  be  subordinate  to 
or  controlled  by  another  corporation.  Mutual  telephone 
companies,  mutual  insurance  companies,  and  like  organi- 
zations, although  local  in  character,  and  whose  income 
consists  largely  from  assessments,  dues,  and  fees  paid 
by  members,  do  not  come  within  the  class  of  corporations 
specifically  enumerated  as  exempt.  Their  status  under 
the  law  is  not  dependent  upon  whether  they  are  or  are 
not  organized  for  profit.  Not  coming  within  the  statu- 
tory exemption,  all  organizations  of  this  character  will 
be  required  to  make  returns  of  annual  net  income,  and 
pay  any  income  tax  thereby  shown  to  be  due.  For  this 
purpose  the  surplus  of  receipts  of  the  year  over  expenses 
will  constitute  the  net  income  upon  which  the  tax  will 
be  assessed. 

Return  Period. 

[The  return  for  a  completed  period  must  be  made 
independently  of  any  other  period.  A  corporation 
changing  from  the  basis  of  a  calendar  year  to  a  fiscal 
year,  and  because  of  said  change  having  a  part  of 
the  calendar  year  for  which  return  is  to  be  made, 
will  be  required  to  make  a  separate  return  for  the 
fraction  of  the  calendar  year,  and  another  separate 
return  for  the  entire  fiscal  year;  as  June  30  being 
designated  as  the  end  of  the  fiscal  year,  the  part  of 

474 


MEMORANDA. 

For  explanation,  see  Page  354. 


475 


Art.  80 — Continued. 

the  calendar  year  from  January  1  to  June  30  must 
be  covered  in  a  return  to  be  made  on  or  before  March 
1  then  following,  and  on  or  before  60  days  next  fol- 
lowing June  30  (next  after  the  filing  of  return  for 
the  fractional  part  of  a  calendar  year)  a  return  must 
be  made  and  filed  for  the  entire  fiscal  year  of  the 
corporation.  (T.  D.  2029.)  See  "Fiscal  Year— How 
Established,"  Art.  165.— T.  D.  2090.] 


Railroad  or  Other  Corporation  Leasing  Property  in  Consideration 
of  a  Rental  Equivalent. 

A  railroad  or  other  corporation  which  has  leased  its 
properties  in  consideration  of  a  rental  equivalent  to  a 
certain  rate  of  dividends  on  its  outstanding  capital  stock 
and  the  interest  on  the  bonded  indebtedness,  and  such 
rental  is  paid  by  the  lessee  directly  to  the  stock  and  bond 
holders,  should,  nevertheless,  make  a  return  of  annual 
net  income  showing  the  rental  so  paid  as  having  been 
received  by  the  corporation. 

\Rent. — Payments  measured  by  a  fixed  percentage 
on  the  stock  of  a  railroad  corporation  whose  lines  are 
leased  by  another  railroad  corporation  and  which 
rent  is  payable  by  the  lessee  directly  to  the  stock- 
holders of  the  lessor  corporation,  have,  under  the 
income-tax  law  with  respect  to  the  corporation  pay- 
ing such  sums,  the  status  of  a  rental  payment. 


In  such  cases  there  are  two  corporations  involved, 
the  lessor  and  the  lessee — one  the  rent  payer  and  the 
other  the  rent  receiver.  To  the  lessee  rental  pay- 
ments are  an  expense  of  operation ;  to  the  lessor  the 
rentals  are  an  income. 

A  contract  which  provides  that  the  rentals  shall 
be  paid  to  a  third  party,  not  a  party  to  the  contract, 
does  not  change  the  character  of  the  payment,  nor 
relieve  the  lessor  from  liability  to  tax  on  the  rental 
income  which  the  lessee  pays  to  it  or  to  such  third 
party.  The  income  of  the  third  party,  the  stock- 
holder, is  dividends  on  the  stock  which  he  holds  in 
the  lessor  company.  Dividends  cannot  be  paid  unless 
the  lessor  has  an  income  out  of  which  to  pay  them. 
Hence  the  lessor  company  is  required  under  the  law 
to  return  as  income  the  rentals  which  the  lessee  is 
required  to  pay.  In  paying  direct  to  the  stockholders 
the  lessee  is  acting  as  the  agent  of  the  lessor,  and 

476 


MEMORANDA. 

For  explanation,  see  Page  354. 


477 


Art.  80 — Continued. 

the  amounts  received  by  stockholders  are,  in  effect 
and  in  fact,  dividends  received  out  of  the  earnings 
of  the  lessor.— T.  D.  2090.] 

ART.  81 

Interest   Deduction  by  Corporations   Operating   Leased   or  Pur- 
chased Lines. 

Art.  81.  A  railroad  company  operating  leased  or  pur- 
chased lines  shall  include  all  receipts  derived  therefrom, 
and,  if  bonded  indebtedness  of  such  lines  has  been  as- 
sumed, such  operating  company  may  deduct  the  interest 
paid  thereon  to  an  amount  not  exceeding  one-half  of  the 
sum  of  its  interest-bearing  indebtedness  and  its  paid-up 
capital  stock  outstanding  at  the  close  of  the  year 
[plus  one-half  the  interest-bearing  indebtedness 
then  also  outstanding. — For  further  details  see  T.  D. 
1960,  page  216.] 


ART.  82 

Lessee  Corporations  Not  to  Include  Capital  Stock  or  Indebtedness 
of  Lessor  Corporations. 

Art.  82.  Corporations  operating  leased  lines  should  not 
include  the  capital  stock  of  the  lessor  corporations  in 
their  own  statement  of  capital  stock  outstanding  at  the 
close  of  the  year.  The  indebtedness  of  such  lessor  cor- 
porations should  not  be  included  in  the  statement  of  the 
indebtedness  of  the  lessee  unless  the  lessee  has  assumed 
the  same.  Each  leased  or  subsidiary  company  will  make 
its  own  separate  return,  accounting  for  therein  all  income 
which  it  may  have  received  by  way  of  dividends,  rentals, 
interest,  or  from  any  other  source. 

ART.  83 

Foreign  Corporations  Having  Branch  Offices  in  United  States  to 
Designate  Principal  Office. 

Art.  83.  A  foreign  corporation  having  several  branch 
offices  in  the  United  States  should  designate  one  of  such 
branches  as  its  principal  office  and  should  also  designate 
the  proper  officers  to  make  the  required  return. 

ART.  84 

Corporations  Organized  During  Year  to   Make  Returns. 

Art.  84.  A  corporation  organized  during  the  year 
should  render  a  sworn  return  on  the  prescribed  form, 

478 


MEMORANDA. 

For  explanation,  see  Page  354. 


479 


Art.  84 — Continued. 

covering  that  portion  of  the  year  (calendar  or  fiscal)  dur- 
ing which  it  was  engaged  in  business  or  had  an  income 
accruing  to  it. 

[All  corporations  having  an  existence  as  such  dur- 
ing all  or  any  portion  of  a  year,  unless  coming"  within 
the  classes  specifically  enumerated  as  exempt,  are 
required  to  make  returns.  New  corporations  will 
make  return  for  the  period  from  the  date  of  their 
organization  to  December  31.  The  net  income  in  all 
such  cases  will  be  ascertained  in  the  manner  set  out 
in  paragraph  G  of  the  act.— T.  D.  2090.] 

[A  corporation  organized  and  transacting  no  busi- 
ness within  the  calendar  year  of  its  organization 
must,  nevertheless,  make  and  file  a  return  on  the 
basis  of  the  calendar  year  unless  such  corporation 
shall  designate  a  fiscal  year  other  than  the  calendar 
year  in  the  manner  and  form  as  provided  for  that 
purpose.  The  duty  to  make  a  return  depends  upon 
corporate  or  associational  existence  and  not  upon  the 
receipt  of  income.— T.  D.  2090.] 

ART.  85 

Corporations  Going  Into  Liquidation. 
Art.  85.  Corporations  going  into  liquidation  during 
any  tax  period  may,  at  the  time  of  such  liquidation,  pre- 
pare a  "final  return"  covering  the  income  received  or 
accrued  to  them  during  the  fractional  part  of  the  year 
during  which  they  were  engaged  in  business,  and  imme- 
diately file  the  same  with  the  collector  of  the  district  in 
which  the  corporations  have  their  principal  places  of 
business. 

[Dissolved  corporations  whose  fiscal  year  coin- 
cides with  the  calendar  year  will  make  returns  cov- 
ering the  period  from  January  1  to  the  date  of  dis- 
solution, and  corporations  having  a  fiscal  year  other 
than  the  calendar  year  will  make  returns  covering 
the  period  from  the  beginning  of  the  fiscal  year  to 
the  date  of  dissolution.— T.  D.  2090.] 

ART.  86 

Limited  Partnerships. 

Art.  86.  Limited  partnerships  are  held  to  be  corpora- 
tions within  the  meaning  of  this  act  and  these  regulat- 
ions, and  in  their  organized  capacity  are  subject  to  the 
income  tax  as  corporations. 

480 


MEMORANDA. 

For  explanation,  see  Page  354. 


481 


ART.  87 

Corporations  Exempt  from  Tax. 

Art.  87.  The  act  specifically  enumerates  and  exempts 
from  its  provisions  and  requirements  labor,  agricultural, 
or  horticultural  organizations,*  mutual  savings 
banks  not  having  a  capital  stock  represented  by 
shares,  fraternal  beneficiary  societies,  orders,  or 
associations  operating  under  the  lodge  system,  or  for 
the  exclusive  benefit  of  the  members  of  a  fraternity 
itself  operating  under  the  lodge  system,  and  provid- 
ing for  the  payment  of  life,  sick,  accident,  and  other 
benefits  to  the  members  of  such  societies,  orders,  or 
associations,  and  dependents  of  such  members,  do- 
mestic building  and  loan  associations,  cemetery  com- 
panies organized  and  operated  exclusively  for  the 
mutual  benefit  of  their  members,  any  and  all  corpora- 
tions or  associations  organized  and  operated  exclusively 
for  religious,  charitable,  scientific,  or  educational  pur- 
poses, no  part  of  whose  net  income  inures  to  the  benefit 
of  any  private  stockholder  or  individual,  business  leagues, 
chambers  of  commerce,  or  boards  of  trade  not  organized 
for  profit,  no  part  of  the  net  income  of  which  inures  to 
the  benefit  of  the  private  stockholder  or  individual,  and 
civic  leagues  or  similar  organizations  not  organized  for 
profit,  but  operated  exclusively  for  the  promotion  of 
social  welfare. 

*Agricultural  and  horticultural  associations  specifically  enumerated 
as  exempt  are  held  to  be  such  associations  as  county  fairs,  or  like 
organizations,  not  themselves  engaged  in  agricultural  or  horticul- 
tural pursuits,  but  which,  by  means  of  awards,  premiums,  etc.,  are 
intended  to  encourage  better  production  and  no  part  of  whose  income 
inures  to  the  benefit  of  any  private  stockholder  or  individual. — T.  D. 
2000. 

Corporations  engaged  in  agricultural  or  horticultural  pursuits  for 
plantations  and  disposing  of  the  products  thereof  are  held  to  be 
operating  for  profit  and  are  not  entitled  to  exemption  as  agricul- 
tural  organizations.— T.    D.   2090. 

Agricultural  Organizations. — Corporations  owning  sugar  or  other 
plantations  and  disposing  of  the  products  thereof  are  held  to  be 
operating  for  profit  and  are  not  entitled  to  exemption  as  agricul- 
tural organizations.— T.  D.  2090. 

Horticultural  Societies. — Fruit-growers'  associations  whose  purpose 
is  to  promote  the  mutual  benefit  of  their  members  in  marketing  their 
products  and  which  are  not  organized  for  profit  and  have  no  capital 
stock  represented  by  shares,  and  whose  income  is  derived  wholly  from 
membership  fees,  dues,  and  assessments  to  meet  necessary  expenses, 
are  horticultural  societies  within  the  meaning  of  the  law  and  are 
not  subject  to  tax  or  required  to  make  returns. — T.  D.  2090. 

Corporations  Exempted  from  Payment  of  Income  Tax  Are  Not 
Subject    to    Provisions    of    the    Law    as    Withholding    Agents—  T.    D. 

1967,  page  219. 

Domestic    Building    and    Loan    Associations    Defined — Mutuality 
Essential. 

Domestic  building  and  loan  associations  are  among 
those  enumerated  as  exempt  from  the  requirements  of 

482 


MEMORANDA. 

For  explanation,  see  Page  354. 


483 


Art.  87 — Continued. 

the  law.  A  domestic  building  and  loan  association  is  held 
to  be  one  organized  under  and  pursuant  to  the  laws  of 
the  United  States,  or  of  a  State  or  Territory  thereof,  or 
under  the  laws  applicable  to  Alaska  or  the  District  of 
Columbia.  Mutuality  in  operation  and  in  the  distribu- 
tion of  profits  and  benefits  is  essential  to  exemption. 
Therefore,  in  order  to  come  within  the  exempted  class 
such  associations  must  not  only  be  "Domestic,"  as  de- 
fined, but  they  must  be  organized  and  operated  exclu- 
sively for  the  mutual  benefit  of  the  members ;  that  is,  all 
the  profits  and  benefits  provided  for  in  the  articles  of 
association  and  by-laws  must  be  ratably  distributed 
among  all  members  regardless  of  the  kind  of  stock  held, 
according  to  the  amount  of  money  they  have  on  deposit. 
An  association  issuing  different  classes  of  stock  upon 
which  different  rates  of  interest  or  dividends  are  guar- 
anteed or  paid,  does  not  come  within  the  exempted  class. 

Building  and  Loan  Associations. 

Construction  of  Clause. — The  words  "no  part  of  the  net  income 
of  which  inures  to  the  benefit  of  any  private  stockholder  or  indi- 
vidual" do  not  apply  to  domestic  building  and  loan  associations 
operated  for  the  mutual  benefit  of  members. — See  T.  D.  1941, 
page  202. 

Exemption. — Building  and  loan  associations  operated  exclusively 
for  the  mutual  benefit  of  members  are  exempt. — See  T.  D.  1941, 
page  202. 

Issuance  of  Prepaid  Stock. — The  issuance  of  prepaid  stock  doe» 
not  destroy  mutuality. — See  T.  D.  1941,  page  201. 

(The  above  findings  are  embodied  in  a  decision  handed  down 
by  the  United  States  Court  of  Appeals,  Third  Circuit,  October 
term,  1913.— See  T.  D.  1941,  page  202.) 

Fraternal  Benefit  Societies. 

Fraternal  Benefit  Societies  Defined.  -See  T.  D.  1918,  page  278. 


ART.  88 

Corporations  Must  Establish  Their  Right  to  Exemption. 

Art.  88.  All  corporations  and  all  beneficiary  societies 
enumerated  above  shall  by  affidavit,  or  otherwise,  at 
the  request  of  the  collector  or  Commissioner  of  Internal 
Revenue,  establish  their  right  to  the  exemption  provided, 
in  which  case  it  will  not  be  sufficient  to  merely  declare 
that  they  are  exempt,  but  they  must  show  the  character 
and  purpose  of  the  organization,  the  manner  of  distribut- 
ing the  net  income,  if  any,  or  that  none  of  the  net  income 
inures  to  the  benefit  of  any  private  stockholder  or  indi- 
vidual. In  the  absence  of  such  a  showing,  such  organiza- 
tions may,  at  any  time,  be  required  to  make  returns  of 
annual  net  income  or  disclose  their  books  of  account  to  a 

484 


MEMORANDA. 

For  explanation,  see  Page  354. 


485 


Art.  88 — Continued. 

revenue  officer  for  examination  in  order  that  the  statui 
of  the  company  may  be  determined. 

ART.  89 

Society  or  Association  Subject  to  Exemption  Denned. 

Art.  89.  A  society  or  association  "operating  under 
the  lodge  system"  is  considered  to  be  one  organized 
under  a  charter,  with  properly  appointed  or  elected 
officers,  with  an  adopted  ritual  or  ceremonial,  hold- 
ing meetings  at  stated  intervals,  and  supported  by 
fees,  dues,  or  assessments. 

Clubs. 

[All  clubs  are  not  exempt  from  the  provisions  of 
the  income-tax  law,  even  though  not  operated  for 
profit.  A  club  desiring  to  be  registered  as  an  exempt 
organization  should  file  with  the  Commissioner  of 
Internal  Revenue  a  copy  of  its  charter,  or  an  affi- 
davit of  its  principal  officer,  setting  forth  the  nature 
of  its  organization,  the  purpose  for  which  organized, 
the  source,  if  any,  from  which  it  derives  income,  and 
the  disposition  made  of  such  income  as  is  received 
by  it  for  consideration  and  determination  as  to 
whether  or  not  it  comes  within  the  class  of  organiza- 
tions held  to  be  exempt  under  the  provisions  of 
paragraph  G  of  the  income-tax  law. — T.  D.  2090.J 

ART.  90 

Cemetery  Companies  Organized  for  Mutual  Benefit  of  Their  Mem- 
bers Exempt. 

Art.  90.  Cemetery  companies  organized  and  operated 
exclusively  for  the  mutual  benefit  of  their  members  are 
exempt.  The  provisions  of  the  law  clearly  indicate  that 
companies  which  operate  cemeteries  for  profit  are  liable 
to  the  tax.  The  status  of  cemetery  associations  under 
the  law  will,  therefore,  depend  upon  the  character  and 
purpose  of  the  organization  and  what  disposition  is  made 
of  the  income. 

ART.  91 

Corporations  Whose  Status  as  to  Exemption  Is  in  Doubt  Must 
Make  Return. 

Art.  91.  Any  corporation,  concerning  whose  status 
under  the  law  there  is  any  doubt,  or  which  does  not 
clearly  come  within  one  or  another  of  the  classes  of  those 

488 


MEMORANDA. 

For  explanation,  see  Page  354. 


487 


Art.  91 — Continuel 

specifically  enumerated  as  exempt,  should  file  a  return 
(in  blank  if  desired)  and  attach  thereto  a  statement  set- 
ting out  fully  the  nature  and  purpose  of  the  organization, 
the  source  of  its  income,  and  what  disposition  is  made  of 
it,  and  particularly  of  any  surplus. 


ART.  92 

Co-Operative  Dairies  and  Like  Organizations. 

As  amended  by  T.  D.  1996,  page  246. 

[Art.  92.  Co-operative  dairies  and  like  organiza- 
tions do  not  fall  within  the  classes  of  organizations 
enumerated  in  Art  87  as  exempt,  and  are  required 
to  make  returns  of  annual  income.} 


ART.  93 

When  Income  from  Public  Utilities  Is  Not  Taxable. 

Art.  93.  The  income  derived  from  any  public  utility 
or  from  the  exercise  of  any  essential  governmental  func- 
tion, which  income  accrues  to  any  State,  Territory,  the 
District  of  Columbia,  or  any  political  subdivisioin  of  a 
State,  Territory,  or  the  District  of  Columbia,  and  any 
income  accruing  to  the  government  of  the  Philippine 
Islands,  or  to  Porto  Rico,  shall  not  be  subject  to  the  tax 
imposed  by  this  act.  In  cases  wherein  any  State,  Ter- 
ritory, or  the  District  of  Columbia,  or  any  political  sub- 
division of  a  State,  or  Territory,  shall  have,  prior  to  the 
passage  of  this  act,  contracted  in  good  faith  with  any 
person  or  corporation  to  acquire,  construct,  operate,  or 
maintain  a  public  utility,  no  income  tax  pursuant  to 
this  act  shall  be  levied  upon  the  income  derived  from 
the  operation  of  such  public  utility,  so  far  as  the  assess- 
ment and  payment  of  such  tax  will  impose  a  loss  or  bur- 
den upon  such  State.  Territory,  District  of  Columbia, 
or  political  subdivision,  but  the  person  or  corporation 
is  not  relieved  from  the  payment  of  the  tax  upon  that  por- 
tion of  the  income  i went ing  to  him,  or  it,  under  such  con- 
tract. 

Public  Utility.— Where  :i  municipality  purchases  a  public  utility 
subject  to  a  mortgage,  the  mortgage  retains  its"  original  character, 
even  though  the  municipality  assumes  the  mortgage  indebtedness  and 
pays  the  interest  thereon.  Therefore,  the  indebtedness  secured  by 
such  mortgage  is  not  an  obligation  of  the  municipality  within  the 
meaning  of  paragraph  B  of  the  income-tax  law,  (See  "Mortgage, 
Property  Purchased  Subject  To.")     T.  D.  2090. 

198 


MEMORANDA. 

For  explanation,  see  Page  354. 


489 


ART.  94 

Partnerships  Not  Taxable  as  Corporations. 

Art.  94.  Ordinary  copartnerships  are  not,  as  such,  sub- 
ject to  the  tax  imposed  by  this  act,  but  the  individual 
members  of  any  such  partnership  are  liable  for  income 
tax  only  in  their  individual  capacity  on  their  respective 
shares  of  the  earnings  of  such  partnership,  whether  such 
earnings  be  distributed  or  not. 

See  "Partnerships,"  page  384. 

ART.  95 

Capitalization. 

What  Constitutes  Paid-Up  Capital  Stock. 

Art.  95.  Full  amount  of  stock,  as  represented  by  the 
par  value  of  the  shares  issued,  is  to  be  regarded  as  the 
paid-up  capital  stock,  except  when  such  stock  is  assess- 
able on  account  of  deferred  payments,  or  payable  in 
installments,  in  which  case  the  amount  actually  paid  on 
such  shares  will  constitute  the  actual  paid-up  capital 
stock  of  the  corporation. 

Capital  of  a  Corporation. 

[The  amount  received  by  a  corporation  for  the 
original  issue  and  sale  of  its  capital  stock  is  held 
to  be  the  capital  of  the  corporation.  In  cases  where 
the  stock,  as  originally  issued,  is  sold  at  a  price 
greater  or  less  than  the  par  value,  neither  the  pre- 
mium nor  the  discount  will  be  taken  into  account  in 
determining  the  net  income  of  the  corporation  for 
the  year  in  which  the  stock  is  sold.  This  is  purely 
a  capital  transaction  and  the  income  is  neither  in- 
creased nor  decreased  by  reason  of  the  sale,  per  se, 
of  the  stock  at  a  price  greater  or  less  than  its  par 
value.— T.  D.  2090.J 

ART.  96 
Gross  Income. 

Definition  of  Gross  Income. — See  Art.  107. 

How  Determined. 

Art.  96.  The  following  definitions  and  rules  are  given 
for  determining  the  gross  income  of  various  classes  of 
corporations : 

Banks  and  Other  Financial  Institutions. 

Gross  income  of  banks  and  other  financial  institutions 
consists  of  the  total  revenue  derived  from  the  operation 

490 


MEMORANDA. 

For  explanation,  see  Page  354. 


491 


Art.  96 — Continued. 

of  the  business,  including  income,  gains,  or  profits  from 
all  other  sources,  as  shown  by  the  entries  on  the  books 
of  account,  within  the  calendar  or  fiscal  year  for  which 
the  return  is  made. 

ART.  97 

Insurance  Companies. 

Art.  97.  Gross  income  of  insurance  companies  con- 
sists of  the  total  revenue  derived  from  the  operation  of 
the  business,  including  income,  gains,  or  profits  from  all 
other  sources,  as  shown  by  the  entries  on  the  books  of 
account  within  the  calendar  or  fiscal  year  for  which  the 
return  is  made,  except  as  modified  by  the  express  exemp- 
tions of  the  articles  which  apply  to  mutual  fire,  mutual 
marine,  and  life  insurance  companies. 

(See  also  Art.  101.) 

ART.  98 

Mutual  Fire  Insurance  Companies. 

Art.  98.  Mutual  fire  insurance  companies,  which  re- 
quire their  members  to  make  premium  deposits  to  pro- 
vide for  losses  and  expenses,  shall  not  return  as  gross 
income  any  portion  of  the  premium  deposits  returned  to 
their  policyholders,  but  shall  return  as  taxable  income 
all  income  received  by  them  from  all  other  sources  plus 
such  portions  of  the  premium  deposits  as  are  retained  by 
the  companies  for  purposes  other  than  the  payment  of 
losses  and  expenses  and  reinsurance  reserves. 

(See  also  Art.  103.) 

ART.  99 

Mutual  Marine  Insurance  Companies. 

Art.  99.  Mutual  marine  insurance  companies  may  in- 
clude in  their  deductions  from  gross  income  amounts 
repaid  to  policyholders  on  account  of  premiums  previ- 
ously paid  by  them  and  interest  paid  upon  such  amounts 
between  the  ascertainment  thereof  and  the  payment 
thereof,  such  amounts  and  interest  having  been  included 
in  gross  income. 

(See  also  Art.  103.) 

ART.  100 

Life  Insurance  Companies — Deferred  Dividends  Deductible,  When. 

Art.  100.  Life  insurance  companies  are  authorized  to 
omit  from  gross  income  such  portion  of  any  actual  pre- 
mium received  from  any  individual  policyholder  as  shall 


MEMORANDA. 

For  explanation,  see  Page  354. 


493 


Art.  100— Continued. 

have  been  paid  back  or  credited  to  the  policyholder  or 
treated  as  an  abatement  of  his  premium.  In  so  far  as 
"deferred  dividends"  payable  at  a  stated  period  repre- 
sent "a  portion  of  any  actual  premium  received,"  such 
deferred  dividends  may  be  included  in  the  amounts  to  be 
omitted  from  gross  income  for  the  year  in  which  they 
were  actually  paid  back,  credited  to  the  policyholder,  or 
applied  as  an  abatement  of  premium.  In  the  case  of 
dividends  credited  or  apportioned  annually  to  the  policy- 
holder, only  the  aggregate  amount  so  actually  credited 
or  apportioned  during  the  premium-paying  period,  and 
not  any  accretions  thereto,  can  be  excluded  from  gross 
income.  In  the  case  of  whole-life  or  five-year  distribu- 
tion policies,  deferred  dividends  may  be  excluded  from 
gross  income  to  the  extent  that  they  are  paid  back,  or 
credited  to  the  insured,  or  used  as  an  abatement  of  his 
annual  premiums. 
(See  also,  Art.  103.) 

ART.  101 

Insurance  Companies — What   Gross   Income   Includes. 

Art.  101.  Gross  income  of  insurance  companies,  as 
defined  above,  will  include  net  premium  income  as 
reported  to  the  State  insurance  departments,  except  the 
foregoing  items  specifically  exempted  in  the  act,  and,  in 
the  case  of  life  insurance  companies,  surrender  values 
applied  in  any  manner,  consideration  for  supplementary 
contracts  involving  and  not  involving  life  contingencies, 
and  all  other  income,  gains,  or  profit  as  shown  by  the 
books  of  account. 

ART.  102 

Insurance  Companies — Applied  Surrender  Values  and  Considera- 
tion for  Supplementary  Contracts. 

Art.  102.  Applied  surrender  values  and  consideration 
for  supplementary  contracts  not  involving  life  contin- 
gencies included  in  income  will,  of  course,  be  deducted 
as  payments  under  policy  contracts,  but  for  convenience 
in  verifying  the  returns,  these  items  should  appear  in 
the  return  in  both  gross  income  and  deductions. 

ART.  103 

Supplementary    Statement    to    Accompany    Returns. 

Art.  103.  All  insurance  companies  should  include  and 
attach  to  their  returns  a  supplementary  statement  show- 

494 


MEMORANDA. 

For  explanation,  see  Page  354. 


495 


Art.  103 — Continued. 

ing,  for  life  companies,  the  aggregate  of  items  "of  such 
portion  of  any  actual  premium  received  from  any  indi- 
vidual policyholder  as  shall  have  been  paid  back  or  cred- 
ited to  such  individual  policyholder,  or  treated  as  an 
abatement  of  premium  of  such  individual  policyholder 
within  such  year;"  in  the  case  of  mutual  fire  insurance 
companies  a  statement  showing  -  *  any  portion  of  the  pre- 
mium deposits  returns  to  their  policyholders;"  and  in 
the  case  of  mutual  marine  companies  "amounts  repaid 
to  policyholders  on  account  of  premiums  previously  paid 
by  them,  and  interest  paid  upon  such  amounts  between 
the  ascertainment  thereof  and  the  payment  thereof," 
which  are,  or  may  be,  omitted  from  gross  income.  (For 
authorized  deductions,  on  account  of  losses,  etc.,  see 
Arts.  113  and  147.) 

ART.  104 

Manufacturing  Corporations. 

Art.  104.  Gross  income  of  manufacturing  companies 
shall  consist  of  the  total  sales  of  manufactured  goods 
during  the  year  covered  by  the  return,  increased  or  de- 
creased by  the  gain  or  loss  as  shown  by  the  inventories 
of  finished  and  unfinished  products,  raw  material,  etc., 
at  the  beginning  and  end  of  the  year.  To  this  amount 
should  be  added  the  income,  gains,  or  profits  from  all 
other  sources  as  shown  by  the  books  of  account. 

ART.  105 

Mercantile  Corporations. 

Art.  105.  Gross  income  of  mercantile  companies  shall 
include  the  total  merchandise  sales  during  the  year,  in- 
creased or  decreased  by  the  gain  or  loss  as  shown  by 
the  inventories  of  merchandise  at  the  beginning  and  end 
of  the  year  for  which  the  return  is  made;  to  this  amount 
should  be  added  the  income,  gains,  or  profits  derived 
from  all  other  sources  as  shown  by  the  books  of  account. 

ART.  106 

Miscellaneous  Companies. 

Art.  106.  Gross  income  of  miscellaneous  corporations 
consists  of  the  total  revenue  derived  from  the  operation 
and  management  of  the  business  and  property  of  the 
corporation  making  the  return,  together  with  all  amounts 
of  income,  including  the  income,  gains,  or  profits  from 
all  other  sources  as  shown  by  the  books  of  account. 

496 


MEMORANDA. 

For  explanation,  see  Page  354. 


497 


ART.  107 

Definition  of  Gross  Income. 

Art.  107.  It  will  be  noted  from  these  definitions  that 
the  gross  income  embraces  not  only  the  operating  rev- 
enues, but  also  income,  gains,  or  profits  from  all  other 
sources,  such  as  rentals,  royalties,  interest,  and  divi- 
dends from  stock  owned  in  other  corporations,  and 
appreciation  in  values  of  assets,  if  taken  up  on  the  books 
of  account  as  gain;  also  profits  made  from  the  sale  of 
assets,  investments,  etc. 

Earnings  or  Dividends  Not  Deductible. — Every  corporation,  no 
matter  how  closely  related  it  may  be  to  any  other  corporation,  is 
required  to  make  return  of  annual  net  income  and  to  pay  any  income 
tax  thereby  shown  to  be  due. 

Parent,  holding,  or  other  corporations  must  include  in  their  gross 
income,  and  cannot  deduct  therefrom,  any  dividends  or  share  of 
earnings  which  they  may  receive  from  a  subsidiary,  related,  or  any 
other  corporation.  The  fact  that  the  parent  or  holding  company 
owns  all  the  stock  of  the  subsidiary  company  is  immaterial  and  will 
not  warrant  such  parent  company  in  omitting  or  deducting  divi- 
dends from  gross  Income. 

The  Federal  income-tax  law  fixes  a  specific  rule  by  which  the  net 
income,  for  the  purposes  of  the  tax,  is  to  be  computed.  That  rule 
makes  no  provision  for  the  exclusion  or  deduction  from  the  taxable 
income  of  dividends  received. — T.  D.  2090. 

Gifts  to  Corporation — Income. 

[The  value  or  amount  of  a  gift  to  a  corporation 
is  held  to  be  income  to  such  corporation  and  should 
be  returned  as  such  for  the  year  in  which  the  gift 
is  received.  The  provision  of  the  act  of  October  3, 
1913,  which  exempts  gifts,  bequests,  etc.,  from  the 
tax  imposed  by  the  act  applies  to  individuals  and  not 
to  corporations.— T.  D.  2090J 

Income  From  Life  Insurance  in  Favor  of  Corporations. 

[The  proceeds  of  such  policies  when  paid  at  ma- 
turity or  upon  the  death  of  the  insured  shall  be  re- 
turned as  income  for  the  year  in  which  such  proceeds 
are  received. — See  Art.  114.] 

BondH,  Interest  on. — The  exchange  of  interest  coupons  for  funding 
bonds  is  a  payment  of  interest  on  the  bonds  and  the  income  tax 
should  be  imposed  and  paid  upon  such  interest  as  income  for  the 
year  in  which  it  matures  and  such  payment  is  made,  and  in  the 
absence  of  proper  claim  for  exemption  the  tax  should  be  deducted 
and  withheld  on  the  amount  represented  by  the  coupons.— T.  D.  2090. 


ART.  108 

Capital  Assets — Income  Derived  from  Sale  of. 

Art.  108.  For  the  purpose  of  determining  the  income 
resulting  from  the  sale  of  capital  assets  and  the  amount 
to  be  accounted  for  as  income  under  this  act,  there  shall 


MEMORANDA. 

For  explanation,  see  Page  354. 


499 


Art.  108 — Continued. 

be  included  any  and  all  profit  resulting  from  such  sale 
and  which  may  be  apportioned  to  the  period  during 
which  the  corporation  tax  law  (sec.  38,  act  of  Aug.  5, 
1909)  was  in  force  and  effect,  which  was  not  returned  as 
income  during  that  period. 

ART.  109 

Ascertaining  Net  Income  from  the  Sale  of  Capital  Assets. 

Art.  109.  In  ascertaining  net  income  derived  from  the 
sale  of  capital  assets,  if  such  assets  were  acquired  sub- 
sequent to  January  1,  1909,  the  difference  between  the 
selling  price  and  the  buying  price  shall  constitute  an 
item  to  be  added  to  or  substracted  from  gross  income  ac- 
cording to  whether  the  selling  price  was  greater  or  less 
than  the  buying  price.  If  the  capital  assets  were  ac- 
quired prior  to  January  1,  1909,  the  amount  of  profit  or 
loss  representing  the  difference  between  the  selling  and 
buying  price  is  to  be  prorated  to  determine  the  propor- 
tion of  the  gain  or  loss  arising  subsequent  to  January  1 . 
1909,  and  the  proportionate  part  belonging  to  the  years 
subsequent  to  January  1,  1909,  shall  be  added  to  or  de- 
ducted from  the  gross  income  for  the  year  in  which  the 
sale  was  made. 

art.  no 

Profit  or  Loss  Arising  from  the  Sale  of  Such  Assets. 

(As  Amended  by  T.  1).  2077,  page  272.) 
See  Art.  128. 

[Art.  110.  For  the  purpose  of  determining  the 
amount  of  profit  or  loss  arising  from  the  sale  of 
capital  assets  acquired  prior  to  January  1,  1909, 
which  shall  be  taken  into  account  by  corporations 
in  making  their  returns  of  annual  net  income,  the 
gain  or  loss  represented  by  the  difference  between 
the  purchase  price  and  the  selling  price  shall  be  pro- 
rated according  to  the  number  of  years  the  assets 
were  held  prior  to  their  sale,  and  the  amount  thus 
apportioned,  or  apportionable,  to  the  years  subse- 
quent to  January  1,  1909,  shall  be  included  in  or  de- 
ducted from  the  gross  income  of  the  year  in  which 
the  assets  were  sold,  accordingly  as  they  were  sold 
for  more  or  less  than  their  original  cost.  To  any 
gain  thus  apportioned  and  to  be  included  in  income 
there  should  be  added  any  amount,  or  amounts, 
which  had  been  charged  against  and  deducted  from 

500 


MEMORANDA. 

F^r  explanation,  see  Page  354. 


501 


Art.  110 — Continued. 

gross  income,  during  the  years  since  the  inception 
of  the  special  excise  tax  law,  on  account  of  deprecia- 
tion and  which  had  not  been  paid  out  in  making  good 
the  depreciation — that  is,  any  amount  charged  off 
subsequent  to  January  1,  1909,  on  account  of  the 
depreciation  of  the  assets  sold  and  not  used  to  make 
good  such  depreciation  shall  be  added  to  the  gain 
apportioned  to  these  years  and  will  be  included  in 
the  income  of  the  year  in  which  the  property  was 
sold.  Likewise,  for  the  purpose  of  a  deduction  from 
gross  income  of  the  year  in  which  the  assets  were 
sold,  loss  resulting  from  any  such  sale,  apportionable 
to  the  years  subsequent  to  January  1,  1909,  will  be 
reduced  by  the  amount  of  the  unused  portion  of  the 
depreciation  charged  off  with  respect  to  such  assets 
since  January  1,  1909. 

This  ruling,  in  so  far  as  it  relates  to  depreciation, 
applies  only  to  such  tangible  property  as  is  subject 
to  wear  and  tear,  exhaustion  and  obsolescence,  and 
is  not  to  be  construed  as  recognizing  any  gain  or  loss 
due  to  fluctuations  in  the  market  value  or  arbitrary 
changes  in  the  book  value  of  securities  and  like 
assets,  the  gain  or  loss  with  respect  to  which  will 
be  determined  only  when  such  assets  mature,  or  are 
sold  or  disposed  of — that  is,  when  there  is  a  com- 
pleted, a  closed,  transaction.  (See  T.  D.  2005,  page 
252  ]  and  T.  D.  2130,  page  568.) 

See  Art.  128. 


ART.  Ill 

Premium  or  Discount  on  Sale  of  Capital  Stock. 
See  "Capital  of  a  Corporation/'  Art.  95. 

Changes  in  Book  Value  of  Assets. 

Art.  111.  In  the  case  of  changes  in  book  values  of 
capital  assets  resulting  from  a  reappraisal  of  property, 
the  consequent  gains  or  losses  shall  be  computed  for  the 
return  in  the  manner  prescribed  above  in  the  case  of  the 
sale  of  capital  assets. 

Result  of  Annual  Adjustment  of  Values  to  Be  Shown  in  Return. 

In  cases  wherein  there  is  an  annual  adjustment  of 
book  values  of  securities,  real  estate  and  like  assets, 
and  the  increases  and  decreases  in  values,  thus  indi- 
cated, are  taken  up  on  the  books  and  reflected  in  the 

502 


MEMORANDA. 

For  explanation,  see  Page  354. 


503 


Art.  Ill — Continued. 

profit  and  loss  account,  such  readjusted  values  will  be 
taken  into  account  in  making  the  return  of  annual  net 
income  and  no  prorating  will  be  required.  If  such 
adjustment  had  been  made  annually  prior  to  March  1, 
1913,  the  book  value  of  the  assets  at  that  date  will  be 
taken  as  the  basis  for  determining  gain  or  loss  resulting 
from  subsequent  sale,  maturity,  or  adjustment.  The 
adjustment  referred  to  will  comprehend  assets  which 
have  increased  in  value  as  well  as  those  which  have  de- 
creased. 

NOTE. — For  rules  for  determining  what  amount  is  to  be  allowed 
as  a  deduction  for  loss  in  return  of  ineome,  see  T.  D.  2005,  page  252, 
and  T.  D.  2130,  page  568. 

ART.  112 

Where  Corporations   Are  Engaged  in  More  Than  One   Class   of 
Business. 

Art.  112.  Where  a  corporation  is  engaged  in  carrying 
on  more  than  one  class  of  business,  gross  income  derived 
from  the  different  classes  of  business  shall  be  ascertained 
according  to  the  definitions  above,  and  which  are  appli- 
cable thereto. 

ART.  113 

Net  Income. 

How  Ascertained. 

Art.  113.  The  net  income  shall  be  ascertained  by  de- 
ducting from  the  gross  amount  of  the  income  of  such 
corporation  received  within  the  year  from  all  sources : 

Ordinary  and  Necessary  Expenses. 

First.  All  the  ordinary  and  necessary  expenses  paid 
within  the  year  in  the  maintenance  and  operation  of 
its  business  and  properties,  including  rentals  or  other 
payments  required  to  be  made  as  a  condition  to  the  con- 
tinued use  or  possession  of  property. 

Public  Utility  (Business  Expense). — In  case  of  a  public  utility  con- 
structed, operated,  or  maintained  under  contract  with  any  city. 
Territory,  or  the  District  of  Columbia,  or  a  city  where  a  portion  of 
the  net  earnings  of  such  public  utility  is  payable  under  such  con- 
tract to  the  State,  Territory,  etc.,  the  amount  so  paid  may  be  de- 
ducted by  the  public  utility  operating  under  such  contract  as  an 
"expense  of  business."     (See  Art.  93.)— T.  D.  2090. 

Expense  (Spending:  or  Treating:  Money). — So-called  spending  or 
treating  money  actually  advanced  by  corporations  to  their  traveling 
salesmen  as  a  part  of  selling  expense  of  the  product  of  such  corpor- 
ations is  an  allowable  deduction  in  a  return  of  income  by  such  cor- 
poration. There  must  be  some  showing  that  all  the  allowance  claimed 
as  a  deduction  was  actually  expended  for  the  purpose  for  which  the 
allowance  was  made,  namely,  the  selling  of  the  product  of  the  corpor- 
ation in  question. — T.  1).  2090. 

504 


MEMORANDA. 

For  explanation,  see  Page  354. 


505 


Art.  113 — Continued. 

Loss  Sustained  Within  the  Year — Depreciation. 

Second.  All  losses  actually  sustained  within  the  year 
and  not  compensated  by  insurance  or  otherwise,  includ- 
ing a  reasonable  allowance  for  depreciation  by  use,  wear 
and  tear  of  property,  if  any,  and  in  the  case  of  mines,  a 
reasonable  allowance  for  depletion  of  ores  and  all  natural 
deposits,  not  to  exceed  5  per  centum  of  the  gross  value 
at  the  mine  of  the  output  for  the  year  for  which  the 
computation  is  made ;  and  in  the  case  of  insurance  com- 
panies, the  net  addition,  if  any,  required  by  law  to  be 
made  within  the  year  to  reserve  funds,  and  the  sums 
other  than  dividends  paid  within  the  year  on  policy  and 
annuity  contracts,  except  as  provided  in  the  cases  of 
mutual  fire,  mutual  marine,  and  life  insurance  com- 
panies. 

See  also  "Losses  in  Trade,"  Art.  6,  paragraph  4. 

Losses. — Designation  of  losses  which  are  deductable  from  gross 
income  within  a  taxable  year. — See  T.  D.  1989,  page  240. 

Losses. — Instructions  and  rules  for  determining. — See  T.  D.  2005. 
page  252,  and  T.  D.  2130,  page  568. 

Losses — Depreciation. — Depreciation  allowed  by  law  does  not  in- 
clude shrinkage  in  value  of  stocks  and  bonds. — See  T.  D.  2005. 
page  252,  and  T.  1).  2130,  page  568. 

Losses. — Anticipated  or  probable  not  deductible. — See  Art.  125. 

Interest  Accrued  and  Paid  Within  the  Year. 

Third.  The  amount  of  interest  accrued  and  paid  within 
the  year  on  its  indebtedness  to  an  amount  of  such  indebt- 
edness not  exceeding  one-half  of  the  sum  of  its  interest- 
bearing  indebtedness  and  its  paid-up  capital  stock  out- 
standing at  the  close  of  the  year,  or  if  no  capital  stock, 
on  the  amount  of  its  indebtedness  not  exceeding  the 
amount  of  capital  employed  in  the  business  at  the  close 
of  the  year: 

(For  further  details,  see  Art.  148.) 

Interest  on  Indebtedness  Secured  by  Collateral. 

Provided,  That  in  case  of  indebtedness  wholly 
secured  by  collateral  the  subject  of  sale  in  ordinary 
business  of  such  corporation,  joint-stock  company, 
or  association,  the  total  interest  secured  and  paid  by 
such  company,  corporation,  or  association  within  the 
year  on  any  such  indebtedness  may  be  deducted  as 
a  part  of  its  expense  of  doing  business. 

See  Arts.  150  and  148. 

Tax  Paid  on  Guaranteed  Bonds  Not  Deductible. 

Provided  further,  That  in  the  case  of  bonds  or 
other  indebtedness,  which  have  been  issued  with  a 

506 


MEMORANDA. 

For  explanation,  see  Page  354. 


507 


Art.  113 — Continued. 

guaranty  that  the  interest  payable  thereon  shall 
be  free  from  taxation,  no  deduction  for  the  pay- 
ment of  the  tax  herein  imposed  shall  be  allowed; 
[for  further  details  see  T.  D.  1942,  page  204.] 

Earnings  or  Dividends  of  Subsidiary  Company  Not  Deductible  by 
Parent  Company. 

See  "Definition  of  Gross  Income/'  Art.  107. 

Banks— Interest   Deposits — Money   Received   for   Investment. 

and  in  the  case  of  a  bank,  banking  association,  loan, 
or  trust  company,  interest  paid  within  the  year  on 
deposits  or  on  moneys  received  for  investment  and  se- 
cured by  interest-bearing  certificates  or  indebtedness 
issued  by  such  bank,  banking  association,  loan,  or  trust 
company. 

Bank  Guaranty  Fund.— The  reserve  required  to  be  set  aside  by 
banks  in  various  States  and  kept  and  maintained  in  said  banks  as 
a  guaranty  of  depositors  in  the  banks  of  said  States — which  said 
guaranty  fund  is  subject  to  draft  by  said  banking  commissions  or 
boards,  in  amounts  to  be  determined  by  said  State  banking  com- 
missions or  boards,  only  for  the  purpose  of  supplying  deficiencies 
in  estates  of  failed  or  insolvent  banks — is  not  an  expenditure  and 
cannot  be  considered  either  as  a  tax  or  an  expense.  It  is  a  reserve 
required  to  be  kept  and  maintained  for  a  certain  and  specifically 
designated  purpose.  The  amounts  actually  expended  from  such  fund 
in  paying  therefrom  drafts  of  the  State  banking  commissions  or 
boards  on  said  fund  are  in  the  nature  of  insurance  cost,  and  as 
such  may  be  deducted  as  a  business  expense.  The  reserve,  per  se, 
is  not  deductible  in  a  return  of  income. — T.  D.  2090. 

Taxes  Paid  Within  the  Year. 
Fourth.  All  sums  paid  within  the  year  for  taxes  im- 
posed under  the  authority  of  the  United  States,  or  any 
State  or  Territory  thereof,  or  imposed  by  the  govern- 
ment of  any  foreign  country. 


ART.  114 

General  Expenses. 

Art.  114.  Expenses  of  operation  and  maintenance 
shall  include  all  expenditures  for  material,  labor,  fuel, 
and  other  items  entering  into  the  cost  of  the  goods  sold 
or  inventoried  at  the  end  of  the  year,  and  all  other 
expenses  incurred  in  the  operation  of  the  business  except 
such  as  are  required  by  the  act  to  be  segregated  in  the 
return. 

Life  Insurance  in  Favor  of  Corporations. 

[In  cases  wherein  corporations  pay  premiums  on 
insurance  policies  insuring,  in  favor  of  the  corpor- 
ations, the  lives  of  officers  or  others,  such  premiums 


MEMORANDA. 

For  explanation,  see  Page  354. 


509 


Art.  114 — Continued. 

may  be  allowably  deducted  from  the  gross  income 
of  the  corporations  paying  the  same. 

In  all  such  cases  the  proceeds  of  the  policies  when 
paid  at  maturity  or  upon  death  of  the  insured  shall 
be  returned  by  the  corporation  as  income  for  the 
year  in  which  such  proceeds  were  received. — T.  D. 
2090.] 

ART.  115 

Cost  of  Buildings  on  Leased  Grounds. 

Art.  115.  The  cost  of  erecting  permanent  buildings 
on  ground  leased  by  a  company  is  a  proper  deduction  as 
a  rental  charge,  provided  such  buildings  are  left  on  the 
ground  at  the  expiration  of  the  lease  as  a  part  of  the 
rental  payment.  In  such  case  the  cost  will  be  prorated 
according  to  the  number  of  years  constituting  the  term 
of  the  lease  and  the  annual  deduction  will  be  made 
accordingly. 

ART.  116 

Expense,   Foreign   Steamship   Companies. 

Art.  116.  General  expenses,  such  as  coal,  ship  stores, 
etc.,  of  foreign  steamship  companies,  shall  be  prorated  as 
provided  in  the  act  for  interest  deductions  in  the  case  of 
foreign  corporations. 

ART.  117 

Commissions  to  Salesmen  Paid  in  Stock. 
Art.   117.      Commissions  allowed  salesmen,  paid  in 
stock,   may  be  deducted  as  expense  if  so  charged  on 
books  at  the  actual  value  of  such  stock. 

ART.  118 

Additions  and  Betterments. 
Art.  118.  Amounts  expended  in  additions  and  better- 
ments which  constitute  an  increase  in  capital  investment 
are  not  a  proper  deduction. 

ART.  119 

Compensation  Based  on  Stockholding  Not  Deductible. 

Art.  119.  Amounts  paid  as  compensation  or  addi- 
tional compensation  to  officers  or  employees,  which 
amounts  are  based  upon  the  stockholdings  of  such  officers 
or  employees,  are  held  to  be  dividends,  and  although 

510 


MEMORANDA. 

For  explanation,  see  Page  354. 


511 


Art.  119 — Continued. 

paid  in  lieu  of  salaries  or  wages,  are  not  allowable  deduc- 
tions from  gross  income,  for  the  reason  that  dividends 
are  not  deductible. 


ART.  120 

Gifts  or  Gratuities  Not  Deductible. 

Art.  120.  Amounts  paid  for  pensions  to  retired  em- 
ployees, or  to  their  families,  or  others  dependent  upon 
them,  or  on  account  of  injuries  received  by  employees, 
are  proper  deductions  as  "ordinary  and  necessary  ex- 
penses"; gifts  or  gratuities  to  employees  in  the  service 
of  a  corporation  are  not  properly  deductible  in  ascer- 
taining net  income. 

See  also  "Donations"   below. 

Gratuity. — Where  the  monthly  salary  of  an  officer  or  employee  is 
paid  for  a  limited  period  after  his  death  to  his  widow  in  recognition 
of  the  services  rendered  by  her  husband,  no  services  being  rendered 
by  the  widow,  it  is  held  that  such  payment  is  a  gratuity  and  exempt 
from  taxation  under  the  income-tax  law.  Such  a  payment  would 
not,  however,  be  an  allowable  deduction  as  an  expense  of  carrying 
on  business  In  f,ie  return  of  the  person,  firm,  or  corporation  paying 
same.— T.  D.  2090. 


ART.  121 

Donations  Which  Are  Deductible. 

Art.  121.  Donations  made  for  purposes  connected 
with  the  operation  of  the  property  when  limited  to 
charitable  institutions,  hospitals,  or  educational  institu- 
tions, conducted  for  the  benefit  of  its  employees,  or  their 
dependents,  shall  be  a  proper  deduction  under  the 
head  of  expense  in  the  return  of  the  corporation. 

Donations.— Donations  by  corporations  which  legitimately  repre- 
sent a  consideration  for  a  benefit  flowing  directly  or  indirecUy  to 
the  corporation  as  an  incident  of  its  business  are  allowable  deduc- 
tions from  gross  income  in  ascertaining  net  income  subject  to  the 
income  tax,  as  donations  to  a  hospital  upon  consideration  that  em- 
ployees of  the  corporation  are  to  have  a  ward  for  their  use  in  case 
of  accident  or  illness.  The  absence  of  consideration  moving  in  some 
form  to  the  corporation  will  make  a  contribution  a  mere  gratuity. 
Gratuities  are  not  allowable  deductions  in  a  return  of  income  by 
corporations.— T.  D.  2090. 


ART.  122 

Reserves  for  Insurance. 

Art.  122.  Funds  set  aside  by  a  corporation  for  insur- 
ing its  own  property  are  not  a  proper  deduction,  but 
any  loss  actually  sustained  and  charged  to  such  fund 
may  be  deducted. 

512 


MEMORANDA. 

For  explanation,  see  Page  354. 


013 


ART.  123 

Materials  and  Supplies. 

Art.  123.  In  ascertaining  expenses  proper  to  be  in- 
cluded in  the  deductions  to  be  made  under  the  item  of 
"Expenses,"  corporations  carrying  materials  and  sup- 
plies on  hand  for  use  should  include  in  such  expenses  the 
charges  for  materials  and  supplies  only  to  the  amount 
that  the  same  are  actually  disbursed  and  used  in  opera- 
tion and  maintenance  during  the  year  for  which  the 
return  is  made. 

ART.  124 

Losses  Sustained  During  the  Year. 

Art.  124.  The  deduction  for  losses  must  be  losses  ac- 
tually sustained  during  the  year  and  not  compensated  by 
insurance  or  otherwise.  It  must  be  based  upon  the  dif- 
ference between  the  cost  value  and  salvage  value  of 
property  or  assets,  including  in  the  latter  value  such 
amount,  if  any,  as  has,  in  the  current  or  previous  years, 
been  set  aside  and  deducted  from  gross  income  by  way  of 
depreciation,  as  elsewhere  defined,  and  has  not  been  paid 
out  in  making  good  such  depreciation. 

(See  Art.   118,   Paragraph   2,   and   notes.) 

ART.  125 

Bad  Debts  Charged  Off. 

Art.  125.  Bad  debts,  if  so  charged  off  the  company's 
books,  during  the  year,  are  proper  deductions.  But 
such  debts,  if  subsequently  collected,  must  be  treated  as 
income. 

ART.  126 

Reserves  Not  Deductible. 

Art.  126.  Reserves  to  take  care  of  anticipated  or 
probable  losses  are  not  a  proper  deduction  from  gross  in- 
come. 

ART.  127 

Loss  Due  to  Removal  of  Buildings. 

Art.  127.  Loss  due  to  voluntary  removal  of  buildings, 
etc.,  incident  to  improvements  is  either  a  proper  charge 
to  the  cost  of  new  additions  or  to  depreciation  already 
provided,  as  the  facts  may  indicate,  but  in  no  case  is  it  a 
proper  deduction  in  determining  net  income,  except  as  it 
may  be  reflected  in  the  reasonable  amount  allowable  as  a 

514 


MEMORANDA. 

For  explanation,  see  Page  354. 


515 


Art.  127— Continued. 

deduction  for  depreciation  of  the  new  building.  Any 
loss  claimed  because  of  the  voluntary  removal  of  a  build- 
ing is  presumed  to  have  been  covered  by  previous  depre- 
ciation charges;  otherwise  the  amount  of  such  loss  will 
constitute  a  part  of  the  cost  of  the  new  building. 

ART.  128 

Lcsses  from  Sale  of  Capital  Assets. 

Art.  128.  All  losses  claimed  arising  from  sale  of  capi- 
ta] assets  should  be  arrived  at  in  the  manner  prescribed 
in  article  [110]. 

Depreciation. 

See  notes  under  second  paragraph  of  Art.  113. 

ART.  129 

Depreciation  Defined. 

Art.  129.  The  deduction  for  depreciation  should  be 
the  estimated  amount  of  the  loss,  accrued  during  the 
year  to  which  the  return  relates,  in  the  value  of  the 
property  in  respect  of  which  such  deduction  is  claimed, 
that  arises  from  exhaustion,  wear  and  tear,  or  obso- 
lescence out  of  the  uses  to  which  the  property  is  put,  and 
which  loss  has  not  been  made  good  by  payments  for 
ordinary  maintenance  and  repairs  deducted  under  the 
heading  of  expenses  of  maintenance  and  operation.  This 
estimate  should  be  formed  upon  the  assumed  life  of  the 
property,  its  cost,  and  its  use.  Expenses  paid  in  any 
one  year  in  making  good  exhaustion,  wear  and  tear,  or 
obsolescence  in  respect  of  which  any  deduction  for  de- 
preciation is  claimed  must  not  be  included  in  the  deduc- 
tion for  expense  of  maintenance  and  operation  of  the 
property,  but  must  be  made  out  of  accumulated  allow- 
ances, deducted  for  depreciation  in  current  and  previous 
years. 

— For  further  definition  of  "Depreciation,"  see  Art.   110. 

Lohm's. — See  Art.   124. 

ART.  130 

Depreciation  Deductible,  How  Treated. 

Art.  130.  The  depreciation  allowance,  to  be  deduct- 
ible, must  be,  as  nearly  as  possible,  the  measure  of  the 
loss  due  to  wear  and  tear,  exhaustion,  and  obsolescence, 
and  should  be  so  entered  on  the  books  as  to  constitute  a 
liability  against  the  assets  of  the  company,  and  must  be 


MEMORANDA. 

For  explanation,  see  Page  354. 


517 


Art.  130— Continued. 

reflected  in  the  annual  balance  sheet  of  the  company. 
The  annual  allowance  deductible  on  this  account  should 
be  such  an  amount  as  that  the  aggregate  of  the  annual 
allowances  deducted  during  the  life  of  the  property,  with 
respect  to  which  it  is  claimed,  will  not,  when  the  property 
is  worn  out,  exhausted,  or  obsolete,  exceed  its  original 
cost. 

ART.  131 

Incidental  Repairs. 

Art.  131.  Incidental  repairs  which  neither  add  to  the 
value  of  the  property  nor  appreciably  prolong  its  life, 
but  keep  it  in  an  operating  condition,  may  be  deducted 
as  expenses. 

ART.  132 

Depreciation  of  Reserve. 

Art.  132.  Depreciation  set  up  on  the  books  and  de- 
ducted from  gross  income  can  not  be  used  for  any  pur- 
pose other  than  making  good  the  loss  sustained  by 
reason  of  the  wear  and  tear,  exhaustion,  or  obsolescence 
of  the  property  with  respect  to  which  it  was  claimed.  If 
it  develops  that  an  amount  has  been  reserved  or  de- 
ducted in  excess  of  the  loss  by  depreciation,  the  excess 
shall  be  restored  to  income  and  so  accounted  for. 

ART.  133 

Diversion  of  Depreciation  Reserve. 

Art.  133.  If  any  portion  of  the  depreciation  set  up  is 
diverted  to  any  purpose  other  than  making  good  the 
loss  sustained  by  reason  of  depreciation,  the  income 
account  for  the  year  in  which  such  diversion  takes  place 
must  be  correspondingly  increased. 

ART.  134 

Shrinkage  in  Book  Values. 

Art.  134.  Depreciation  in  book  values  of  capital  assets 
shall  be  treated  in  the  return  in  the  manner  prescribed 
in  the  case  of  loss  from  the  sale  of  capital  assets 
[Art.  110],  but  amounts  abritrarily  charged  off  will 
not  be  allowed  as  deductions  except  so  far  as  they 
represent  an  actual  shrinkage  in  values  which  may 
be  determined  to  have  taken  place  during  the  year 
for  which  the  return  is  made. 

518 


MEMORANDA. 

For  explanation,  see  Page  354. 


r.i9 


Art.  134 — Continued. 

[Book  values  which  reflect  a  shrinkage  in  value  of 
assets  are  not  a  basis  for  determining  taxable  in- 
come.—T.  D.  2090.] 

Depreciation  in  Value  of  Stocks  and  Bonds. 

Depreciation  allowed  by  law  does  not  include  shrinkage  In  value  of 
stocks  and  bonds.— See  T.  D.  2005.  page  252,  and  T.  D.  2130,  page  568. 

ART.  135 

Amortization  of  Bonds — Loss  to  Be  Prorated. 

Art.  135.  Where  a  corporation  holds  bonds  which 
were  purchased  at  a  rate  above  par  and  said  corporation 
shall  proportionately  reduce  the  value  of  those  bonds  on 
its  books  each  year  so  that  the  book  value  shall  be  the 
redemption  value  of  the  bonds  when  such  bonds  become 
due  and  payable,  the  return  of  annual  net  income  of  the 
corporation  holding  such  bonds  may  show  the  deprecia- 
tion on  account  of  amortization  of  such  bonds.  The  re- 
quirement is,  however,  that  the  amount  carried  to  the 
amortization  account  each  year  shall  be  equitably  pro- 
portioned with  respect  to  the  difference  between  the 
purchase  price  and  the  maturing  value  and  the  number 
of  years  to  elapse  until  the  bonds  become  due  and  pay- 
able. With  respect  to  bond  issues  where  such  bonds  are 
disposed  of  for  a  price  less  than  par  and  are  redeemable 
at  par,  it  is  also  held  that  because  of  the  fact  that  such 
bonds  must  be  redeemed  at  their  face  value,  the  loss 
sustained  by  reason  of  their  sale  for  less  than  their  face 
value  may  be  prorated  by  the  issuing  corporation  in 
accordance  with  the  life  of  the  bond. 

(See  note  under  Art.  134.) 

ART.  136 

Good  Will. 

Art.  136.  "Good  will"  represents  the  value  attached 
to  a  business  over  and  above  the  value  of  the  physical 
property,  and  is  such  an  entirely  intangible  asset  that 
no  claim  for  depreciation  in  connection  therewith  caD 
be  allowed. 

ART.  137 

Depreciation    on    Patents— How    Determined. 

Art.  137.  An  allowance  for  depreciation  of  patents 
will  be  made  on  the  following  basis: 

The  deduction  claimed  for  exhaustion  of  the  capital 
assets  as  represented  by  patents  to  be  made  in  the  return 

520 


MEMORANDA. 

For  explanation,  see  Page  354. 


521 


Art.  137 — Continued. 

of  annual  net  income  of  a  corporation  for  any  given  year 
shall  be  one-seventeenth  of  the  actual  cost  of  such 
patents  reduced  to  a  cash  basis.  Where  the  patent  has 
been  secured  from  the  Government  by  a  corporation 
itself,  its  cost  would  be  represented  by  the  various  Gov- 
ernment fees,  cost  of  drawings,  experimental  models, 
attorneys'  fees,  etc.  Where  the  patent  has  been  pur- 
chased by  the  corporation  for  a  cash  consideration,  the 
amount  would  represent  the  cost.  Where  the  corporation 
has  purchased  a  patent  and  made  payment  therefor  in 
stocks  or  other  securities,  the  actual  cash  value  of  such 
stocks  or  other  securities  at  the  time  of  the  purchase  will 
represent  the  cost  of  the  patent  to  the  corporation. 

ART.  138 

Deduction  in  Case  of  Obsolescence  of  Patents. 

Art.  138.  With  respect  to  the  depreciation  of  patents, 
one-seventeenth  of  the  cost  is  allowable  as  a  proper 
deduction  each  year  until  the  cost  of  the  patent  has  been 
returned  to  the  corporation.  Where  the  value  of  a 
patent  has  disappeared  through  obsolescence  or  any  other 
cause  and  the  fact  has  been  established  that  the  patent 
is  valueless,  the  unreturned  cash  investment  remaining 
in  the  patent  may  be  claimed  as  a  total  loss  and  be  de- 
ducted from  gross  income  in  the  return  of  annual  nel 
income  for  the  year  during  which  the  facts  as  to  obso- 
lescence or  loss  shall  be  established,  such  unreturned  cash 
value  to  be  fixed  in  accordance  wiith  the  proportion  that 
the  number  of  years  which  the  patent  still  has  to  run 
bears  to  the  full  patent  period  of  17  years. 

ART.  139 

Depreciation  of  Timber  Land. 

Art.  139.  Corporations  owning  tracts  of  timber  lands 
and  removing  therefrom  and  selling,  Qr  otherwise  dispos- 
ing of  the  timber  will  be  permitted  to  deduct  from  their 
gross  income  on  account  of  depreciation  or  depletion  an 
amount  representing  the  original  cost  of  such  timber, 
plus  any  carrying  charges  that  may  have  been  capitalized 
or  not  deducted  from  income.  The  purpose  of  the  de- 
preciation or  depletion  deduction  is  to  secure  to  the  cor- 
poration, when  the  timber  has  been  exhausted,  an  aggre- 
gate amount  which,  plus  the  salvage  value  of  the  land, 
will  equal  the  capital  actually  invested  in  such  timber 
and  land. 

522 


MEMORANDA. 

For  explanation,  see  Page  354. 


523 


ART.  140 

Deductions  to  Cease,  When. 

Art.  140.  When  an  amount  sufficient  to  return  this 
capital  has  been  secured  through  annual  depreciation 
deductions  no  further  deduction  on  this  account  shall  be 
allowed.  For  the  purpose  of  increasing  the  deduction 
on  this  account  no  arbitrary  increase  in  values  shall  be 
made,  unless  such  increase  in  value  shall  be  returned  as 
income  for  the  year  in  which  the  increase  in  value  was 
taken  up  on  the  books. 


ART.  141 

Depreciation  of  Natural  Deposits. 

Art.  141.  The  depreciation  of  coal,  iron,  oil,  gas,  and 
all  other  natural  deposits  must  be  based  upon  the  actual 
cost  of  the  properties  containing  such  deposits.  In  no 
case  shall  the  annual  deduction  on  this  account  exceed 
5  per  cent  of  the  gross  value  at  the  mine  (well,  etc.),  of 
the  output  for  the  year  for  which  the  computation  is 
made. 

ART.  142 

(See  Art.  6,  paragraph  6,  also  T.  D.  1913,  page  277.) 

Definition  of  "Gross  Value"  at  the  Mine. 

Art.  142.  The  term  " gross  value  at  the  mine."  as  used 
in  paragraphs  B  and  G  of  section  2  of  the  act  of  October 
3,  1913,  prescribing  a  limit  to  the  amount  which  may  be 
deducted  in  the  return  of  individuals  and  corporations 
as  depreciation  in  the  case  of  mines,  is  held  to  mean  the 
market  value  of  ore,  coal,  crude  oil,  and  gas  at  the  mine 
or  well,  where  such  value  is  established  by  actual  sales 
at  the  mine  or  well ;  and  in  case  the  market  value  of  the 
product  of  the  mine  or  well  is  established  at  some  place 
other  than  at  the  mine  or  well,  or  on  the  basis  of  the 
bullion  or  metallic  value  of  the  ore,  then  the  gross  value 
at  the  mine  is  held  to  be  the  value  of  the  ore,  coal,  oil. 
or  gas  sold,  or  of  the  metal  produced,  less  transporta- 
tion, reduction,  and  smelting  charges. 

Rate  of  Deduction  to  Be  Reduced,  When. 

If  the  rate  of  5  per  cent  per  annum,  shall  return  to 
the  corporation  its  capital  investment  prior  to  the 
exhaustion  of  the  deposits,  the  rate  on  which  the  annual 
deduction  for  depletion  of  deposits  is  based  must  be 


MEMORANDA. 

For  explanation,  see  Page  354. 


525 


Art.  142 — Continued. 

lowered   in   accordance   with   the  estimated  number  of 
years  it  will  take  to  exhaust  the  estimated  reserves. 

Deduction  to  Cease,  When. 

In  case  the  reserves  shall  be  in  excess  of  the  estimates, 
no  further  deduction  on  account  of  depletion  shall  be 
made  where  the  capital  investment  has  been  returned  to 
the  corporation. 

ART.  143 

Depreciation  of  Plant,  Etc. 

Art.  143.  In  addition  to  the  deduction  to  measure  the 
loss  due  to  depletion,  the  corporation  will  be  allowed  the 
usual  depreciation  of  its  machinery,  equipment,  etc., 
such  depreciation  to  be  determined  on  the  basis  of  the 
cost  and  estimated  life  of  the  property  with  respect  to 
which  the  depreciation  is  claimed. 

ART.  144 

Corporations  Leasing  Oil  or  Gas. 

Art.  144.  Corporations  leasing  oil  or  gas  territory 
shall  base  their  depletion  deduction  upon  the  cost  of  the 
lease,  and  not  upon  the  estimated  value,  in  place,  of  the 
oil  or  gas. 

ART.  145 

Corporations  Operating  Mines. 

Art.  145.  Corporations  operating  mines  (including  oil 
or  gas  wells)  upon  a  royalty  basis  only  can  not  claim 
depreciation  because  of  the  exhaustion  of  the  deposits. 

ART.  146 

Unearned  Increment. 

Art.  146.  Unearned  increment  will  not  be  consid- 
ered in  fixing  the  value  on  which  depreciation  shall 
be  based. 

ART.  147 

Deduction  of  Losses,  Depreciation,  Payments  on  Policy  Contracts 
by  Insurance  Companies. 

Art.  147.  (a)  Under  item  5  (a)  of  the  return  form,  the 
insurance  company  may  take  credit  for  all  losses  actually 
sustained  during  the  year  and  not  compensated  by  in- 
surance or  otherwise,  including  losses  resulting  from  the 
sale  or  maturity  of  securities  or  other  assets,  as  well  as 

526 


MEMORANDA. 

For  explanation,  see  Page  354. 


527 


Art.  147 — Continued. 

decreases  by  adjustment  of  book  values  of  securities,  in 
so  far  as  such  decreases  represent  actual  declines  in 
values  which  have  taken  place  during  the  year  for  which 
the  return  is  made;  also  losses  from  agency  balances,  or 
other  accounts,  charged  off  as  worthless;  losses  by  defal- 
cation ;  premium  notes  voided  by  lapse,  when  such  notes 
shall  have  been  included  in  gross  income.  This  item 
will  not,  however,  include  payments  on  policy  contracts. 

Losses  by  Shrinkage  in  Value  of  Property. 

(b)  In  this  item  may  be  deducted  actual  losses  sus- 
tained within  the  year  by  reason  of  the  depreciation  of 
property,  which  shall  have  been  so  entered  on  the  books 
of  the  company  as  to  constitute  a  liability  against  its 
assets.  An  arbitrary  depreciation  deduction  claimed  in 
the  return,  but  not  evidenced  by  book  entry,  can  not  be 
allowed. 

See  T.  D.  2005,  page  252,  and  T.  D.  2130,  page  568. 

Policy  Contracts  Paid. 

(c)  In  this  item  credit  will  be  taken  for  all  death,  dis- 
ability, or  other  policy  claims,  including  fire,  accident, 
and  liability  losses,  matured  endowments,  annuities,  pay- 
ments on  installment  policies,  surrender  values,  and  all 
claims  actually  paid  under  the  terms  of  policy  contracts. 
Salvage  need  not  be  included  in  gross  income  if  deducted 
in  ascertaining  the  net  amount  paid  for  losses  under 
policy  contracts. 

Losses  Incurred  and  Unpaid  Not  Deductible. 

Reserves  covering  liabilities  for  losses  incurred, 
reported,  resisted,  adjusted  or  unadjusted  butnot  paid, 
can  not  be  deducted  from  gross  income  under  this  or 
any  other  item  of  the  return. 

Additions  to  Reserves  Required  by  Law,  How  Determined. 

(d)  The  reserve  funds  of  insurance  companies  to  be 
considered  in  computing  the  deductible  net  addition  to 
reserve  funds  are  held  to  include  only  the  reinsurance  re- 
serve and  the  reserve  for  supplementary  contracts  re- 
quired by  law  in  the  case  of  life  insurance  companies,  the 
unearned  premium  reserves  required  by  law  in  the  case 
of  fire,  marine,  accident,  liability,  and  other  insurance 
companies,  and  only  such  other  reserves  as  are  speci- 
fically required  by  the  statutes  of  a  State  within  which 
the  companj'  making  the  return  is  doing  business.  The 
reserves  used  in  computing  the  net  addition  must  not 

528 


MEMORANDA. 

For  explanation,  see  Page  354. 


529 


Art.  147 — Continued. 

include  the  reserve  on  any  policies  the  premiums  on 
which  have  not  been  accounted  for  in  gross  income.  For 
the  purpose  of  this  deduction,  the  net  addition  is  the 
excess  of  the  reserve  at  the  end  of  the  year  over  that  at 
the  beginning  of  the  year  and  may  be  based  upon  the 
highest  authorized  reserve  required  by  any  State  in 
which  the  company  making  the  return  does  business. 

Assessment  Company  Reserves. 

In  the  case  of  assessment  insurance  companies,  the 
actual  deposits  of  sums  with  the  State  or  Territorial 
officers  pursuant  to  law,  as  additions  to  guaranty  or 
reserve  funds,  shall  be  treated  as  payments  required  by 
law  to  reserve  funds. 

Mutual  Marine  Insurance  Companies. 

Mutual  marine  insurance  companies  will  deduct  under 
item  5(e)  amounts  repaid  to  policyholders  on  account  of 
premiums  previously  paid  by  them  and  interest  paid 
upon  such  amounts  between  the  ascertainment  thereof 
and  the  payment  thereof. 

ART.  148 
INTEREST. 

What  Constitutes  Allowable  Interest  Deduction. 

Art.  148.  The  amount  of  interest  accrued  and  paid 
within  the  year  by  a  corporation  on  an  amount  of  bonded 
or  other  indebtedness  not  in  excess  of  one-half  of  the 
sum  of  the  interest-bearing  indebtedness  and  the  paid-up 
capital  stock  outstanding  at  the  close  of  the  year,*  or, 
if  no  capital  stock,  on  the  amount  of  interest-bearing 
indebtedness  not  exceeding  the  amount  of  capital  em- 
ployed in  the  business  at  the  close  of  the  year,  consti- 
{u;es  an  allowable  deduction;  that  is,  the  maximum 
principal,  upon  which  interest  for  the  purpose  of  this 
deduction,  can  be  computed  must  not  exceed,  in  the  one 
case,  one-half  of  the  sum  of  the  interest-bearing  indebt- 
edness and  the  capital  stock  outstanding  at  the  close  of 
the  year,  or,  in  the  other  case,  must  not  exceed  the 
amount  of  capital  employed  in  the  business  at  the  close 
of  the  year.  The  interest  to  be  deductible  must  have 
been  computed  on  the  proper  principal  at  the  contract 
rate  and  must  have  been  actually  paid  within  the  year. 

*Paid-Up  Capital  Stock  OutHtanding  at  Close  of  Year.— "Paid-up 
capital  stock  outstanding  at  the  close  of  the  year,"  when  used  in 
connection    with    "interest-bearing    indebtedness,"    to    determine    the 

mo 


MEMORANDA. 

For  explanation,  see  Page  354. 


531 


Art.  148 — Continued. 

maximum  principal  upon  which  interest  for  the  purpose  of  an 
authorized  deduction  is  to  be  computed,  means  the  par  value  of 
shares  issued  as  reported  in  Item  1  of  the  return  form,  and  will  not 
include  the  surplus  carried  by  the  corporation.  (See  T.  D.  1960  for 
method  of  computation  and  T.  D.  1993  for  regulation  as  to  deduc- 
tion of  interest  paid  on  indebtedness  wholly  secured  by  collateral, 
the  subject  of  sale,  in  the  ordinary  course  of  business.) — T.  D.  2090. 

Interest. — Individuals  are  permitted  a  deduction  of  "all  interest 
paid  within  the  year  *  *  *  on  indebtedness" ;  corporations  are 
permitted  a  deduction  of  interest  paid  within  the  year  on  an  amount 
measured  by  "the  amount  of  capital  stock,  or  capital  employed,  plus 
one-half  the  interest- bearing  debt,"  both  outstanding  at  the  close  of 
the  year.— T.  D.  2090. 

Foreign  Corporations— Interest  Deduction  Of.— A  foreign  corpora- 
tion in  determining  the  maximum  principal  upon  which  interest  for 
the  purpose  of  a  deduction  may  be  computed  will  add  to  the  amount 
of  its  paid-up  capital  stock,  or  if  no  capital  stock,  then  the  amount 
of  capital  employed  in  business,  one-half  the  interest-bearing  indebt- 
edness, both  outstanding  at  the  close  of  the  year.  Such  proportion 
of  this  sum  as  the  gross  income  derived  from  business  transacted 
in  this  country  bears  to  the  gross  income  received  from  business 
done  or  capital  invested,  both  within  and  without  the  United  States, 
will  constitute  the  maximum  principal  upon  which  interest  for  the 
purpose  of  a  deduction  from  the  income  In  the  United  States  may 
be  computed.  For  instance,  if  the  gross  income  in  the  United  States 
is  one-fourth  of  the  entire  gross  income,  then  one-fourth  of  the 
sum  of  the  paid-up  capital  stock  plus  one-half  the  interest-bearing 
indebtedness  will  be  the  maximum  principal  upon  which  interest 
deductible  from  the  United  States  income  may  be  computed. 

LFor  further  explanation  see  Art.  81. — See  also  Arts.  150  and  151.] 

Interest   Paid   as   Rental   Deductible — Interest   on   Mortgage   on 
Real  Estate  in  Which  Corporation  Has  Equity  Not  Deductible. 

Interest  paid  pursuant  to  contract  on  an  indebtedness 
secured  by  mortgage  on  real  estate  occupied  and  used  by 
a  corporation,  in  which  real  estate  the  corporation  has 
no  equity  or  to  which  it  is  not  taking  title  is  an  allowable 
deduction  from  gross  income  as  a  rental  charge,  payment 
of  which  is  required  to  be  made  as  a  condition  to  the 
continued  use  and  possession  of  the  property.  If,  how- 
ever, the  corporation  has  an  equity  in  or  is  purchasing 
for  its  own  use  the  real  estate  upon  which  such  mortgage 
is  a  prior  lien,  the  indebtedness  will  be  held  to  be  indebt- 
edness of  the  corporation  within  the  meaning  of  the  law 
and  the  interest  paid  on  such  mortgage  will  be  deductible 
only  to  the  extent  that  it,  with  interest  on  other  obliga- 
tions of  the  corporation,  is  within  the  limit  fixed  by  the 
act. 

ART.  149 

Banks  and  Banking  Associations. 

Art.  149.  In  the  case  of  banks  and  banking  associa- 
tions, loan  or  trust  companies,  interest  paid  within  the 
year  on  deposits,  or  on  moneys  received  for  investment 
and  secured  by  interest-bearing  certificates  of  indebted- 
ness issued  by  such  bank,  banking  association,  loan  or 
trust  company,  may  be  allowably  deducted  from  the 
gross  income  of  such  corporations. 

532 


MEMORANDA. 

For  explanation,  see  Page  354. 


533 


ART.  150 

Interest  Paid  on  Indebtedness  Wholly  Secured  by  Collateral. 

Art.  150.  Interest  paid  on  indebtedness,  wholly  se- 
cured by  collateral  the  subject  of  sale  in  ordinary  busi- 
ness of  such  corporations,  is  also  deductible  to  the  full 
amount  of  such  interest  paid.  This  contemplates  that 
the  entire  interest  received  on  the  collateral  securing 
such  indebtedness  shall  be  included  in  the  gross  income 
returned. 

[As  used  in  the  act,  the  expression  "collateral  the 
subject  of  sale,"  etc.,  refers  to  physical  or  tangible 
property  bound  for  the  performance  of  certain  cove- 
nants or  payment  of  certain  obligations,  and  which 
physical  or  tangible  property  is  the  "subject  of  sale 
in  the  ordinary  business  of  a  corporation"  owning 
the  same.  Where  such  corporation  is,  as  a  matter 
of  its  ordinary  business,  engaged  in  buying  and  sell- 
ing, or  dealing  in  such  property,  the  interest  actually 
paid  within  the  year  on  indebtedness  wholly  secured 
by  such  collateral  may  be  allowably  deducted  from 
gross  income  as  an  expense  of  doing  business,  with- 
out regard  to  the  limit  of  deductible  interest  as 
otherwise  provided  by  the  statute.  The  corporation, 
etc.,  must  be  organized  and  operated  for  the  purpose 
of  buying,  selling,  and  dealing  in  the  particular  kind 
of  property  which  becomes  the  collateral  in  question, 
and  the  particular  property  pledged  for  the  debt 
upon  which  the  interest  is  paid  must  be  the  "subject 
of  sale  in  the  ordinary  business  of  the  corporation." 
Real  estate  mortgaged,  and  the  property  of  corpor- 
ations organized  for  and  engaged  in  the  business  of 
buying,  selling,  and  dealing  in  real  estate,  warehouse 
receipts  representing  property  the  subject  of  sale  in 
the  ordinary  business  of  the  corporation  owing  the 
same,  and  which  warehouse  receipts  are  pledged  as 
collateral  for  such  corporation's  own  debt,  are  ex- 
amples where  the  interest  paid  will  be  deductible  as 
a  "business  expense"  and  not  be  subject  to  the  statu- 
tory limitation  as  to  interest  deduction.  (See  T.  D. 
1993.)— T.  D.  2090J 


ART.  151 

Different  Rates  of  Interest. 

Art.  151.  Interest  on  bonded  or  other  indebtedness 
bearing  different  rates  of  interest  may  be  deducted  from 
gross  income  during  the  year,  provided  the  aggregate 

534 


MEMORANDA. 

For  explanation,  see  Page  354. 


535 


Art.  151 — Continued. 

amount  of  such  indebtedness  on  which  the  interest  is 
paid  does  not  exceed  the  limit  prescribed  by  law,  and  in 
case  the  indebtedness  is  in  excess  of  the  amount  on  which 
interest  may  be  legally  deducted  the  indebtedness  bear- 
ing the  highest  rate  may  be  first  considered  in  computing 
the  interest  deduction  and  the  balance,  if  any,  will  be 
computed  upon  the  indebtedness  bearing  the  next  lower 
rate  actually  paid,  and  so  on  until  interest  on  the  maxi- 
mum principal  allowed  has  been  computed. 


ART.  152 
Taxes. 

Taxes  Deductible. 

Art.  152.  All  sums  paid  within  the  year  for  taxes  im- 
posed under  the  authority  of  the  United  States  or  of  any 
State  or  Territory  thereof,  or  imposed  by  the  government 
of  any  foreign  country,  are  deductible  from  gross  in- 
come. 

ART.  153 

Taxes  Not  Deductible. 

Art.  153.  Taxes  paid  for  local  benefits  are  not  deduct- 
ible. Taxes  paid  by  a  corporation  pursuant  to  a  contract 
guaranteeing  that  the  interest  payable  on  its  bonds  or 
other  indebtedness  shall  be  free  from  taxation  are  not 
deductible. 

See  T.  D.  1842,  page  204. 

ART.  154 

Tax  on  Capital  Stock  of  Banks. 

Art.  154.  Banks  paying  taxes  assessed  against  their 
stockholders  because  of  their  ownership  of  the  shares  of 
stock  issued  by  such  banks  can  not  deduct  the  amount  of 
taxes  so  paid  in  making  their  return  for  the  income  tax 
imposed  by  this  act  unless  specially  authorized  to  do  so 
by  the  laws  of  the  State  in  which  they  do  business.  The 
shares  of  stock  are  the  property  of  the  stockholders,  and 
such  holders  are  primarily  liable  for  the  tax. 

See  Decision  of  the  United  States  District  Court  for  the  District 
of  Massachusetts,  in  T.  D.  1036,  page  106. 

Note  for  L.  L.  B.  Index  other  points  of  T.  D.  1036. 

536 


MEMORANDA. 

For  explanation,  see  Page  354. 


ART.  155 

Import  Duties  Not  Deductible. 

Art.  155.  Import  duties  or  taxes  are  not  deductible 
under  the  item  of  taxes  paid  during  the  year,  but 
should  be  included  in  arriving  at  the  cost  of  goods 
under  item  No.  4  (expenses). 

ART.  156 

Reserves  for  Taxes. 

Art.  156.  Reserves  for  taxes  can  not  be  allowed,  as 
the  law  specifically  provides  that  only  such  sums  as  are 
paid  within  the  year  for  taxes  shall  be  deducted. 

ART.  157 

Foreign  Corporations  Subject  to  Tax. 

Deductions    Confined    to  Expenses  of  Business  Done  in  the 
United  States. 

Art.  157.  Foreign  corporations  shall  be  subject  to  the 
normal  tax  of  1  per  cent  computed  upon  the  net  income 
received  by  or  accruing  to  such  corporations  from  busi- 
ness transacted  and  capital  invested  in  this  country.  For 
the  purpose  of  the  tax  the  net  income  of  such  foreign  or- 
ganizations shall  be  ascertained  by  deducting  from  the 
gross  income  arising,  received,  or  accruing  from  business 
done  and  capital  invested  in  this  country  the  deductions 
enumerated  in  the  act,  which  deductions  shall  be  limited 
to  expenditures  or  charges  actually  incurred  in  the  main- 
tenance and  operation  of  the  business  transacted  and 
capital  invested*  in  the  United  States  or,  as  to  certain 
charges,  such  proportion  of  the  aggregate  charges  as  the 
gross  income  from  business  done  and  capital  invested  in 
the  United  States  bears  to  the  aggregate  income  within 
and  without  the  United  States.  In  other  words,  the 
deductions  from  the  gross  income  of  a  foreign  corpora- 
tion doing  business  in  this  country  should,  as  nearly  as 
possible,  represent  the  actual  expenses  and  authorized 
charges  incident  to  the  business  done  and  capital  invested 
in  this  country  and  must  not  comprehend,  either  directly 
or  indirectly,  any  expenditures  or  charges  incurred  in 
the  transaction  of  business  or  the  investment  of  capital 
without  the  United  States. 

♦See  Note  under  Art.  77. 

538 


MEMORANDA. 

For  explanation,  see  Page  354. 


539 


ART.  158 

How  Deductions  Shall  Be  Evidenced. 

Art.  158.  It  is  immaterial  whether  the  deductions  ex- 
cept for  taxes  and  losses  are  evidenced  by  actual  dis- 
bursements in  cash,  or  whether  evidenced  in  such  other 
way  as  to  be  properly  acknowledged  by  the  corporate 
officers  and  so  entered  on  the  books  of  the  corporation 
as  to  constitute  a  liability  against  the  assets  of  the  cor- 
poration making  the  return.  Deductions  for  taxes,  how- 
ever, should  be  the  aggregate  of  the  amounts  actually 
paid,  as  shown  on  the  cash  book  of  the  corporation. 
Deductions  for  losses  should  be  confined  to  losses  actually 
sustained  and  charged  off  during  the  year  and  not  com- 
pensated by  insurance  or  otherwise.  Except  as  the  same 
may  be  modified  by  the  provisions  of  the  act,  limiting 
certain  deductions  and  authorizing  others,  the  net  in- 
come as  returned  for  the  purpose  of  the  tax  should  be 
the  same  as  that  shown  by  the  books  or  the  annual 
balance  sheet. 

ART.  159 

Tax  on  Net  Income  of  Corporations  for  the  Year  1913. 

Art.  159.  The  tax  imposed  upon  the  income  of  cor- 
porations, whether  domestic  or  foreign,  shall  be  com- 
puted upon  the  net  income,  ascertained  in  the  manner 
hereinbefore  indicated,  except  that  for  the  year  ending 
December  31,  1913,  the  income  tax  will  be  imposed  upon 
the  net  income  accrued  from  March  1  to  December  31, 
both' dates  inclusive,  and  such  amount  of  net  income  is 
ascertained  by  taking  five-sixths  of  the  entire  net  income 
for  said  calendar  year. 

ART.  160 

Special  Excise  Tax  on  Corporations. 

Art.  160.  The  special  excise  tax  on  corporations  pro- 
vided for  in  the  act  of  August  5,  1909,  is  reaffirmed  and 
made  operative  and  effective  as  to  the  period  from  Janu- 
ary 1  to  February  28,  1913,  both  dates  inclusive,  which 
said  tax  shall  be  computed  upon  one-sixth  of  the  entire 
net  income  of  said  corporations  for  said  year,  and  the 
net  income  shall  be  ascertained  in  accordance  with  the 
provisions  of  the  income-tax  law. 

Return  and  Assessment  for  1913. 

For  the  year  1913  it  shall  be  necessary  to  make  but 
one   return   and   assessment   for  all   taxes   imposed  in 

540 


MEMORANDA. 

For  explanation,  see  Page  354. 


541 


Art.  160 — Continued. 

the  income-tax  law  upon  corporations,  either  by  way  of 
income  or  excise,  which  return  and  assessment  shall  be 
made  at  the  times  and  in  the  manner  provided  in  section 
2  of  the  act  of  October  3,  1913. 

No  Specific  Exemption  Allowable  as  a  Deduction. 

Under  the  present  law,  no  specific  exemption  is  allow- 
able, as  was  the  case  under  the  corporation-tax  law; 
hence  the  assessment  will  be  based  upon  the  entire  net 
income  of  the  corporation  arising  or  accruing  to  it  from 
all  sources  during  the  entire  year  for  which  the  return  is 
made. 

ART.  161 

Inventories. 

Art.  161.  In  order  that  certain  classes  of  corporations 
may  arrive  at  their  correct  income,  it  is  necessary  that 
an  inventory,  or  its  equivalent,  of  materials,  supplies, 
and  merchandise  on  hand  for  use  or  sale  at  the  close  of 
each  calendar  year  shall  be  made  in  order  to  determine 
the  gross  income  or  to  determine  the  expense  of  opera- 
tion. 

Physical  Inventory. 

A  physical  inventory  is  at  all  times  preferred,  but 
where  a  physical  inventory  is  impossible  and  an  equiva- 
lent inventory  is  equally  accurate,  the  latter  will  bo 
acceptable. 

An  equivalent  inventory  is  an  inventory  of  materials, 
supplies,  and  merchandise  on  hand  taken  from  the  books 
of  the  corporation. 

ART.  162 

CLASSES  OF  CORPORATIONS. 

Art.  162.  For  the  purpose  of  this  tax,  corporations 
are  divided  into  five  classes,  as  follows : 

Class  A.  Financial  and  commercial,  including  banks, 
banking  associations,  trust  companies,  guaranty  and 
surety  companies,  title  insurance  companies,  building 
associations  (if  for  profit),  and  insurance  companies, 
not  specifically  exempt. 

Class  B.  Public  service,  such  as  railroad,  steamboat, 
ferryboat,  and  stage-line  companies;  street-railway  com- 
panies ;  pipe-line,  gas-light,  and  electric-light  companies ; 
express  companies,  telegraph  and  telephone  companies. 

542 


MEMORANDA. 

For  explanation,  see  Page  354. 


543 


Art.  162— Continued. 

Class  C.  Industrial  and  manufacturing,  such  as  min- 
ing, oil  and  gas  producing  companies,  lumber  and  coke 
companies;  rolling  mills;  foundry  and  machine  shops; 
sawmills;  flour,  woolen,  cotton,  and  other  mills;  manu- 
facturers of  cars,  automobiles,  elevators,  agricultural 
implements,  etc.;  manufacturers  or  refiners  of  sugar, 
molasses,  sirups,  or  other  products ;  ice  and  refrigerating 
companies;  slaughterhouse,  tannery,  packing,  or  can- 
ning companies;  printing  and  publishing  companies, 
etc. 

Class  D.  Mercantile,  including  all  dealers  (not  other- 
wise classed  as  producers  or  manufacturers)  in  coal, 
lumber,  grain,  produce,  and  all  goods,  wares,  and  mer- 
chandise. 

Class  E.  Miscellaneous,  such  as  architects,  contractors, 
hotel,  theater,  or  other  companies  or  associations  not 
otherwise  classified. 


ART.  163 
RETURNS. 

Form  of  Return. 

Art.  163.  Under  the  authority  conferred  by  this  act, 
forms  of  return  have  been  prescribed,  in  which  the 
various  items  specified  in  the  law  are  to  be  stated. 
Blank  forms  of  this  return  will  be  forwarded  to  collectors 
and  should  be  furnished  to  every  corporation,  not  ex- 
pressly exempted,  on  or  before  January  1  of  each  year, 
in  the  case  of  corporations  making  their  returns  for  the 
calendar  year,  or  on  or  before  the  first  day  of  the  next 
fiscal  year  in  the  case  of  corporations  making  returns  for 
their  fiscal  year.  Failure  on  the  part  of  any  corporation, 
joint-stock  company,  association,  or  insurance  company 
liable  to  this  tax  to  receive  a  prescribed  blank  form  will 
not  excuse  it  from  making  the  return  required  by  law, 
or  relieve  it  from  any  penalties  for  failure  to  make  the 
return  in  the  prescribed  time.  Corporations  not  supplied 
with  the  proper  forms  for  making  the  return  should 
make  application  therefor  to  the  collector  of  internal 
revenue  in  whose  district  is  located  its  principal  place  of 
business*  in  ample  time  to  have  its  return  prepared, 
verified,  and  filed  with  the  collector  on  or  before  the 
last  due  date  as  hereinafter  defined.    Failure  in  this 

♦The  Principal  Place  of  Business  of  a  Corporation  is  the  place  or 
office  in  which  are  kept  the  books  of  account  and  other  data  from 
which  the  return  is  to  be  prepared.— T.  D.  2090. 

544 


MEMORANDA. 

For  explanation,  see  Page  354. 


545 


Art.  163— Continued. 

respect  subjects  it  not  only  to  50  per  cent  additional 
tax,  but  to  the  specific  penalty  imposed  for  delin- 
quency. Each  corporation  should  carefully  prepare 
its  return  so  as  to  fully  and  clearly  set  forth  the  data 
therein  called  for.  Imperfect  or  incorrect  returns 
will  not  be  accepted  as  meeting  the  requirements  of 
the  law. 

New  Forms  of  Return. 
[Two  new  forms  for  corporation  returns  have 
been  issued  by  the  Treasury  Department  to  super- 
sede the  forms  originally  provided  for  the  several 
classes  of  corporations  (see  Art.  162)  as  follows: 
Corporations — Form  1031  Revised;  Insurance  Com- 
panies— Form  1030  Revised.] 

Form  1030  Revised,  see  pages  308-311,  and  Form    1031   Revised,  see 
pages  312-315. 


ART.  164 

Penalties  Imposed  by  Act. 

Art.  164.  To  any  sum  or  sums  due  and  unpaid  after 
the  date  for  payment  stated  in  the  notice  and  demand 
issued  by  the  collector  there  shall  be  added  the  sum  of 
5  per  cent  of  the  amount  so  unpaid,  and  interest  at  the 
rate  of  1  per  cent  per  month.  To  the  amount  assessable 
on  the  basis  of  the  net  income  there  shall  be  added  50 
per  cent  in  case  of  refusal  or  neglect  of  a  corporation  to 
make  a  return  or  100  per  cent  in  case  of  a  false  or  fraud- 
ulent return.  For  refusal  or  neglect  to  make  a  return 
within  the  prescribed  time,  or  for  a  false  or  fraudulent 
return,  the  corporation  so  offending  shall  be  liable  to  a 
specific  penalty  not  exceeding  $10,000.  Any  person 
divulging  unlawfully  any  information  whatever  dis- 
closed by  a  return  shall  be  punished  by  a  fine  not  exceed- 
ing $1,000,  or  by  imprisonment  not  exceeding  one  year, 
or  both. 

Fraudulent  Returns. 

Any  person  or  any  officer  of  any  corporation  required 
by  law  to  make,  render,  sign,  or  verify  any  return,  who 
makes  any  false  or  fraudulent  return  or  statement  with 
intent  to  defeat  or  evade  the  assessment  required  by 
section  2,  act  of  October  3,  1913,  shall  be  guilty  of  a 
misdemeanor  and  shall  be  fined  not  exceeding  $2,000  or 
be  imprisoned  not  exceeding  one  year,  or  both,  at  the 
discretion  of  the  court,  with  the  costs  of  prosecution. 

546 


MEMORANDA. 

For  explanation,  see  Page  354. 


547 


ART.  165 

Fiscal  Year;   How  Established. 

Art.  165.  The  Federal  income-tax  law  authorizes  cor- 
porations, joint-stock  companies,  etc.,  under  certain  con- 
ditions to  make  their  returns  on  the  basis  of  an  estab- 
lished " fiscal  year"  or  consecutive  12-months  period, 
which  may  be  other  than  the  calendar  year. 

Amended  Instructions  for  Guidance  in  Determining  Fiscal  Year. 

Pursuant  to  this  provision  the  following  instructions 
are  issued  for  the  guidance  of  collectors  and  other  inter- 
ested parties: 

[As  amended  by  T.  D.  2001,  page  249;  T.  D.  2029,  page  265,  and  T.  D. 
2090.] 

[For  income-tax  purposes,  in  the  absence  of  desig- 
nation otherwise,  all  returns  are  required  to  be  made 
on  the  basis  of  the  calendar  year.  The  privilege  of 
making  a  return  of  income  on  the  basis  of  a  fiscal 
year  other  than  the  calendar  year  is  limtied  to  cor- 
porations or  institutions  which  make  returns  and 
pay  tax  as  corporations.  The  statute  provides  that 
returns  must  be  made  on  the  basis  of  a  calendar 
year  unless  the  corporation,  etc.,  involved  shall  desig- 
nate a  fiscal  year  other  than  the  calendar  year  in  the 
manner  provided  by  the  statute.  When  the  calendar 
year  shall  have  passed,  a  return  of  income  for  the 
entire  period  of  such  calendar  year  is  then  due  and 
must  be  made  out  and  filed  with  the  proper  collector 
of  internal  revenue  on  or  before  March  1  then  next 
following.  This  is  true  even  of  corporations  and 
institutions  making  return  as  corporations,  except 
that  such  corporations,  etc.,  are  given  the  privilege 
of  filing  with  the  collector  of  internal  revenue  (with 
whom  their  return  must  be  filed)  not  less  than  30 
days  (more,  but  not  less)  prior  to  March  1  (the  date 
when  the  return  on  the  basis  of  a  calendar  year  is 
to  be  filed),  a  notice,  in  writing,  setting  forth  that 
such  corporation,  etc.,  has  designated  the  last  day  of 
some  month  in  the  year  (other  than  the  last  day  of 
December)  as  the  day  of  the  closing  of  its  fiscal 
year,  and  that  from  the  date  so  designated  as  the 
close  of  its  fiscal  year  its  books  have  been  or  will 
be  kept  on  the  basis  of  such  designated  fiscal  year. 
When  this  said  notice  is  filed  with  the  collector  of 
internal  revenue,  a  return  must  then  be  made  on 
or  before  March  1  for  such  part  of  the  calendar  year 

548 


MEMORANDA. 

For  explanation,  see  Page  354. 


549 


Art.  165 — Continued. 

elapsed  as  is  not  included  in  the  said  designated 
fiscal  year,  and  return  for  the  full  designated  fiscal 
year  must  be  made  and  filed  within  60  days  next 
succeeding  the  last  day  of  said  designated  fiscal  year. 
This  rule  will  apply  whether  the  designation  affects 
the  future  or  past,  provided  always  that  the  return 
of  income  cannot  cover  more  than  12  consecutive 
months. 
Example : 


1914 
AX  B  C  Y  Z 

Jan.  1    June  30    Dec.  31    Mar.  1    June  30    Aug.  29 

AB  is  calendar  year  and  C  is  March  1,  the  time 
when  return  on  the  basis  of  the  calendar  year  must 
be  filed.  At  any  time  not  less  than  30  days  prior  to 
C  a  corporation  may  file  with  the  collector  with 
whom  its  return  of  income  must  be  filed  a  notice  in 
writing  setting  forth  that  said  corporation,  etc.,  has 
designated  the  last  day  of  some  month  in  the  year 
(other  than  December  31)  as  the  day  of  the  close  of 
its  fiscal  year,  as  June  30,  represented  by  X ;  there- 
after, on  March  1,  a  return  will  be  filed  for  the  period 
AX.  XY  represents  the  first  designated  fiscal  year, 
and  for  this  said  fiscal  year  a  return  of  income  must 
be  made  (covering  the  period  XY)  subsequent  to 
June  30  and  on  or  before  August  29 ;  in  other  words, 
the  60-day  period  next  following  the  close  of  the 
fiscal  year.  Thereafter  returns  of  income  will  be 
made  and  filed  annually  subsequent  to  June  30,  and 
on  or  before  August  29.  (See  T.  D.  2001,  page  249.) 
— T.  D.  2090.] 

ART.  166 

Art.  166.  Superseded  by  T.  D.  2001.  See  Art.  165. 


ART.  167 

Collectors  Must  Make  a  Record  of  the  Designation  of  the  "Fiscal 

Year." 

Art.  167.  Collectors  of  internal  revenue  receiving 
notices  of  the  selection  and  designation  of  the  "fiscal 
years,"  as  above  indicated,  will  make  record  of  the 
same,  recording,  (a)  the  name  of  the  corporation  or  like 

550 


MEMORANDA. 

For  explanation,  see  Page  354. 


551 


Art.  167 — Continued. 

organization,  (&)  the  date  when  notice  was  given,  (c) 
the  day  designated  for  the  closing  of  the  fiscal  year, 
and  (d)  the  date  when  the  return  under  such  designa- 
tion must  be  filed,      .     . 

(Remainder  Superseded  by  T.  D.  2001,  See  Art.  165.) 

ART.  168 

Art.  168.  Superseded  by  T.  D.  2001.  See  Art.  165. 

ART.  169 

Art.  169.  Superseded  by  T.  D.  2001.  See  Art.  165. 

ART.  170 

Art.  170.  Superseded  by  T.  D.  2001.  See  Art.  165. 

ART.  171 

Art.  171.  Superseded  by  T.  D.  2001.  See  Art.  165. 

ART.  172 

Returns  for  1913  Must  Be  Made  on  New  Forms. 
(Reproduced  as  matter  of  record.) 

Art.  172.  Returns  made  under  this  act  and  pursuant 
to  these  instructions  must  be  made  on  the  new  forms 
prescribed  by  this  department. 

The  forms  heretofore  in  use,  under  the  special  excise 
tax  law,  can  not  be  used  for  making  returns  for  either 
the  fiscal  or  calendar  year  1913. 

ART.  173 

Extension  Not  to  Exceed  30  Days. 

Art.  173.  An  extension  of  time  within  which  a  return 
may  be  filed  can  in  no  case  exceed  30  days  from  the 
date  on  which  the  return  is  due  and  can  be  granted 
only  upon  written  application  to  the  collector,  and  in 
case  of  sickness  or  absence  of  an  officer  whose  signa- 
ture to  the  return  is  required,  such  application  to  be 
made  prior  to  the  expiration  of  the  period  for  which 
the  extension  is  desired. 

ART.  174 

Returns  Properly  Mailed  in  Time  to  Reach  Collector  Not  Subject 
to  Penalty  Under  Certain  Conditions. 

Art.  174.  If  a  return  is  made  and  placed  in  the 
United  States  mails,  properly  addressed,  and  postage 
paid,  in  ample  time,  in  due  course  of  mails,  to  reach 

552 


MEMORANDA. 

For  explanation,  see  Page  354. 


553 


Art.  174 — Continued. 

the  office  of  the  collector  or  deputy  collector  on  or 
before  the  last  due  date,  no  penalty  will  be  held  to 
attach  should  the  return  not  be  actually  received  by 
such  officer  until  subsequent  to  that  date. 

ART.  175 

Last  Due  Date  Defined. 

Art.  175.  "Last  due  date,"  as  hereinbefore  used 
[See  Art.  165],  is  construed  to  mean  the  last  day 
upon  which  a  return  is  required  to  be  filed  in  accord- 
ance with  the  provisions  of  the  law,  or  the  last  day 
of  the  period  not  exceeding  30  days  covered  by  an 
extension  of  time  granted  by  the  collector. 

ART.  176 

When  Due  Date  Falls  on  Sunday  or  Legal  Holiday. 

Art.  176.  When  the  due  date  as  above  defined  falls 
on  Sunday  or  on  a  legal  holiday,  the  last  due  date  will 
be  held  to  be  the  day  next  following  such  Sunday  or 
legal  holiday  and  the  return  should  be  made  to  the 
collector  not  later  than  such  following  day,  or,  if 
placed  in  the  mails,  it  should  be  posted  in  ample  time 
to  reach  the  collector's  office,  under  ordinary  handling 
of  the  mails,  on  or  before  the  date  on  which  the  return 
is  thus  made  due  in  the  office  of  the  collector. 

ART.  177 

Assessment  and  Payment  of  Taxes. 

Art.  177.  All  assessments  against  corporations,  etc., 
making  returns  for  the  calendar  year  are  required  to 
be  made  and  the  several  corporations,  joint-stock  com- 
panies, etc.,  notified  of  the  amount  for  which  they  are 
liable  on  or  before  the  1st  of  June  of  each  successive 
year,  and  said  assessments  shall  be  paid  on  or  before 
the  30th  day  of  June  of  such  year.  In  the  case  of  cor- 
porations making  returns  for  the  fiscal  year,  the  assess- 
ments shall  be  made  and  notice  given  on  or  before  the 
expiration  of  90  days  from  the  date  when  the  returns 
were  required  to  be  filed,  and  the  taxes  assessed  against 
such  corporations,  etc.,  shall  be  paid  within  120  days 
after  the  date  upon  which  the  returns  were  required  to 
be  filed.  In  case  of  refusal  or  neglect  by  a  corporation, 
etc.,  to  make  a  return,  and  in  case  of  false  or  fraud- 
ulent return,  the  commissioner,  upon  the  discovery 
thereof  within  three  years  after  such  returns  are  due. 

554 


MEMORANDA. 

For  explanation,  see  Page  354. 


555 


Art.  177 — Continued. 

shall  make  a  return  upon  information  obtained  in  the 
manner  provided  in  the  act,  and  the  assessment  made 
on  the  basis  of  such  return  shall  be  paid  immediately 
upon  notice  and  demand  given  by  the  collector. 

Failure  to  Pay  Tax  When  Due. 

Upon  failure  to  pay  the  tax  when  due  and  for  10 
days  after  notice  and  demand,  a  penalty  of  5  per  cent 
of  the  amount  of  the  tax  unpaid  and  interest  at  the 
rate  of  1  per  cent  per  month  until  paid  shall  be  added 
to  the  amount  of  such  tax. 


ART.  178 

Returns  Are  Public  Records,  Subject  to  Inspection  Upon  Order  of 
the  President. 

Art.  178.  When  the  assessments  shall  have  been  made, 
the  returns  shall  be  filed  in  the  office  of  the  commis- 
sioner and  shall  constitute  public  records,  subject  to 
inspection  upon  the  order  of  the  President,  under  rules 
and  regulations  prescribed  by  the  Secretary  of  the 
Treasury  and  approved  by  the  President.  Copies  of 
returns  on  file  in  the  Commissioner's  office  are  not  per- 
mitted to  be  sent  to  any  person,  except  to  the  cor- 
poration itself  or  to  its  duly  authorized  attorney. 

Regulation!}  Governing  the  Inspection  of  Returns  by  Corporations, 
Joint-Stock   Companies,  Associations   and   Insurance   Companies. — See 

T.  D.  201G,  page  259. 

ART.  179 

Information  to  States  Which  Impose  Income  Taxes. 

Art.  179.  Upon  request  of  the  governor  of  a  State 
which  imposes  a  general  income  tax,  the  proper  officers 
of  such  State  may  have  access  to  the  returns  filed  by 
corporations  doing  business  in  such  States,  or  to  an 
abstract  thereof  showing  the  name  and  income  of  such 
corporations,  etc.,  at  such  times  and  in  such  manner 
as  the  Secretary  may  prescribe.  In  no  case  are  the 
original  returns  to  be  removed  from  the  office  of  the 
commissioner,  except  upon  order  and  by  direction  of 
the  Secretary  of  the  Treasury  or  the  President. 

See  also  T.  D.  2016,  page  259. 

ART.  180 

Certified  Copies  of  Returns. 

Art.  180.  At  the  request  of  the  Attorney  General,  or 
by  direction  of  the  Secretary  of  the  Treasury,  certified 

556 


MEMORANDA. 

For  explanation,  see  Page  354. 


Art.  180— Continued. 

copies  of  returns  may  be  made  and  delivered  to  the 
United  States  district  attorneys  for  their  use  as  evi- 
dence in  the  prosecution  or  defense  of  suits  in  which 
the  collection  or  legality  of  the  tax  assessed  on  the 
basis  of  such  returns  is  involved,  or  in  any  suit  to 
which  the  United  States  Government  and  the  corpora- 
tion, etc.,  making  the  return  are  parties  and  in  which 
suit  such  certified  copies  would  constitute  material 
evidence. 

See  also  T.  D.  2016,  page  259. 

ART.  181 

Penalty  for  Giving  Information  in  Regard  to  Returns. 

Art.  181.  The  disclosure  by  any  collector,  deputy  col- 
lector, agent,  clerk,  or  other  officer  or  employee  of  the 
United  States  to  any  person  of  any  information  what- 
ever contained  in  or  set  forth  by  any  return  of  annual 
net  income  made  pursuant  to  this  act  is,  by  the  act, 
made  a  misdemeanor,  and  is  punishable  by  a  fine  not 
exceeding  $1,000,  or  by  imprisonment  not  exceeding 
one  year,  or  both,  at  the  discretion  of  the  court,  and 
if  the  offender  is  an  officer  or  employee  of  the  United 
States  he  shall  be  dismissed  and  be  incapable  thereafter 
of  holding  any  office  under  the  United  States  Govern- 
ment. 

See  also  T.  D.  2016,  page  259. 

ART.  182 

Bookkeeping. 

Art.  182.  No  particular  system  of  bookkeeping  or 
accounting  will  be  required  by  the  department.  How- 
ever, the  business  transacted  by  corporations  must  be 
so  recorded  that  each  and  every  item  set  forth  in  the 
return  of  annual  net  income  may  be  readily  verified 
by  an  examination  of  the  books  of  account. 


ART.  183 

Books  of  Account  Best  Guide  to  Income. 

Art.  183.  The  books  of  a  corporation  are  assumed  to 
reflect  the  facts  as  to  its  earnings,  income,  etc.  Hence 
they  will  be  taken  as  the  best  guide  in  determining  the 
net  income  upon  which  the  tax  imposed  by  this  act  is 
calculated.  Except  as  the  same  ma3r  be  modified  by  the 
provisions  of  the  law,  wherein  certain  deductions  are 

558 


MEMORANDA. 

For  explanation,  see  Page  354. 


059 


Art.  183— Continued. 

limited,  the  net  income  disclosed  by  the  books  and 
verified  by  the  annual  balance  sheet,  or  the  annual 
report  to  stockholders,  should  be  the  same  as  that  re- 
turned for  taxation. 

ART.  184 

Omitted  Taxes  May  Be  Assessed. 
Art.  184.  In  cases  wherein  corporations  have  neg- 
lected or  refused  to  make  returns,  and  in  cases  wherein 
returns  made  are  found,  upon  investigation  or  other- 
wise, to  be  false  or  fraudulent,  the  commissioner  may, 
upon  discovery  thereof  at  any  time  within  three  years 
after  said  return  is  due,  make  return  upon  the  infor- 
mation obtained  in  the  manner  provided  in  the  act, 
and  the  tax  so  discovered  to  be  due,  together  with  the 
additional  tax  prescribed,  shall  be  assessed,  and  the 
amount  thereof  shall  be  paid  immediately  upon  notice 
and  demand. 

ART.  185 

Corporations  Subject  to  Normal  Tax. 
Art.  185.  Corporations  coming  within  the  terms  of 
this  law  are  subject  to  the  normal  tax  only;  that  is,  a 
tax  computed  at  a  level  rate  of  1  per  cent  of  their 
entire  net  income  regardless  of  the  amount  of  such  net 
income. 

ART.  186 

Examination  of  Books. 
Art.  186.  For  the  purpose  of  verifying  any  return, 
made  pursuant  to  this  act,  the  Commissioner  of  In- 
ternal Revenue  may,  by  any  duly  authorized  revenue 
agent  or  deputy  collector,  cause  the  books  of  such  cor- 
poration to  be  examined,  and  if  such  examination  dis- 
closes that  the  corporation  is  liable  to  tax  in  addition 
to  that  previously  assessed,  or  assessable,  the  same  shall 
be  assessed  and  shall  be  payable  immediately  upon 
notice  and  demand.  For  the  purpose  of  such  examina- 
tion, the  books  of  corporations  shall  be  open  to  the 
examining  officer,  or  shall  be  produced  for  this  pur- 
pose upon  summons  issued  by  any  properly  authorized 
officer. 


500 


MEMORANDA. 

For  explanation,  see  Page  354. 


561 


PART  4. 


ASSESSMENT   AND   COLLECTION. 


Taxes  due  to 
be  reported  on 
assessment 
lists. 


Names  to  be 
listed  in 
alphabetical 
ordftr 


Names  of 
withholding 
agents,  how  to 
be  listed. 


Art.  187.  All  income  taxes  found  to  be  due  will  be 
reported  by  collectors  on  their  assessment  lists,  Form 
23-A  in  the  case  of  corporations,  and  on  Form  23-B  in 
the  case  of  individuals  and  withholding  agents. 

Art.  188.  The  names  of  corporations  subject  to  tax 
will  be  listed  on  Form  23-A,  according  to  their  desig- 
nated class,  and  in  alphabetical  order  as  to  each  class. 
Names  of  individuals  subject  to  tax  will  be  listed  on 
Form  23-B,  alphabetically,  without  reference  to  class 
or  rate  of  tax.  Following  such  names  there  will  be 
listed,  alphabetically,  the  names  of  all  withholding  or 
licensed  collecting  agents,  and  the  aggregate  amount  of 
tax  withheld  by  each,  as  shown  by  the  annual  returns 
rendered  by  them.  An  assessment  against  each  person, 
firm  or  company,  from  whose  income  the  tax  has  been 
so  withheld,  will  be  unnecessary  in  such  cases. 


Assessment 
against 
withholding 
agents  to  be 
deferred  until 
annual  reports 
are  received. 


Art.  189.  To  avoid,  as  far  as  possible,  the  assessment 
of  taxes  as  to  which  claims  for  exemption  or  deduction 
may  be  filed  under  article  33,  collectors  will  delay  re- 
porting for  assessment  taxes  remaining  in  the  hands  of 
withholding  agents,  until  the  annual  reports  of  such 
agents,  which  must  be  filed  not  later  than  March  1  in 
each  year,  are  received. 


Returns,  when 
to  be  made. 


Art.  190.  Returns  of  withholding  agents  (including 
those  of  licensed  collecting  agents)  as  to  interest  pay- 
ments shall  be  made  monthly  and  returns  containing 
summaries  of  said  monthly  returns  shall  be  made  an- 
nually. (See  Part  2,  A,  B,  and  C.)  Returns  of  indi- 
viduals (see  Part  1),  corporations  (see  Part  3),  and 
withholding  agents,  withholding  tax  on  wages,  salaries, 
rents,  etc.  (see  Part  2,  D),  and  fiduciaries  acting  as  with- 
holding agents  (see  Part  2,  E)  shall  be  made  annually. 
All  monthly  returns  are  required  to  be  made  on  or  before 
the  20th  day  of  each  month  for  the  preceding  month. 
All  annual  returns  are  required  to  be  made  on  or  before 
the  1st  day  of  March  in  each  year,  except  in  the  case  of 
corporations  which  have  given  due  notice  of  the  termi- 
nation of  their  fiscal  year,  in  which,  cases  the  prescribed 
return  is  to  be  filed  within  60  days  after  the  termina- 
tion of  such  fiscal  year. 

562 


Art.  191.   Corporations  which  are  subject  to  the  spe- Colorations 
cial  excise  tax  on  income  received  during  the  months  in  returns  for 
of  January  and  February,  1913,  may,  under  the  pro-Jf^me^ubject 
visions  of  section  4,  paragraph  S,  of  the  act  of  October^ sp^ciai^ 
3,  1913,  include  such  income,  as  also  the  income  taxable 
under  said  act,  in  one  return  for  the  year  1913.    In  each 
such  case  one  assessment  only  will  be  made. 

Art.  192.   All  returns  of  income,  whether  of  individ-  income  to  be 
uals  or  corporations,  should  be  forwarded  with  the  ^itharded 
assessment  list  rendered.    Where  in  any  case  the  col- assessment 
lector  has  reason  to  believe  that  any  return  rendered 
is  false  or  fraudulent,  he  will  prepare  and  retain  in  hisg.|1u3|u°1^nt 
office  a  copy  of  such  return,  and  will  note  on  the  orig-  returns. 
inal  and  under  the  head  of  "  Remarks "  of  his  assess- 
ment list  the  words  "Investigation  pending."    He  will 
in  all  such  cases  make  his  investigation  in  the  manner 
prescribed  in  section  3173,  Revised  Statutes,  and  para- 
graph D  of  said  act  of  October  3,  1913;  and  he  will 
report  the  results  of  his  investigation  to  the  Commis- 
sioner of  Internal  Revenue,  referring  to  the  list,  folio, 
and  line  on  which  the  assessment  was  reported. 

Art.  193.  Monthly  and  annual  returns  of  withholding  certain 
agents  (including  those  of  licensed  agents)  as  to  inter- withholding 
est  payments  and  the  annual  returns  of  withholding^ent^to  be  in 
agents  withholding  tax  on  wages,  salaries,  etc.,  will  be 
made  in  duplicate,  one  copy  of  which  will  be  retained 
by  the  collector  in  his  office  and  one  copy  transmitted 
to  the  Commissioner  of  Internal  Revenue.    Annual  re- 
turns of  withholding  agents  (including  those  of  licensed 
agents)  as  to  interest  payments,  and  returns  of  with- 
holding agents  as  to  wages,  salaries,  etc.,  and  of  fidu- 
ciaries will  be  forwarded  by  the  collector  with  his  list, 
Form  23-B,  on  which  the  tax  withheld  is  reported  for 
assessment. 

Art.  194.  All  certificates  of  exemption  or  deductions, and^eturns  to 
filed  by  or  on  behalf  of  persons  subject  to  tax,  will  be  be  forwarded 
forwarded  by  the  collector  as  soon  as  received;  and  all  received?8 
such   certificates,   reports,    and   returns,   before   being: 
transmitted  to  the   commissioner,   will  have   stamped 
thereon  the  name  and  number  of  the  district;    will  be 
arranged  (unfolded)  in  alphabetical  order  and,  in  the 
case  of  corporations,  according  to  the  designated  class 
to  which  they  belong.    Care  should  be  taken  to  have  all 
such  papers,  when  so  arranged,  carefully  secured  by 
cord  or  other  fastening,  so  as  to  insure  their  receipt  in 
like  order.    This  is  especially  necessary  in  view  of  the 
large  number  of  like  papers  which  will  be  forwarded 
from  the  various  districts. 

503 


Reports  and 
returns  to  be 
at  once 
examined  by 
collectors. 


Assessment 
lists  to  be 
prepared 
and  forwarded 
without  delay. 


Art.  195.  In  order  that  assessment  lists  may  be 
promptly  prepared  and  forwarded,  collectors  will  sec 
that  ail  reports  and  returns  to  be  listed  are  examined 
as  received,  and  that  no  delay  occurs  in  this  branch  of 
the  work.  Special  diligence  in  this  matter  is  necessary, 
as  sufficient  time  must  be  given  for  the  reexamination 
of  such  returns  in  the  commissioner's  office  before  as- 
sessment is  made.  The  forwarding  of  assessment  lists, 
however,  should  in  no  case  be  delayed,  beyond  the 
time  allowed,  on  account  of  unexamined  returns,  as 
such  returns  can  be  examined  and  reported  on  a  sub- 
sequent list.  As  the  law  limits  the  time  in  which  these 
assessments  are  to  be  made  and  notice  of  assessment 
given,  collectors  will  assign  to  this  work  all  available 
force  in  their  respective  offices. 


Notice  to  be 
sent  to 
delinquents. 


Art.  196.  Where  the  required  returns  are  not  filed 
within  the  prescribed  time,  either  by  individuals  or 
corporations,  notice  on  Form  1045  should  in  each  case 
be  sent  to  the  delinquent.  (For  authorized  extension  of 
time,  see  articles  23  and  173.) 


Notice  of 


Demand  for 
tax,  penalty 
and  interest. 


Art.  197.  When  assessment  has  been  made,  collectors 
will,  on  receipt  of  their  returned  lists,  at  once  issue  per- 
liminary  notices  of  assessment  (Form  647),  and  where 
in  any  case  the  tax  assessed  is  not  paid  on  or  before  the 
30th  day  of  June,  or  in  case  of  corporations  designating 
their  own  fiscal  year,  withiin  120  days  following  the  date 
on  which  the  return  should  have  been  filed,  notice  and 
demand  (Form  17)  should  be  at  once  issued,  and  unless 
the  tax  in  such  case  is  paid  within  10  days  after  the 
service  of  such  notice,  general  demand  for  tax,  penalty, 
and  interest  (Form  21)  should  at  once  be  issued.  Imme- 
diate notice  and  demand  (Form  17)  will,  however,  be 
served  in  case  of  failure  to  file  the  required  return  within 
the  statutory  period. 


Notice  of 
assessment  to 
be  sent 
immediately 
on  return 
of  list. 


Art.  198.  Pending  assessment  on  returns  forwarded  t  o 
the  commissioner,  collectors  will  have  prepared  the  neces- 
sary  notices  of  assessment,  with  properly  addressed  en- 
velopes, to  be  used  immediately  on  return  of  their 
assessment  lists. 


payments,  Art.  199.  Statements  of  payment,  abatement,  and  out- 

and^oTitst^nding  standing  balances  of  such  assessed  taxes  will  be  rendered 
balances.  monthly  by  collectors  on  special  Form  325.    Such  state- 

ments will  be  prepared  in  the  same  manner  as  required 
in  the  case  of  assessments  on  the  regular  Form  23,  ex- 
cept that  in  Statement  III  the  outstanding  balances  on 
the   various   lists  will   be   reported   in   aggregate   only. 

564 


Items  constituting  such  balances,  however,  will  be  carded  baiaSifcesdtogt 
by  collectors,  but  only  as  to  such  as  were  assessed  during  carded^by 
the  month  for  which  the  return  is  rendered,  thus  avoid- c° 
ing  detailed  statements  each  month  of  outstanding  bal- 
ances  previously    reported.      A   separate   card    (Form 
1020)  will  be  used  for  each  such  item ;  and  all  cards  so 
prepared  each  month  should  be  arranged  alphabetically, 
and  so  forwarded  by  the  collector  with  his  report  on 
special  Form  325. 

W.  H.  Osborn, 
Commissioner  of  Internal  Revenue. 
Approved : 

W.  G.  McAdoo, 

Secretary  of  the  Treasury. 


U.   S.   EEVISBD   STATUTES. 

Sec.  3220. 

Refund  of  taxes,  penalties,  etc. 

The  Commissioner  of  Internal  Revenue,  subject  to 
regulations  prescribed  by  the  Secretary  of  the  Treasury, 
is  authorized,  on  appeal  to  him  made,  to  remit,  refund, 
and  pay  back  all  taxes  erroneously  or  illegally  assessed 
or  collected,  all  penalties  collected  without  authority,  and 
all  taxes  that  appear  to  be  unjustly  assessed  or  excessive 
in  amount,  or  in  any  manner  wrongfully  collected;  also 
to  repay  to  any  collector  or  deputy  collector  the  full 
amount  of  such  sums  of  money  as  may  be  recovered 
against  him  in  any  court  for  any  internal  taxes  col- 
lected by  him,  with  the  cost  and  expenses  of  suit;  also 
all  damages  and  costs  recovered  against  any  assessor, 
assistant  assessor,  collector,  deputy  collector,  or  inspec- 
tor, in  any  suit  brought  against  him  by  reason  of  any- 
thing done  in  the  due  performance  of  his  official  duty: 
Provided,  That  where  a  second  assessment  is  made  in 
case  of  a  list,  statement  or  return  which  in  the  opinion 
of  the  collector  or  deputy  collector  was  false  or  fraudu- 
lent, or  contained  any  understatement  or  undervalua- 
tion, such  assessment  shall  not  be  remitted,  nor  shall 
taxes  collected  under  such  assessment  be  refunded  or 
paid  back,  unless  it  is  proved  that  said  list,  statement, 
or  return  was  not  false  or  fraudulent  and  did  not  contain 
any  understatement  or  undervaluation. 


ADDENDA 


LETTER  TO  COLLECTORS. 

Treasury  Department, 
Office  of  Commissioner  of  Internal  Revenue, 

Washington,  January  18,  1915. 
To  Collectors  of  Internal  Revenue: 

There  follows  a  synopsis  of  the  requirements  in  the  use  of  Form 
1008,  Revised,  and  the  relation  between  that  Form  and  Form  1040, 
Revised. 

1.  A  person  who  has  had  income  tax  withheld  from  his  income  dur- 
ing the  year  1914  in  excess  of  his  total  liability  for  the  normal  tax 
should  file  Form  1008,  Revised,  with  either  the  withholding  agent  or 
the  Collector  of  Internal  Revenue  with  whom  the  withholding  agent's 
return  is  required  to  be  filed,  as  he  may  elect.  The  withholding  agent 
is  required  by  Treasury  Decision  1965  to  retain  the  amount  of  tax 
withheld  by  him  until  thirty  days  prior  to  March  1,  1915,  in  order  to 
refund  amounts  withheld  in  excess  of  the  taxpayer's  liability  for  the 
normal  tax,  should  a  proper  claim  be  filed  for  deductions  and  exemp- 
tions. He  is  required  by  law  to  file  his  return  on  or  before  March  1, 
1915,  and  may,  in  his  discretion,  file  his  return  on  any  date  between 
January  1  and  March  1.  If  he  has  filed  his  return  with  the  Collector, 
Form  1008,  Revised,  should  also  be  filed  with  the  Collector,  who  will 
notify  the  withholding  agent  and  authorize  him  to  make  a  refund- 
ment, changing  the  entry  on  the  return  and  filing  therewith  Form 
1008,  Revised,  as  a  voucher  for  the  refundment.  If,  however,  the  with- 
holding agent  has  not  filed  his  return,  and  a  claim  on  Form  1008, 
Revised,  is  filed  with  him,  he  will  make  the  proper  refundment  on  his 
own  responsibility,  filing  Form  1008,  Revised,  as  a  voucher  therefor. 
If  Form  1008,  Revised,  is  filed  with  the  Collector  under  these  circum- 
stances, he  will  authorize  the  withholding  agent  to  make  refundment. 
The  withholding  agent  is  not  required  by  law  to  forward  to  the  Col- 
lector the  tax  withheld  by  him  until  he  has  received  notice  of  assess- 
ment and  then,  like  the  tax  assessed  in  other  cases,  payment  should 
be  made  by  him  on  or  before  June  30  of  each  year. 

2.  Where  there  are  two  or  more  withholding  agents  whose  collec- 
tion districts  are  the  same,  Form  1008,  Revised,  should  be  filed  with 
the  Collector  of  that  district,  and  a  statement  setting  forth  the  names 
of  the  withholding  agents  and  the  amounts  withheld  by  each  should 
be  attached  to  the  Form.  The  Collector  will  then  notify  the  with- 
holding agents  of  the  exact  amount  that  may  be  refunded  by  each. 

3.  Where  excess  deductions  have  been  made  by  two  or  more  with- 
holding agents  in  different  collection  districts,  Form  1008,  Revised, 
may  be  filed  with  either  Collector,  as  the  individual  may  elect;  and 
there  should  be  attached  to  the  Form  a  complete  statement  setting 
forth  the  names  of  all  withholding  agents,  the  amounts  withheld  by 
each,  and  the  exact  amount  claimed  as  a  refundmentfrom  each.  The 
Collector  with  whom  the  statement  is  filed  will  accept  it  as  a  part  of 
Form  1008,  Revised,  and  as  subject  to  the  penalties  imposed  by  law, 
and  will  notify  the  withholding  agents,  whether  in  his  district  or 
other  districts,  to  make  the  refundment  claimed  from  each. 

566 


4.  It  is  to  be  noted  that  this  ruling  provides  for  the  execution  by 
the  taxpayer  of  only  one  Form  1008,  Revised,  covering  all  the  general 
deductions  and  exemptions  claimed  by  him  for  the  tax  year. 

5.  The  adjustment  of  total  tax  liability  by  the  use  of  Form  1008, 
Revised,  does  not,  necessarily,  mean  that  a  return  on  Form  1040,  Re- 
vised, is  not  required  under  the  law. 

A  return  of  annual  net  income  on  Form  1040,  Revised,  is  required  in 
all  cases  of  individual  incomes  subject  to  the  tax,  excepl  where  the  in- 
dividual's tax  liability  is  required  by  law  to  be  satisfied  at  the  source. 

In  other  words,  when  an  individual  is  liable  for  the  normal  tax, 
only,  and  his  entire  net  income  is  subject  to  withholding,  no  return 
on  Form  1040,  Revised,  is  required  to  be  filed.  If,  however,  his  net 
income  includes  any  item  that  is  not  subject  to  withholding,  a  return 
on  Form  1040,  Revised,  is  required  to  be  filed,  although  no  further  tax 
may  be  due,  and  whether  or  not  Form  1008,  Revised,  has  been  filed. 

Respectfully, 

W.  H.  OSBORN, 
Commissioner. 


5(57 


(T.  D.  2130.) 
CORPORATION   INCOME   TAX. 

Treasury  Decision  2005  not  applicable  to  returns  made  for  1909  to  1912, 
inclusive,  if  values  of  securities  were  treated  in  returns  for  that 
period  in  accordance  with  regulations  then  in  force,  in  which  case 
no  reopening  or  readjustment  of  securities  account  will  be 
required. 

Treasury  Department, 
Office  of  Commissioner  of  Internal   Revenue, 

Washington,  D.  C,  January  18,  1915. 
To  Collectors  of  Internal  Revenue,  Internal  Revenue  Agents  and 
Others  Concerned : 
Reference  is  made  to  Treasury  Decision  2005,  which  holds,  in  effect, 
that  neither  increase  nor  shrinkage  in  the  book  value  of  securities,  due 
to  market  fluctuations  or  otherwise,  is  to  be  taken  into  account  in 
making  returns  of  annual  net  income  as  required  by  Section  2,  Act  of 
October  3,  1913. 

Numerous  inquiries  have  been  made  as  to  whether  or  not  the  terms 
of  this  Treasury  Decision  are  applicable  to  returns  made  under  the 
special  excise  tax  law  (Section  38,  Act  of  August  5,  1909). 

Relative  to  this  it  is  held  that  if  returns  made  for  the  years  1909  to 
1912,  inclusive,  were  made  strictly  in  accord  with  the  regulations  then 
in  force,  that  is,  if  the  increase  in  the  book  values  of  securities  was 
returned  as  income  and  the  shrinkage  was  deducted  from  gross  in- 
come, as  the  regulations  then  required  and  permitted,  no  readjust- 
ment of  the  income,  in  so  far  as  it  is  affected  by  the  adjusted  values  of 
securities,  need  now  be  made.  The  return,  as  to  this  item,  will  be  ac- 
cepted as  correct  and  final  where  the  adjustment  was  made  in  the  or- 
dinary course  of  business  and  without  reference  to  the  special  excise 
tax  on  corporations. 

In  all  such  cases  wherein  the  book  values  of  the  securities  were 
taken  into  account  in  making  returns  for  the  years  1909  to  1912,  in- 
clusive, if  such  securities  have  been,  or  shall  be  hereafter,  sold  or 
otherwise  disposed  of,  the  gain  or  loss  resulting  from  such  sale  or  dis- 
posal will  be  determined  upon  the  basis  of  the  difference  between  the 
last  adjusted  value  (subsequent  to  January  1,  1909)  taken  into  ac- 
count in  making  the  return  and  the  amount  realized  for  the  securities 
when  disposed  of,  and  in  this  event  no  prorating  will  be  required  or 
permitted. 

If  for  the  purpose  of  the  special  excise  tax  no  adjustment  of  the 
value  of  securities  acquired  prior  to  January  1,  1909,  had  been  made 
or  taken  into  either  side  of  the  account  in  the  return  of  annual  net 
income  subsequent  to  January  1,  1909,  the  gain  or  loss  will  be  deter- 
mined in  accordance  with  the  rule  set  out  in  Treasury  Decision  2005; 
that  is,  the  gain  or  loss  will  be  determined  on  the  basis  of  the  differ- 
ence between  the  actual  cost  and  selling  price  and  prorated  according 
to  the  number  of  years  the  securities  were  held. 

Therefore,  if,  in  the  examination  of  the  books  of  corporations,  exam- 
ining officers  find  that  the  securities  account  was  treated  In  the  re- 
turns for  the  years  1909  to  1912,  inclusive,  in  accordance  with  the 
regulations  then  in  force,  no  reopening  or  readjustment  of  this  ac- 
count will  be  required.  In  such  case,  as  to  this  item,  the  returns  will 
be  considered  final  and  correct,  the  gain  or  loss  resulting  from  the 
disposal  thereafter  of  such  securities  to  be  determined  in  accordance 
with  the  instructions  hereinbefore  given. 

w.  h:  osborn, 

Approved:  Commissioner  of  Internal   Revenue. 

W.  G.  McADOO, 
Secretary  of  the  Treasury. 

566 


Ind. 


ex 

In  the  Index  especial  attention  has  been  given  to  the  following  subjects : 

CORPORATION  BONDS 

INDIVIDUAL  WITHHOLDING  AGENT 

BANK  OF  COLLECTING  AGENT 

Reference  to  these  heads  by  individuals  or  corporations  should  furnish  a 
satisfactory  index  to  all  information  concerning  income,  deductions  from 
income,  exemption,  and  the  withholding  and  collection  of  the  tax.  We  invite 
attention  to  the  indices  on  the  subjects  named  in  order  that  the  user  may 
immediately  become  familiar  with  the  easiest  method  of  reference. 

KEY  TO  THE  INDEX. 

Numbers  given  in  the  Index,  unless  otherwise  noted,  refer  to  Articles  of  the  Digest 
of  Regulations. 

Numbers  referring  to  pages  are  preceded  by  "p."  or  "pp." 

Letters    or    numbers    enclosed    in    parenthesis    (  )    refer    to    paragraphs    under    the 
Article  designated  by  the  number  preceding. 

N   following   an   Article  number   refers   to   notes    under   the   Article   designated   by 
number  preceding. 

A. 

Abatement :  Article. 

Claim  for,  of  tax,  may  be  filed  when,  by  whom 33c 

Illegal    collection    of    tax — court    decision 26 

Nothing  in  law  shall  release  a  taxable  person,  etc 26  &  27 

Actors  and  Actresses: 

Depreciation  of  stage  costumes,  deductible,  when 6  (6)  N 

Absence: 

When  individual  is  unable  to  make  return  by  reason  of 17 

Extension  of  time  for  filing  returns  by  reason  of 2."> 

Individuals  who  may  not  receive  notice  of  assessment  by  reason  of 23 

In  foreign  countries — penalty  for  failure  to  pay  tax 33  (b)  N 

From  United  States — who  may  make  claim  for  deductions 33  (b) 

Additional  Tax — See  also   Super  Tax: 

Nonresident  alien  subject  to,  computed  same  as  for  citizens  of  United 

States   : 8 

Regulations   for 2 

Additions  and  Betterments: 

Constituting  increase  in  capital  investment  not  deductible  expense  of 
corporation    118 

Adjustment: 

Assessment  of  tax  withheld,  withholding  agent  to  be  notified 33c 

Administrator — See  also  "Guardian,"  "Agent"  and  "Fiduciary." 

Is  fiduciary  when , 70 

Make  return  of  income  deceased  person,  when  and  what 17 

Required  to  withhold  tax  on  income,  when 29 

To  make   return,   when .• 17 

Affidavit : 

Verifying  return  of  income,  before  whom  made 22 

Who   may   administer — see   "Oaths" 22  N 

Agent : 

Authorized,  may  sign  for  principal,  certificate  of  ownership  of  bond 43 

Compensated   on   commission   basis,   income   of,   not   subject   to   with- 
holding at  source 32 

Return    made    by,    when 17 

Signing  for   principal,   certificate   of  ownership   of  bonds,   to   furnish 
evidence  of  authority  to  act,  when 43 


AGENT— Continued 

Artlcie 

Or  representative  of  non-resident  aliens  to  withhold  and   pay  tax 8 

Of  non-resident  alien — notes  of  failure  to  file  return,  to  be  served  on  18 
Of  non-resident  alien — may  file  evidence  of  non-liability  to  make  re- 
turn for 18 

Required   to   withhold   tax  on   income   when 29 

Definition   of 30  N 

Real  estate— not  a  withholding  agent 63  N 

Real  estate — does  not  act  for  debtor 63  N 

Return    of    made    by,    when 17 

Word  "Agent"  does  not  denote  "Fiduciary" 70 

Is   fiduciary,   when 70 

Agricultural   Organizations: 
See  Exempt  Organizations. 

Exempt  from    tux 87 

Definition    of ST  N 

Owning  plantations  and  disposing  of  products,  taxable 87  N 

Aliens — Non-resident : 

American  woman   marrying  foreigner  cannot  claim  exemption  under 

Par.    C 8  N 

Certificates  of  ownership  may  be  filed  by  responsible  banks  or  bankers 

in  behalf  of  non-resident  alien  on  Form  1060 46 

Certificates  of  ownership  must  accompany  coupons  or  interest  order  of 

non-resident  aliens — Form  1004  Revised  or  Form  1060 46 

Coupons  or  interest  orders  on  bonds  of  non-resident  aliens  must  be 
accompanied  by  Certificate  Form  1004  Revised,  or  Certificate  Form 
10G0   may   be   signed    in    behalf   of  the   owner   by    a   reputable   bank 

or  banker 46 

Certificate    filed    by    non-resident    alien    on    income    other    than    bond 

interest    and    dividends 46 

Certificates — 

Bonds,  Mortgages,   etc. : 

Ownership   certificate   accompaning  coupons,   to   be  executed   by 

non-resident   alien    Form  1004  R.,  p.  228 

Ownership   certificate   accompaning   coupons   to   be   executed    by 

bankers  in  behalf  of  non-resident  alien Form  1060,  p.  234 

Dividends  on   Stock  of  Foreign   Corporation   Exemption   Certifi- 
cate   to    be    executed    by    banker    in    behalf    of    non-resid 

alien    Form  1071,  p.  267 

Corporation — See  Foreign  Corporation. 

Definition   of— see   T.    D.   1977 p.  233 

Duty  authorized  agent  of,  to  make  return  for  and  pay  tax,  when 8 

Exemption  from  tax  under  Paragraph  C  not  allowed 8 

Foreign  Partnerships  or  Firms  all   members  of  which  are  foreigners 

may  file  certificates  claiming  exemption,  when 48 

Foreign    Partnerships — composed    of   both   foreigners    and    citizens    of 

the  U.  S. — may  file  certificate  claiming  exemption,  how,  when 49 

Foreign  organizations  engaged  in  business  in  the  U.  S.  are  subject  to 

the  normal   tax   on   what 46 

Guardian  or  agent  may  tile  evidence  of  non-liability  to  make  return  for  18 

Income  of,  what  to  be  included  in  return  of 8 

Income  subject  to  normal  tax 8 

Must  file  certificate  to  prevent  withholding  at  source 8 

Naturalized    citizens    residing    abroad    against    whom    presumption    of 

ex  patriotism   has   arisen.      See   "Letter   of   Secretary    Bryan" p.  286 

Net  income  of,   defined 1 1 8 

Notice  of  failure  to  tile  return  to  be  filed  for,  to  be  served  on  guardian 

or  agent 18 

No  taxes  on  interest  from  bonds  and  dividends  on  stock  of  domestic 

corporations  owned   by SN 

Normal   t:ix   on   entire  net  income  of 8 

No  taxes  on  interest  on  bonds  or  dividends  from  stock  owned  by i         8  N 

Normal  tax  on 1 

Not   allowed    exemption    under    paragraph    C 3  (c)  «Xr  S 

Refund,  claim  for  deduction Form  1008  Revised,  pp.  290 

Return  of: 

Form  of  Annual   Return  (1040  Revised) Pages  338-345 

Guardian  of  may  file  evidence  of  non-liability  to  make 18 

Notice  of  failure  to  make  to  be  served  on  guardian  or  agent 18 

To  be  made  by  the  responsible  beads,  agents  or  representatives  in 
Charge  Of  property  owned  or  business  carried  on  by  non-resident 

aliens  in  the  U.  S 8 

Who   shall   make g 

Subject  to  additional    or  supertax g 

Subject   to    additional    tax g 

Taxable  on  entire   net   income   in    United    States      1 

Tax  on  coupons  or  registered  Interest   payable  In  United  states  to  be 

withheld  unless  certificate  of  exemption  tiled 46 

U.  S.  Citizen  residing  abroad  against  whom  presumption  of  expatriation 

has  arisen  8  N 

570 


ALIENS— Continued 


Article 


Aliens — Resident: 

Certificate  of  ownership  of  bond,  when  and  how  to  be  used,  and  to 

specify   what --  4- 

Income    of,    from    coupon'  or    registered    interest,    tax    on    to    be 

deducted  and  withheld  except  to  extent  exemption  claimed 44 

Taxable  on  net  income  less  exemption  and  deductions 1 

Alimony: 

Must  be  accounted  for  as  income 4  jn 

Not    an    allowable    deduction 4  N 

Person  paying  required  to  withhold  and  pay  tax 4  N 

Amendments:  1ftnino 

Sections  3167,  3172,  3173,  3170,  Rev.   Stat VV-  190-19o 

Amortization: 

Depreciation  for,  corporation  allowed,  when,  how 1^5 

Annual  Returns — See  "Returns". 
Annuity: 

Money  paid  for  (returned)  not  to  be  included  in  gross  income 5  (b) 

Taxable,  how  treated 63 

Answer  : 

uf  guardian,  etc.,  to  notice  for  failure  to  make  return,  may  show  what  18 

Appeal: 

Decision  of  collector — 

All  papers  of,  to  Commissioner  of  Internal   Revenue;   dissatisfied 

may   submit  case ;  furnish   sworn  testimony   to  prove  facts p.  178 

Application : 

For  license — 

For  collection  foreign  items 5o 

To   collect  foreign   items   to   be   made   through    principal   office   to 

collector  of  district  in  which  located  principal  office 57 

Applied  Surrender  Values  and  Consideration: 
For  supplementary  contracts — 

To  be  both  added  and  deducted  in  return  life  insurance  company  102 

Army  Officers  and  Men: 

See  "Enlisted  Men  of  United  States". 
Arrangement  and  Packing: 

Certificates,  reports,  returns,  for  forwarding  by  collector 194 

Assessment : 

Insurance  company,  reserve  of,  definition 147d 

Of  tax  to  be  made  by  Commissioner  of  Internal  Revenue 25 

Against  income  withheld  at  source,  where  to  be  made 38 

Against    withholding    agent 36 

Form   and   notice   of 197 

List    rendered,    collector    to   forward 192 

Amount  of,  when  persons  shall  be  notified p.  178 

Basis  of  calendar  year  or  fiscal  year,  time  to  be  made 177 

Failure  to  pay,  extra  tax  on p.  178 

Limitation    on    time    of    making p.  178 

Made   by   Commissioner   of   Internal    Revenue ■ p.  178 

Of  tax  against  withholding  agent,  deferred  until  agent  makes  return  189 

On  stock  not  deductible 6(8) 

Penalty  and  interest  for  nonpayment  of,  exceptions p.  178 

Persons   notified   of  amount   of p.  178 

When   to   be   paid p.  178 

Individuals  absent  in  foreign  countries  who  may  not  receive  notice  of         25  N 
Assessment  Districts: 

Created   under  laws  of  States  for  public  purposes 37 

Held  to  be  subdivisions  of  State 37 

Taxes  paid  pursuant  to  assessments  levied  by,  not  allowable   deduc- 
tions  from   gross   income 37 

Assets,   Capital: 

Corporation — See  also  "Corporation". 

Change  in  book  value  by  annual  adjustment  on  books,  that  value 

to  be  used  in  making  annual  returns,  net  income 111 

Change  in  book  value  by  reappraisal,  gain  or  loss,  how  computed  111 

Profit  or  loss  on  sale  of,  how  determined 110 

Loss  from  sale  of,  how  ascertained 128 

Sale  of  corporation,  net  income  from,  how  determined 109 

Sale  of  by  corporation,  income  froih,  how  determined 108 

Shrinkage  in  book  value  of  corporation,  how  treated 134 

Income  derived  from  sale  of — 

How    determined 108 

Association : 

Charitable,    exemption,    when 87 

Making  false  return,  penalty  for p.  isi 

Operating  under  "Lodge  system,"   defined 89 

Refusing  to  make  return,  penalty  for p.  jgi 

Religious,     exemption 87 

Return    of,    when    available p.  139 

Scientific,    exemption,    when 87 

Taxes  to  be  assessed  by  Commissioner  of  Internal  Revenue,  when,  sec- 
tion   3176 p.  192 

571 


ASSOCIATION— Continued 

Article 

To  make  list  or  return  of  taxes,  how,  when,  section  3173 pp.  191-192 

Building  and  Loan  exempt,  when 87  &  N 

Fruit  growers,  exempt,  when—,. 87  N 

Authors : 

Earnings   of,   indefinite   or   irregular,   not   subject   to   withholding   at 
source    23 

1$. 

Bad  Debts: 

Corporation,    deductible,    when 125 

Collected,  are  income 125 

Individual — 

When    ascertained    to    be    and    charged    off    within    year    deduct- 
ible     Art.  5,  Par.  5 

Default  on  instalment  for  real  estate,  deductible  as,  See  "Real  Estate"  Art.  4  N 
Balances : 

Outstanding  tax,  how  treated 199 

Bank  and  Collecting  Agent: 

(See  also  "Withholding  Agent.") 
Bonds — 

Of  exempt  organizations — Certificate  of  ownership   to   accompany 

coupons  of 37 

Registered — 

Certificate  of  ownership  not  required  to  accompany  checks  for 

interest  on 42 

Of  exempt  organizations,  how  treated 37 

Certificate  of  Ownership — 

To  accompany  coupons  from  bonds  of  exempt  organizations 37 

May  be  detached  and  forwarded  to  commissioner,  when 40 

Identity  of  persons  signing  to  be  established 4:: 

Not  required  to  accompany  checks  for  registered  interest 42 

Of  firms  and  organizations  exempt  from  having  tax  withheld 60 

Coupons — 

Banks,  etc.,  receiving,  for  collection,  duties  of 40 

Unaccompanied  by  certificate  of  owners,  certificate  to   be  at- 
tached      52 

Foreign  coupons,  checks,  bills  of  exchange,  etc 54 

Foreign  Items — 

License  required  for  collection  of 54 

Bond  may  be  required  of  licensee 56 

When  in  form  of  check  or  bill  of  exchange L 58 

Statement  to  be  appended  to  coupons,  checks,  etc 58 

Licensee  to  furnish  list  of  taxes  deducted 59 

Monthly  and  annual  list  returns 59  &  61 

License  to  keep   records 62 

Record  to  be  kept  by,  what  it  includes 40 

Substitute  Certificates — 

Forms   of   231, 232 

Use  of  extended  to  foreign  banks,  bankers,  etc 40 

Banks: 

See  also  "Corporation". 

Allowing  interest  on  deposits,  not  to  withhold  tax  from 67 

Deductible  status  of  taxes  assessed  against  stockholder,  paid  by 154 

Interest  paid  on  deposits  allowable  deduction 149  &  113  (3) 

Taking  coupons  for   collection,   originated   or   payable   in   the  United 

States,    duty    of 39 

Mutual  Savings — 

Having  capital  stock  represented  by  shares,  exempt  from  tax 87 

Bank  Guarantee  Fund — expense  of  deductible,  when 113  (3) 

Gross  income  of,  how  determined 90 

Beneficiaries : 

Exemption  from  tax  may  be  claimed  by,  from  fiduciaries 74 

Interest    received    by,   from    insurance    companies    on    insurance    con- 
tract, part  of  gross  income 5 

Amount  of  net  income  of  liable  to  tax 74 

Bequest : 

Of  property — 

Income  from  part  of  gross  Income 4 

Value  of,  not  Income 4 

Legacy — Held  to  be  vested  rather  than  contingent 4  (d)  N 

Board  of  Education: 

Withholding   agent,    when 63  n 

Boards  of  Trade: 

Exempt,    when 87 

Bond: 

May  be  required  of  licensee  for  collection  of  foreign  items 56 

Premium  paid  on  by  employees,  required  to  furnish  same,  deductible         6  N 

572 


Article 
Bonds,  Etc.: 

Certificates  of  Ownership  and  Exemption — 

Coupon  Bonds — see  "Coupons  Bonds"  below. 

Exemption    certificate    of   non-resident   aliens    may    be    signed    In- 
responsible   banks,   etc 46-N 

Exemption  certificate  to  be  filed  by  firms  and  organizations 45 

Foreign  firms  and  partnerships  composed  of  both  foreigners  and 

citizens  of  the  U.  S.    Certificate  of  ownership  to  show  what 49 

Foreign  firms  and  partnerships  to  file,  when 48 

Identity  of  persons  signing  to  be  established 43 

May  be  signed  by  duly  authorized  agent 43 

Registered  bonds — see  "Registered  Bonds"  below. 

To   specifiy   what  42 

Containing  tax-free  covenant  clause 37-N 

Coupons — 

Certificates  of  ownership  must  accompany,  when  presented  for  col- 
lection  : 42 

Exchanged  for  funding  purposes  construed  as  income  subject  to  tax         37-N 
License  required  for  purchase  or  collection  of  foreign  coupons,  etc. 

See  Part  C 

Substitute  certificates  of  ownership,  when  permitted 40 

Equipment  trust  agreements — tax  on  interest  to  be  withheld 37 

Equipment    trust    notes    and    temporary    receipts    subject    to    with- 
holding             37-N 

Exempt  from  Taxation — 

Bonds  of  domestic  corporations  owned  by  non-resident  aliens 37 

Government,   State  and   political  subdivisions 37 

Municipal,   district  and   local 37 

Political   subdivisions   of   State 37 

Exempt  Organisations — Bonds  of —  Wf*~ 

For  other  information,  see  "Exempt  Organizations" 37-N 

Tax  on  interest  not  subject  to  withholding,  but  holder  must  file 

certificate  of  ownership 37-N 

Foreign  Corporations — Bonds  of — 

Income  from  coupons  and  checks  of,  see  Part  C 

Interest  on,  subject  to  tax 4  (c)  N 

License  required  for  purchase  or  collection  of  coupons,  etc 54 

To  be  treated  as  domestic  bonds,  when  accompanied  by  certificates 

of  owners 39-N 

Foreign  coupons,  checks,  bills  of  exchange,  etc 54 

Interest  payable  to  corporations  and  firms  not  to  be  deducted,  when 45 

Issued  in  foreign  countries — Interest  on  subject  to  tax 52 

License  required  for  purchase  or  collection  of  foreign  coupons,  etc 54 

Mortgage — 

Property  subject  to,  purchased  by  corporation  from  an  individual—         37-N 

Municipal,  district  and  local  bonds  exempt 37 

Notes — 

Issued  by  corporation  for  terms  of  years — Tax  on  subject  to  with- 
holding.    See  "Investment  Certificates" 37-N 

Promissory,  issued  by  corporation,  not  obligations  similar  to  bonds         37-N 

Of  domestic  corporations  owned  by  non-resident  aliens,  exempt 37 

Of  domestic  corporations   owned   by   non-resident   aliens — interest   on 

not  taxable 8-N-41-N 

Of  political  subdivision  of  State,  exempt 37 

Of  State,  Government,  and  political  subdivisions  of,  exempt 37 

Promissory  note  of  corporation  not  obligation  similar  to  bonds 37-N 

Public  Utility   bonds   acquired   by  municipality   not  an  obligation   of 

municipality   37-N 

Purchased   subject   to   mortgage   purchased    by   corporation   from   an 

individual    37-N 

Receivers  certificates — Tax  on  interest  from  to  be  withheld 37 

Registered  Bonds — 

Certificates  of  ownership  of  not  required  to  accompany  interest  or- 
ders or  checks  presented  for  collection,  but  claim  for  exemption 

must  be  filed  with  debtor 39  &  42 

Certificates  of  ownership  to  be  filed  with  payer  of  interest 42 

Certificates  of  ownership,  who  may  file 41 

Debtor  to  endorse  checks  for  interest,    showing  whether   tax   de- 
ducted or  exemption  claimed 42 

Normal  tax  on  to  be  deducted  before  payment  of  interest 41  &  44 

Retired  within  interest  period 39 

Scrip  certificates  issued  in  lieu  of  dividends  not  obligation  similar  to 

bonds   37-N 

Similar  obligations — definition  of 37 

Tax  on  includes  equipment  trust  agreements  and  receivers'  certificates  37 

Tax  on  interest  to  be  withheld  by  debtor 37 

Tax  to  be  withheld  although  income  from  does  not  amount  to  $3,000 37 

Bond  and  Mortgages: 

Interest  on  subject  to  deduction,  when 37 

573 


Bookkeeping : 

Article 

Requisites    of,    for    verifying    return 182 

Books: 

Of  corporation  subject  to  examination,  by  whom,  for  what,  result 186 

Book  Value: 

Capital  assets — See  also  "Assets"  and  "Corporation". 

Change  in,  by  reappraisal,   gain  or  loss,   how  computed 108  to  111 

Shrinkage   in,    how    treated 134 

Building: 

Removal  of,  corporation,  not  deductible  loss,  why 127 

Building  and  I_oan  Association: 

Domestic,  defined  ;  what  necessary  to  exempt  from  tax 87 

Domestic — definition   of — mutuality   essential 87  N 

Words  "no  part  of  net  income  of  which  inures  to  benefit  of  any  private 

stockholder  or  individual"   does  not  apply  to 87  N 

Issuance  of  prepaid  stock  by   does  not  destroy  mutuality — see  T.    1>. 

1941 -,_ p.  202 

Business : 

Lawful,    carried   on   for   gain   or   profit;    income   from    part   of   gross 
income    4 

C. 

Calendar   Year: 

To  govern  when  notice  of  corporation  fiscal  year  not  given  in  time —  105 

Capital  Assets: 

See  "Assets". 
Capital  of  Corporation: 

Defined    95 

Capital  Investment: 

Corporation,    increased    by   addition   and    betterments,    not    deductible 

expense    118 

Cemetery   Company: 

Exempt  from  tax,  when 87  &  90 

Organized  and  operated  for  mutual  benefit  of  members,  exempt—  90 

Certificate : 

Accompanying  foreign  items,  disposition  of,  by  licensee 61 

Claiming   deductions   account   partnership   expense,   what   and   how —  47 

Claiming  exemption   and   deductions   to   accompany   annual   return   of 

withholding    agents 69 

Claiming  exemption — 

As  nonresident  alien  must  be  filed  or  tax  withheld  from  payment 

coupon  or  registered  interest 46 

From  tax  on  registered  interest  to  be  filed  at  least  five  days  before 

due    date    of    interest 44 

For  nonresident  alien,  may  be  executed  by  whom 46 

Exemption   or   deduction,   dispostion   of 104 

Forms  of  various,  classified  according  to  usage pp.  lis*  &  _ss 

Form  of,  for  foreign  partnership  composed  of  nonresident  aliens,  resi- 
dent aliens,  and  citizens  of  United  States 49 

Of  deposit,  interest  on,  part  of  gross  income 4 

Of   ownership    accompanying   coupons    or   registered    orders,    duty    of 

collecting    agency 39 

Of  ownership — 

By   corporations  organized   in  United   States  claiming  exemption, 

form  of,  and  how  executed 45 

Disposition   of,   by   collecting   agent 40 

Of  persons  not  subject  to  having  tax  withheld,   dispostlon  of,  by 

debtors  and  withholding  agent 51 

Not  accompanying  coupons  or  interest  orders,  tax  to  be  withheld 

by  first  collecting  agent,  disposition  of  certificate S9 

Of  bonds— 

By   citizen   or   resident  of  United   States,   when   and    how    to    be 

used    and    to    specify    what 42 

By  corporations  organized  in  United  States  and  certain  exempt, 

must  be   tiled   to   prevent    withholding 4Q 

May  be  signed  by  authorized  agents 43 

Of   corporations,   etc.,    organized    or    doing    business   in    United 

States,   form   of,   for  foreign    partnership 48 

Signed    by    agent,    when    verified    by    first    withholding    agent, 

etc.,  good  in  all  other  hands 43 

Who   to   make   and    for    what » 39 

Substitute  by  collecting  agent,  how  to  be  treated  by  debtors  or  with- 
holding agent _ 51 

That  of  collecting  agent  substituted   when 40 

Revised  list  of  certificates  of  exemption,  ownership  and  otherwise.-pp.  28TA  288 

Certificates,   Reports.   Keturns: 

Arrangement  and  packing  of,  for  forwarding  by  collector 194 

Chambers  of  Commerce: 

Bxempl .    when S7 

To! 


Article 
Change  in  Book  Value: 

See  "Book  Value"  and  "Assets". 
Charitable  Organizations: 

Exempt  from  tax,  when 87 

Donations  by  corporations  to,  deductible  from  gross  income,  when 121  &  N 

Citizen : 

See  also  "Individual". 

Income  of,  from  coupon  or  registered  interest,  tax  to  be  withheld  on 

except  to  extent  exemption  claimed 44 

Of  United  States,  certificate  of  ownership  of  bond,  when  and  how  to 

be  used  and  to  specify  what 42 

Taxable  on  net  income  less  exemption  and  deductions 1 

Naturalized,  who  has  brought  upon  himself  presumption  <>i  expatria- 
tion!, by  reason  of  protiacted  residence  abroad — see  "Letter  of  Sec- 
retary   Bryan" p.  235 

City : 

Income  from  obligations  of  exempt— see  "State". 
Civic  Leagues: 

Exempt,    when 87 

Organizations — 

Exempt,    when '. 87 

Claim : 

For  exemption — 

By  whom,  for  what,  who  to  file 41 

Paragraph  C,  in  connection  with  foreign  item,  allowed  to  person 

entitled    to 60 

Penalty   for   false p.  179 

What   must   show   and    how   executed 42 

When,  and  when  to  be  filed p.  179 

Insurance  company,  amount  actually  paid  under  policy  contract,  con- 
stitute deduction 147c 

Clubs: 

Not  always  exempt,  even  when  not  operated  for  profit 89 

Claim — 

For  deductions  under  Paragraph  B 33  (b) 

(See  also  letter  to  Collectors  dated  Jan.  15,  1914,  on  Page  500.) 
Collateral : 

Corporation — 

Interest  on  indebtedness  secured  by Art.  113  (3) 

Collecting  Agency: 
See  also  "Banks". 
Agent — 

In  foreign  countries  to  have  privilege  of  substituting  certificates 

for    original    ownership 40 

Record  to  be  kept  by,  what 40 

Should    require    person    presenting    coupon    to  establish  identity  _  52 

First    receiving    coupons,    not    accompanied    by    certificate    of    owner, 

duties    of 52 

Certificates    to    be    filed    by p.  2S7 

Collection : 

Of  tax  from  withholding  agent 36 

Illegal  collection  of  tax — see  T.   D.   1983 p.  237 

COLLECTOR. 
Check  all  items  under  this  head. 


Collector : 

Advanced   preparation  notice  of  assessment   by,  particulars 198 

Arrangement  and   packing   certificates,   reports,   returns 194 

Authority   of,  in   any   district,   section   3173 p.  192 

Claim  for  deductions  may  be  filed  with,  when 33c 

Dispatch  of  business  in  offices  of 195 

Duty  of— 

As  to  returns  withholding  agents 193 

If  persons  refuse  or  neglect  to  render  return p.  192 

In  absence  from  home  or  place  of  business p.  191 

In  case  of  refusal  or  neglect  of  liable  individual  to  make  return 21 

In  case  of  undervaluation  or  understatement p.  192 

In  forwarding — 

Annual  individual  return  to  commissioner p.  192 

Return  and  assessment  list  and  investigation  of  return 192 

In  making  returns  for  persons  failing  to  do  so p.  191 

Upon  receiving  notice  of  fiscal  year  of  corporation 167 

Failure  to  find  person  at  home,  duty  of,  section  3173 p.  191 

Legality  of  returns  made  by,  section  3176 p.  192 

Make    return   for   individual,    when 189 

May  enter  any  collection  district  to  examine  witnesses,  when,  section 

3173    p.  192 


COLLECTOR— Continued 

Article 

Method  of  handling  and  accounting  for  outstanding  tax  balances 100 

Must  require  returns  to  be  verified  bv  oath  or  affirmation 22 

Not  satisfied  with  responsibility,  applicant  for  license  to  collect  for- 
eign items,  may  require  bond 58 

Of  what  district,  Form  1008  to  be  filed 83b 

Order  of  arrangement,  names  in  list  made  by lVs 

Shall  make  report  of  false  or  fraudulent  returns,  how,  section  3176 —  p.  192 

Shall  require  deputies  to  ascertain  persons  liable  to  tax,  section  3172__  p.  190 

Sickness  or  absence,  may  extend  time  for  making  returns,  section  3170  p.  192 

Tax  statement  rendered  monthly,  particulars  of 199 

Tax  withheld  to  be  paid  to 34 

To  adjust  in  assessment  in  case  of  withholding,  when 33c 

To  furnish  withholding  agent  with  statement  of  claim  for  dedections 

filed    with    collector 33c 

To  obtain  testimony,  may  summon  whom,  section  3173 p.  192 

To  report  tax  due,  how,  forms  for 187 

To  send  notice  of  what,  form  of  and  time  to  serve 197 

To  send  notice  to  delinquent  and  file  return 196 

To  which,  application  of  principal  office  made  for  license  for  branch 

office,  to  serve  collector  in  district  of  branch  with  what 57 

When  claim  for  deductions,  paragraph  B,  to  be  filed  with 33b 

Commissioner  of  Internal  Revenue: 

Annual  return  of  individual  to  be  forwarded  to,  how 24 

Assessments    made    by p.  17S 

Facsimile   of  signature   on   licenses   for  collecting  foreign    items   fur- 
nished  collectors 55 

Shall  add  50  per  cent  or  100  per  cent  to  tax,  when p.  192 

Shall  assess  taxes,  when,  section  3176 p.  192 

To  impose  additional  tax,  when p.  178 

To  issue  licenses  for  collection  of  foreign  items  through  collectors 54 

To  make  assessment  of  taxes ;  give  notice  of.  when ;  duty  of  in  case 

nj^lect  or  refusal  to  make  return  or  of  false  or  fraudulent  return 25 

Commissions : 

See  also  "Compensation". 
Company : 

Foreign,  normal  tax  on  business  transacted  in  United  States pp.  181-1S2 

Joint-stock,  etc.,  withholding  normal  tax  on  behalf  of  others p.  179 

Mutual   cemetery,   exempt  when 87 

Taxes  to  be  assessed  by  commissioner,  when,  section  3176 p.  192 

Compensation : 

Christmas  gifts  not  income  within  meaning  of  the  law 5  N 

Commissions  paid  salesmen  should  be  accounted  for  as  income j  4  N 

Commissions  on  renewal  premiums  for  life  insurance,  are  income j  4  N 

Commissions  and  salary  when  amount  of  commissions  not  determin- 
able— When  tax  should  be  withheld 4  N 

1    Fees — for  marriage,  funerals,  masses,  baptisms,  etc.,  subject  to  tax 4  (N) 

For  personal  service,  part  of  gross  income 4 

For  service  on  an  annual,  monthly  or  weekly  basis J  4  N 

Living  quarters  furnished  as  part  of,  value  of  taxable  income 4  (N) 

Mileage,  what  to  be  returned  as  income Zi 4  (X) 

Of  Government  officers  and  employees T.  D.  2079,  p.  273 

Officers  and  employees  of  State  or  political  subdivision  of,  not  to  be 

included  in  gross  income 5 

Of  Judges  of  Supreme  Court,  exempt  when j  5  (d)  N 

Of  President  of  U.  S.  exempt  when 5  (d)  N 

Of  public  school  teachers,  exempt .".  mi 

Pensions  paid  by  U.  S.  subject  to  tax 4 

Per  diem  allowances  of  officers  and  enlisted  men 4  iXi 

Paid  to  employees  of  corporation  on  basis  of  stockholdings  not  de- 
ductible,   why 119 

Paid  to  salesmen  in  stock  of  corporation,  deductible  expense,  when 117 

Present  President  and  judges  of  court  exempt  from  tax.  what 5 

Profits  distributed  to  employees  taxable  and  subject  to  withholding--  4  (N) 
Public-school  teachers  of  State  or  political  subdivision  of,  not  part  of 

gross  income 5 

Salary  of  officer  or  employee  paid  for  limited  period  after  his  death  to 

widow  exempt  from  tax .~  N 

Salaries  paid  by  foreign  organisations  exempt   from  income  tax 

cipient  must  make  return  of 4  X 

Salaries  paid  by  exempt  organisations  subject  to  tax 68 

Salaries — monthly  or  periodical,  tn\  to  be  withheld  when 68 

Salary    ami    Commissions— withholding    requirements    In    connection 

with  65  N 

Salary — where  employee  paid   sum  equal   to  two  years,  on   condition 

that  he  surrender  his  contracl  \'<>r  employment 65  N 

Where  employee  is  paid  a  sum  equal  t<>  two  years'  salary  <>n  condition 

that  he  surrender  his  contract  of  employment J  4  (N) 

Consideration  for  Supplementary  Contracts  and  Applied  Surrender  Values: 

To  be  both  iidded  and  deducted  in  return  life  insurance  companies 102 

57.; 


Article 
Construction  of  Law: 

As  to  withholding  at  source,  liberal, p.  21 

Contract : 

Affecting  liability  of  a  taxable  person  as  such,  to  be  invalid 27 

Copies  of  Returns: 

How  obtained,  for  what  purpose ITS,  180 

Corporation : 

Assessment  and  payment  of  taxes 177 

Assessment — Omjtted  taxes  may  be  assessed 184 

Assets — Change  in  book  value  of Ill 

Bank — 

Tax  on  capital  stock  of 154 

Books — Examination  of  for  verifying  return 186 

Bookkeeping — No  particular  system  required 182 

Bonds — 

Amortization  of — See  "Deductions"  below. 
See  new  T.  D. 

Income  from — See  "Income"  below. 
Buildings — ■ 

Cost  of  on  leased  ground 115-123 

Losses  due  to  removal  of 127 

Building  and  Loan  Associations — 

Exempt   =  •  •  .  87 

Clubs — Not  always  exempt 87 

Cemetery  Companies — Organized  for  mutual  benefit,   exempt 90 

Capital  stock  of — 

What  constitutes  paid-up  capital  stock 95 

Capital  of  corporation,  what 95 

Dairies — 

Co-operative,  subject  to  tax 93 

Engaged  in  more  than  one  class  of  business 112 

Exempt  from  Tax— 

Which 87 

Must  establish  right  to  exemption 87 

Interest,  dividends  and  salaries  paid  by 87 

Liquidation — Corporations  going  into  to  prepare  final  return 83 

Limited  partnerships — Held  to  be  corporations 86 

Mutual  savings  banks,   exempt,  when 87 

Mutual  telephone — Not  exempt  from  tax 80 

Foreign  Corporation — 

Having  branch  offices  in  U.  S.  to  designate  principal  office 83 

Deductions  from  income,   what 157-158 

Subject  to,  on  what 157 

Tax  on,   how  computed 159 

Foreign  steamship  company — General  expense  of — how  treated  116 

Limited  partnerships  held  to  be  corporation 86 

Fiscal  year,   how  established 165 

Insurance  Co. 

Applied  surrender  values  and  consideration  for  supplementary 

contracts,  deductible,  when 102 

Addition  to  reserves  required  by  law — How  determined 147  (c) 

Assessment  ccmpany  reserves 147  (d) 

Gross  income  of,  how  determined 97-101 

Life — Deferred  dividends  deductible,   when 100 

Losses,  depreciation,  payments  on  policy  contracts 147 

Losses  incurred  and  unpaid  not  deductible 147  (c) 

Mutual  Fire — Taxable  income  of 97 

Mutual  Marine — 

What  may  be  deducted  from  gross  income  of 99 

Amounts  repaid  to  policy  holders  deductible,  when 147  (d) 

Shrinkage  in  value  of  property  of 117  (b) 

Supplementary  statements  to  accompany  returns  of 103 

Manufacturing:  Co. — 

Gross  income  of 104 

Mercantile  Co. — 

Gross  income  of 105 

Miscellaneous — 

Gross  income  of 106 

Omitted   taxes,   may  be  assessed 184 

Organized  during  year  to  make  return S3 

Payment  of  income  taxes  when  due,  penalty 177 

Parent  company  cannot  deduct  dividends  of  subsidiary 107 

Partnerships,  ordinary,  not  taxable — See  "Limited  Partnerships"..  94 

Public  Utility- 
Business  expense  of 113  (1)  N 

Bonds  of  purchased  by  municipality  not  exempt 93  N 

577 


CORPORATION— Continued 

Article 

Railroad — 

seel    lines — Railway   operating — Interest   deduction 

srty  Cor  rental  equivalent 80 

Rental— Payments  for  measured  by  fixed  percentage  on  stock, 

payable  by  lessee  direct  to  stockholder 80 

Subject  t<  tax  only "'§ 

Income — 

Net  Income —  „..,, 

of  capital  assets,  how  ascertained 109 

How  ascertained    113 

Inventories  necessary  for  arriving  at.  how  made 161 

Real  Estate — 

Profit  from  sale  of  defined 4  (d)  « 

Default  on  instalment  payment  deductible  as  bad  debt...  4  (a)  IS 

Life  insurance  in  favor  of  corporations — Proceeds  from  income.  107 

Dividends — 

Paid  in  stock  to  be  accounted  for,  how 4  (c)  N 

Received  from  subsidiary  corporation  not  deductible 107  N 

Foreign. — See    "Foreign"    below 4  (c)  N 

Books  best  guide  to 183 

Bonds — 

Exchange  of  coupons  for  funding  purposes  in  payment  of 

interest  and  taxable 4  (d)  N 

Foreign  bonds — See  "Foreign"  below. 

Capital  Assets — 

Income  derived  from  sale  of 

Net  income  from  sale  of,  how  determined 1  09 

Profit  and  loss  from  sale  of 

Exemption — No  specific  exemption  allowed  corporations 160 

Foreign   Corporations — Tncom."   from — 

Interest  and  dividends  paid  to  citizens  of  U.  S.  taxable.  ...  4  (c)  N 

Dividends  on  stock  of,  engaged  in  business  in  U.  S.  taxable  77 

Gifts  to  corporations  are  income 107 

Gross  Income — 

Defined    107 

How  determined    97 

Insurance  company   ! 97 

Mutual  fire  insurance  company 98 

Mutual  marine   insurance   company 

Mercantile  corporations    105 

Manufacturing   company    104 

Miscellaneous   companies    100 

Of  corporations  engaged  in  more  than  one  class  of  business  112 

Deductions — 

Additions  and  betterments — Amounts  expended  for  not  deduc- 
tible,   when    118 

Bad  Debts — 

Ascertained  to  be  worthless  and  charged  off.  deductible...  126 
ult    on    instalment    payments    for    real    estate,    deduc- 
tible  as    7  (5)  K 

Commissions — 

Paid  real  estate  agent,  deductible,  when 6  (1 )  N 

Paid   salesmen  as  part  of  expense  of  conducting  busii 

deductible    '(1)N 

Compensation      Based    On    stockholding    basis,    to    officers    and 

employees,  not  allowable  deduction 119 

Depreciation — 

Book  values— Shrinkage  in   laA 

Bonds — Amortization   of — loss   prorated 

ponds — Shrinkage  In  value  of  not  allowable  as 7.(6)  N 

Deductions  for  to  cease,  when 140 

Deductible,    how   treated 132 

Defined 120-110 

Farm   buildings — Deduction   for,   when 7  (6)  N 

Good-will — No  claim  for  depreciation  allowed 

Mines 141, 142,  145 

Natural   deposits    141 

Oil  or  gas — Leases  of 14  4 

Patents — Depreciation  of.  obsolescence 138 

Plant — Depreciation  of 143 

Reserve — 

Mow  treated    132 

Diversion  of  reserve  for  depreciation 133 

StooVa  and  bond p — Shrinkage  in  value  of  not  allowable  as.    7  (6)  N 

(See  also  T.   D.   2005,   p.    252,   and   T.   D.    2130,   p.    169.) 
Timber  lands — How  treated 130 

CTfi 


CORPORATION— Continued  L.   , 

Article 
Unearned  increment  will  not  be  considered  in  fixing  value 

upon  which  depreciation  is  based ( 147 

Wear  and  tear 113  (2) 

Donations — Deductible  when 121 

Expenses — 

Ordinary    and    necessary ' 113  (1) 

Public   utility — Business   expense  of 113  (1)  N 

General — Definition  of    114 

Cost  of  buildings  on  leased  grounds,  deductible 123 

Materials  and  supplies   

Spending  or  treating  money 123 

Taxes   paid   by   tenant   to   landlord   deductible   as   business 

expense 6  (1)N 

Foreign  corporation — Deductions  of,  what  should  represent....  157-158 

Gifts  and  gratuities  not  deductible   (see  "Gratuity"  below) 120 

Gratuity — Where  monthly  salary  of  officer  or  employee  is  paid 

to  widow  for  limited  period  after  death,  deductible 120 

Insurance — 

Premiums  paid  on  property 7  (6)N 

Life — In  favor  of  corporations,  premiums  paid  on  deducti- 
ble, when   114 

Insurance  Co. — 

Losses,  depreciation,  payments  on  policy  contracts 147 

Losses   by   shrinkage  in  value  of  property 147(b) 

Policy  contracts  paid 147  (c) 

Interest — 

Accrued  and  paid  within  the  year,  allowable  deduction.  .  .  .  148 

Banks — Interest  paid  on  deposits,  etc.,  deductible 113  (3) -139 

Different  rates  of — How  treated 151 

Foreign  corporations — Interest  deductions  of 148  N 

Leased  lines — By  corporation  operating,  deductions 81 

Paid   as  rental,   deductible,   when 14'3 

Paid-up    capital    stock — How    determined    for    purpose    of 

interest   deduction    148  N 

On  mortgage  or  real  estate  in  which  corporation  has  equity, 

not  deductible   148 

Losses — 

Anticipated  or  probable,  not  deductible 125 

Bad   debts,    charged   off 125 

Deductible — Rules  for  determining — See  T.  D.  2005,  p.  252,. 
and  T.  D.  2130,  p.  568. 

Designation  of,   deductible   (see  T.  D.   1989) p.  240 

Due  to  removal  of  buildings 127 

From  sale  of  capital  assets 110 

Insurance  Co. 

Payments  on  policy  contracts,  etc 147 

Shrinkage   in  value   of  property 117(b) 

Policy  contracts  paid,   treated,  how 147  (c) 

Losses  incurred  and   unpaid,   not   deductible 147(c) 

On  stocks,  grain  and  cotton,  deductible,  when 6  (4)  N 

Sustained   within    the   year — Depreciation 113  (2)  &124 

Material  and  supplies — How  treated  in  expense  account 122 

Reserves — ' 

Depreciation  of,  how  treated 132 

Diversion  of  depreciation  for 132 

For  insurance,   not  deductible,  but  loss  actually  sustained 

is   deductible    122 

For  probable  losses,  not  deductible 126 

For  taxes,  not  deductible 157 

Repairs,  incidental,  deductible,  when 131 

Taxes — 

Deductible    154  &  113  (3) 

Import  duties  not  deductible  as 155 

Paid   on  guaranteed  bonds  not  deductible 113(3) 

Paid  by  tenant  to  landlord  deductible  as  business  expense.  6  (1)  N 

.     On  capital  stock  of  banks,  how  treated 154 

Reserve  for,  cannot  be  deducted 157 

Returns — 

Books — Examination  of  for  purpose  of  verifying 186 

Certified  copies  of,  at  request  of  attorney-general 180 

Corporations  organized  during  year  to  make 84 

Corporations  going  into  liquidation , 85 

Corporations   required   to  make 80 

Due  date — When  falls  on  Sunday 176 

Extension  of  time  for  filing,  not  to  exceed  30  days 173 

579 


COR  PORATIOX-  Continued 

Article 

Fiscal   Year — - 

How   established    165 

Collectors  must  make  record  of 167 

Form  of — Annual — (See  also  Form   1031,   revised  p.   312-5)....  163 

Fraudulent — Penalty  for   164 

Information  to  states  which  impose  an  income  tax 170 

Insurance  Co. — 

Form   of   return  '  (Form    1030   Revised) p.  308-11 

Form  of  return 

Last  due  date   defined 175 

Mutual  Telephone  Co. — 

Required  to  make 80 

Penalties  in  connection  with 164,  174,  181 

Public  records,  subject  to  inspection,  when 178 

Properly  mailed  in  time  to  reach  collector,  not  subject  to  penalty  174 

Cotton — 
Losses  through  dealing  in 0  (4)  N 

D. 

Dairies: 

Cooperative,  are  subject  to   tax 02 

Death : 

Executors  and  administrators  to  make  return  in  case  of 75 

Of  husband  or  wife — executor  or  administrator  to  make  return 75 

Returns  of  individual  in  case  of 17 

Debts : 

See  "Bad  Debts". 
Debtor: 

See  also  "Withholding  Agent". 
Annual — 

List   return    by,    when    and    what 50 

Return  by,  to  show  totals  only  of  monthly  list  return 51 

Definition    of 38 

How  to  treat  substitute  certificate  of  collecting  agent  and  certificate  of 

owner  not  subject  to  having  tax  withheld 51 

Interest  on  bonds  due,  corporations  organized  in  United   States  and 

certain  exempt,  not  to  withhold  tax  if  certificate  filed 45 

In  United  States  (or  its  withholding  agent)  charged  with  duty  of  with- 
holding from  coupons  or  registered  interest 39 

In  United  States,  duty  of,  before  payment  of  registered  interest 41 

Maker  of  note  given  in  payment  of  interest  held  responsible  for  tax  on  6S 

May  appoint  withholding  and  paying  agent  to  act  for  it 38 

Note  given  in  payment  of  income,  maker  of  note  is 68 

Not    to    withhold    against    nonresident    alien    or   foreign    organization 

doing  business  in  United  States,  when 46 

Not  to  withhold  when  receiving  certificate  of  collecting  agent  that  tax 

withheld  by  same,  dispostion  of  certificate 52 

Return  of  withholding  by,  where  to  be  filed 3S 

When  source  for  withholding  purposes 31 

"Deductible  Net  Addition  to  Reserve": 

Insurance  company;   defintion;  what  basis  of  computation   of;   what 

not  to  be  included  in 147d 

Deductions: 

Additions  and  betterments  constituting  increase  in  capital  investment, 

not 118 

Allowance  for  in  computing,  what,  when 6 

Alimony   not  an   allowable   deduction 6  (1)  N 

Amount  of,  to  ascertain  net  income 6 

Assessments  on  stock  not  deductible t 

At  source,  applies  to  normal  tax  only 

Bad  debts — see  "Bad  Debts". 

Basis,  for  depletion  leased  oil  or  gas  territory 144 

Claims  for — 

Filed  with  collector,  withholding  agent  to  be  furnished  statement  of  33c 

May  be  filed  with  withholding  agent,  when 33c 

Not  allowed   unless   made,    when p.  179 

Commission  to  salesmen  paid  in  stock  of  corporation  is,  when 117 

Compensation,    officers    and    employees    of   State,    etc..    except,    when: 
judges  Federal  courts  now  in  office;  present   President  for  present 

term ___        5  (d) 

Compensation  paid  employees  of  corporation  based   on   stockholding, 

not,   why , 119 

Corporation — see  also   "Corporation". 

Account  interest  paid  on  debt,  limited  to  what,  when 14S 

Materials  and  supplies  on  hand,  what 123 

Depreciation,   amount,    how    treated 130 

Donations  for  charitable  purposes  when 121 

Evidence   requisite   for   allowance    of 158 


DEDUCTIONS— Continued 

Article 

For  interest  paid  at  different  rates,  rule  of  application 151 

Gifts  or  gratuities  to  employees,  not 120 

Pensions  and  damages  for  injuries  to  employees,  are 120 

Reserve — 

For  insurance  its  own  property,  not 122 

To  meet  losses  insurance  companies,  not 147c 

Status  of  tax  for,  to  bank,  assessed  against  stockholder,  paid  by 

bank   154 

Debts  due  taxpayer,  ascertained  worthless  and  charged  off  in  year —  6 

Depletion  of  mines,  regulation  of  rate  of,  limit  of 142 

Depreciation — 

Defined 129 

For  amortization,  allowed  when,  how 135 

How    determined 129 

Loss  by   shrinkage  in   property  value,   insurance  company,   what 

and   when 147d 

Reserve,  how,  disposition  excess  of 132 

Of  good  will  not  allowable 136 

Of  natural  deposits,  basis  and  limit  of 141 

Of  plant  (in  addition  to  deduction  for  depletion  of  mine),  what, 

and  basis  of 143 

On  patent,  what,  how  determined 137 

Unearned  increment,  not  value  for  purpose  of '. 146 

Timberland — 

Limit  of,  excess  of,  is  income 140 

Removal  of  timber,  amount,  how  determined 139 

Dividends  on  stock,  what,  when 6  (7) 

Exemption  under  paragraph  C,  not  allowed  nonresident  alien 8 

False  statement  in  regard  to,  penalty p.  179 

For  ascertaining  net  income,  what 3 

Foreign  corporation,  to  ascertain  net  income 157 

For  fire,  storm,   shipwreck 6  (4) 

For  restoring  property,  etc.,  none i p.  175 

From  gross  income — 

Mutual  marine  insurance  companies,  what 99 

Of  nonresident  alien,  what 8 

To  ascertain  net  income,  for  normal  tax,  paragraph  B,  wbat 6 

From  net  income  to  ascertain  taxable,  exemption,  paragraph  C 6 

From  premiums,  etc.,  by  whom  made,  when p.  179 

From  sale — 

Capital  assets,  how   ascertained 128 

Corporation  securities  below  par,  how  treated 135 

Gifts  or  Donations  not  deductible 6 

Increase  value  of  property,  none p.  175 

Individual — see  also  "Individual". 
Insurance  company — 

Claims  actually  paid  under  policy  contract,  are 147c 

Losses,  what 147a 

Insurance — premium  on  property  not  occupied   by  owner  and  rented 

to  secure  an  income,  deductible 6  N 

Interest  paid  by — 

Bank,  etc.,  on  deposits,  etc.,  is 149 

Corporation — 

As  rental,  not  allowable 148 

Is,  what,  when 148 

On  indebtedness  secured  by  collateral  subject  to  sale,  when, 

why  150 

On  mortgage  on  property  in  which  corporation  has  equity,  is 

and    amount    of 148 

Interest  on  obligations,  State  or  political  subdivision  of,  and  of  United 

States  or   possession 37 

Joint-stock   company pp.  175,  176 

Life  insurance  company — 

From  gross  income,  applied  surrendered  values  and  consideration 

for    supplementary    contracts 102 

From  gross  income,  what _ 100 

Life  Insurance  Premium  paid  on  policy  taken  out  by  a  partnership 

on  lives  of  individual  members  deductible 6  N 

Loss — 

During    year : 6  (4) 

Which  corporation  may  make,  defined 124 

From  removal  of  building  not  deductible,  why 127 

May  be  claimed  account  tax  on  note  given  in  payment  of  income 68 

Mutual  marine  insurance  company,  what 147d 

Not  compensated  by  insurance  or  otherwise p.  175 

Notice   to  be   filed   for p.  179 

Obsolescence  of  patents,  what,  how   determined 138 

Only,  claim  for,  may  be  filed  with  collector,  when 33C 

Paid  for  new  buildings,  none p.  175 

581 


DEDUCTIONS— Continued 

Article 
Paragraph  B — 

For  normal  tax  only,  7  and  8  included  for  purpose  of  additional 

tax  6 

May  be  claimed  In  case  of  fixed,  determinable  annual  income 66 

Not  claimed  of  withholding  agent  in   time,  only  remedy,  applica- 
tion  for-  refund 33c 

When  claim  for   (Form  1008),  to  be  filed  with  withholding  agent 

or  collector   33b 

Permanent  improvements   or   betterments,   none p.  175 

Premium  on  bond  furnished  and  paid  for  by  employee,  deductible  from 

income    6  N 

Property  owned,  business  carried  on  in  United  States,  person  residing 

elsewhere,   what p.  175 

Repairs,   when   131 

Reserve  for  losses,  not 126 

Taxes  paid  by  corporation — 

Are,    when    152 

When  not  153 

Tax  paid  by  corporation  on  bond  interest  pursuant  to  a  tax-free  cove- 
nant  clause,   not   deductible 6  (8) 

Taxes — see  "Taxes". 

To  ascertain  net  income  corporation  engaged  in  more  than  one  class  of 

business     ll3 

Worthless  Debts — see  "Bad  Debts". 

Deeds  of  Tru**.  E*c.: 

See  also  "Bonds". 

Corporation,  income  from,  subject  to  withholding  at  source  regardless 

or  amount,  when Art.  37 

Interest  on  to  be  withheld  at  source — see  "Bonds". 

Delinquent : 

Tax  becomes,  if  not  paid  by  June  30 26 

Depletion: 

Deduction  for,  mines,  oil  or  gas  wells  operated  on  royalty  basis,  not 

allowed    operating    corporation 145 

Leased  oil  or  gas  territory,  basis  for  deduction  for 144 

Of  mines,  etc.,  regulation  of  rate  of  deduction  for,  limit  of 142 

Deposit : 

Certificate  of,  interest  on,  part  of  gross  income 4 

Interest  on,  not  subject  to  withholding;  must  be  included  in  personal 

return  whether  paid  or  not 67 

Interest  on,  part  of  gross  income 4 

Depreciation: 

See  also  "Corporation"  and  "Individual." 

Corporation,   defined  129 

Deductible,    amount   how   treated 130 

Deduction  for — 

Of  natural  deposits,  basis  and  limit  of 141 

Of  plant  (in  addition  to  deduction  for  depletion  of  mine),  what, 

and   basis   of 143 

On   patent,   what,   how   determined 137 

Diversion   reserve  for,  correction 133 

Expense   of   restoring   property   or  making   good   exhaustion   thereof, 

for  which  allowance  has  been  made,  not  deductible 6  (6) 

Farm  buildings,  other  than  dwelling  occupied  by  owner,  deductible—     6  (6)  N 

For  amortization,  allowed  when,  how 135 

Gross  value  at  the  mine,   defined 6 

How  established  in  case  of  mines 6 

Improvements  or  betterments,  etc.,  not  deductible  as 6  (6) 

In  value  of  stocks  and  bonds  not  deductible  as 6  (6 

Loss  by  shrinkage  in  property  value,  insurance  company,  what,  and 

when    deductible    147b 

Not  to  exceed  5%  of  gross  value  at  mine Q  MJ) 

Of  good  will  not  allowable  deduction 136 

Reasonable  allowance  for  exhaustion  from  wear  and  tear  of  property 

employed  in  business 0(6) 

Stage    costumes,    deductible,    when r G  (6)  N 

Tiinberland— 

Prom    removal    timber,   amount,    how   determined 139 

Deduction  for,  limit   01,  excess  of  is  Income 140 

Unearned  Increment,  not  value  for  basis  of  deduction  for 146 

Depreciation  Reserve: 

Use  of,  disposition  excess  of 132 

Deputy   Collector : 

Ascertain  persons  liable  to  tax   and  enumerate  objects,  section  ."17- p    190 

Legality  of  returns  made  by,  section  :>170 _  p    192 

To  make  report,  false  or  fraudulent  return,  how,  section  3176 p!  192 

062 


Article 
Descent : 

Of  property — 

Income  from,  part  of  gross  income J 4d 

Value  of,  not  income 4d 

Devise  of  Property: 

Income,  part  of  gross  income;  value  of,  not  income 4 

Disability : 

When  individual  is  unable  to  make  return  by  reason  of 17 

Discount: 

On  sale  of  capital  stock 95 

Dispatch  of  Business: 

In   collector's    office 195 

Dissolution : 

Corporations  dissolved  during  year  to  make  return 55 

District  of  Columbia: 

Exemptions,    proviso p.  182 

Diversion: 

Depreciation   reserve,   correction * 133 

Dividends : 

Compensation   paid   employees   of  corporation   based   on   stockholding 

are,  when   119 

Compensation    paid   officers   and   employees   of   corporations   on    basis 

of  stockholding,  held   to   be 119 

Co-operative  dairies,  is  purchase  price  of  raw  material 92 

Declared  and  paid  by  a  foreign  corporation  which   derives  its  entire 

income  from  business  done  wholly  within  the  United  States 4  (c)  N 

Deducted   from    net   income,    when 3 

Deferred  dividends  of  Life  Insurance  Companies  deductible,   when 100 

Not  to  be  included  as  income  by  persons  subject  to  normal  tax  only         4  (c) 

Of  corporations  subject  to  tax  not  subject  to  withholding Art.  32 

Of  foreign  corporations  subject  to  tax 4  (c)  N ;  also  Part  C,  p.  442 

On  stock  of  domestic  corporations  owned  by  non-resident  aliens  not 

subject  to  tax 8 

On  stock  of  foreign  corporations  engaged  in  business  in  foreign  coun- 
tries, subject  to  tax 4  (c)  N 

On  stock — taxable  status  of 4  (c)  N 

Paid   in   scrip 37  N 

Paid    in    stock 4  (c)  N 

Part  of  gross  income—. , 4 

Persons  subject  to  super-tax  must  include  as  income 4  (c) 

Stock  foreign  corporations,   subject  to  withholding  when p.  180 

Stock   subject   to    tax — individual    owning,    how    treated p.  178 

Tax  on  not  to  be  withheld  at  source 32  (a) 

When  to  be  included  as  income 4  (c)  N 

Doctors : 

Fees  of,  indefinite  or  irregular  not  subject  to  withholding 32 

Special  fees  and  annual  retainers  of 32  (b) 

Tax  on  income  of,  not  fixed  or  certain,  not  to  be  withheld 32  (b) 

Donations: 

By  corporation  for  charitable  purpose,  deductible  when 121 

Not  deductible  from  gross  income 6 

Domestic  Building  and  Loan  Association: 

Definition,  what  necessary  to  exempt  from   tax 87 

Due  Date: 

Return  on   Sunday  or  legal  holiday,  effect  of 176 

Duties: 

Not  tax  and  not  deductible  but  are  item  of  cost 155 

E. 
Educational   Corporations: 

Donations  to,  by  corporations,  deductible  from  gross  income,  when 121 

Exempt,    when 87 

Employees : 

Required  to  withhold  tax  on  income,  when _     _  29 

State  or  political  subdivisions,  compensation  of  officers  and  employees 

paid  by,  not  part  of  gross  income 5 

State  officers  or  employees,  compensation  paid  by  United  States  a  part 
of   gross   income 5 

Endowment : 

Money  paid  for;  returned,  not  to  be  included  in  gross  income 5 

Enlisted  Men  of  United   States: 

Fixed  and  determinable  gains  of __  4  N 

Pensions  paid  by  United  States  subject  to  tax _  4  jj 

Per   diem   allowances,   when   taxable ~___  4  ^ 

Equipment  Trust: 

Agreements — see  "Bonds  . 

Notes,  secured  by  mortgage,  subject  to  withholding _  o7 

Temporary   receipts   issued    pending   issue   of  notes   stand   in   pface~of 
notes 37  N 

583 


EQUIPMENT     TRUST— Continued 


Article 


Where  interest   payment  intervenes   between   issue   of   temporary    re- 
ceipts and  notes  certificate  of  ownership  must  be  filed 81  N 

Evidence : 

Furnished  by  agent  of  authority  to  sign  ownership  certificate  to  be 

retained    by    verifying   agent 43 

Guardian,  etc.,   served   with   notice  for  failure   to   make   return,   may 

furnish,  what 18 

Of  non-liability  to  payment  of  tax,  filed  with  withholding  agent,  may 

be  forwarded  to  collector  in  lieu  of  tax p.  355 

Requisite  for  allowance  of  deduction  by  corporation 158 

Excise  and  Income: 

Tax,  corporation,  11)13  in  one  return 191 

Excise  Tax: 

Corporation,  for  what  period,  how  computed 160 

Executor : 

Is  fiduciary  when 70 

Make  return   of  income  of  decreased  within  taxable  year,  when  and 

what   17 

Required  to  withhold  tax  on  income , 28 

Exempt: 

From  tax — 

Co-operative  dairies,  what 02 

Corporations,   what   87 

Income  from  public  utility 03 

Exemption: 

Allowed  in  computing  taxable  income  of  deceased  person,  when 17 

Amount  allowed  married   person ".» 

And    deductions 0 

Beneficiary  may  claim  from  fiduciary 74 

Boards  of  trade,  when 87 

Cemetery   company,   depends   on    what 00 

Certificate  claiming  by  corporation  organized  in  United  States  form  of 

and   how   executed 45 

Certificate  claiming,  what  must  show  and  how  executed 42 

Chambers  of  commerce,  when 87 

Charitable  associations,   when 87 

Civic  leagues  or  organizations,  classes  of,  when 87 

Claimed   by   fiduciary 70 

Claims  for — 

By  whom,  with  whom  and  when  to  be  filed Art.  41 

How  to  be  filed p.  170 

May  be  filed  with  withholding  agent  when 33c 

Under  paragraph  C — 

Allowed  to  person  permitted  to  claim 60 

Failure  to  claim,  eftect  of 65 

Corporation  claiming— 

To  establish  rights  to,  how 88 

Whose    taxable    status    in    doubt,    must    make    return    and    attach 

statement    showing    what 91 

District   of   Columbia,   provisions 87 

Domestic   building   and   loan   associations 87 

Educational   corporation,   when 87 

False  claim  or  statement  as  to,  penalty  for 33a 

Fraterna  l   societies 87 

Husband  and  wife— 

Living  together,  citizen  or  resident  alien,  add  incomes  for  purpose 

of,  amount  of 0  &  10 

Separated  and  living  permanently  apart,  citizen  or  resident  alien, 

each  entitled  to  $3,000 10 

Individual — 

Deduction  of  from  net  income  to  ascertain  taxable 3 

Amount  of  for  1013 7 

Single,  or  married  but  not  living  with  husband  or  wife,  may  claim 

$3,000   each    9, 10 

May  be  claimed,  note  given  in  payment  of  income 68 

Mutual   couch:)-!/   cumixtnics M 

None  for  corporations 100 

Paragraph   C — see  also  '•Individual"   below. 

Not  allowed  non-resident  alien 8 

Not  claimed  of  withholding  agent  in  time,  only  remedy  application 

for   refund   33c 

To  be  filed  with  withholding  agent  when 33 

Philippine    Islands 87 

Porto  Rico 87 

Public    utility -- 93 

Religious  associations  and  corporations M 

Scientific  associations  when _ 87 

Status  of  person  claiming  determined  as  of  time  of  claim 10 

To  be  deducted  from  net  income  to  ascertain  taxable  under  paragraph  C  6 

584 


Article 
Exempt  Organizations: 

Bonds  of — owners  required  to  file  certificates  of  ownership 37 

Cemetery  companies,  exempt,  when 90 

Certificates  of  bond  ownership  filed  with,  how  treated— 37 

Clubs— not   always   exempt 89 

Co-operative  dairies  and  like  organizations  not  exempt 92 

First  bank  or  collecting  agent  to  deduct  tax  on  bonds  of,  not  accom- 
panied by  certificate  of  owner 37 

Lodge   system,  defined 89 

May  be  required  to  make  returns,  or  disclose  books  of  accounts,  when 

right  to  exemption  not  established 88 

Must  establish  right  to  exemption 88 

Not  subject  to  provisions  of  law  requiring  withholding  of  tax  at  source  87  N 

Public  utilities — when  income  from  is  not  taxable 93 

Registered   bonds   of — to   be   stamped   before   sending   out  checks   for 

interest    37 

Salaries  paid  by,  recipient  subject  to  tax 4  (N) 

Salaries  paid  by,  tax  on  not  to  be  withheld 63 

Exhaustion  of  Property: 

See  "Depreciation". 
Expense: 

Alimony — amounts  paid  as,  not  deductible 6  (1)  N 

Amount  of  necessary,  for  carrying  on  business  allowed 6  (1) 

Commissions  paid  real  estate  agent  deductible 6  (1)  N 

Commissions  paid  salesmen  deductible 6  (1)  N 

Deductible,  pension  or  amounts  paid  employees  account  injuries  are—  120 

General,  foreign  steamship  companies,  how  treated 116 

Living  or  family,  not  deductible 6  (1) 

Of  corporations   deductible 113 

Of  operation  and  maintenance  corporate  business,  what  includes 114 

Of  partnerships   not   deductible 6  (1) 

Partnership  may  claim  deduction  for,  when  and  how 14 

Taxes  paid  by  tenant  to  landlord  deductible  expense 6  (1)  N 

Extension: 

Time  for  filing  return,  when,  what,  how 23 

To  make  return,  not  exceed  what,  how  and  to  whom  made 173 

Failure  to  Make  Return: 

See  "Penalties". 
False  Returns: 

See  "Penalty". 
Farm  Buildings: 

Other    than    dwelling    occupied    by    owner — depreciation    of,    actually 

sustained  during  year  deductible 6  (6)  N 

Fees: 

See  also  "Compensation". 

Received  by  clergymen  subject  to  tax — see  "Voluntary  Offerings" 1  N 

Received  by  professional  persons 32  (b) 

Fiduciary : 

Acting  for  a  beneficiary  in  more  than  one  estate  or  trust 71 

Acting   for   minor   or   insane   person 71 

Administration  expenses   of  estates  not  deductible 72 

Annual  return  by,  what  to  show  and  how  executed 73 

Annual  return  of — Form  1041  Revised pp.  318-324 

Beneficiary — income  of  liable  to  tax 75 

Beneficiary  may  file  claim  for  exemption  under  Paragraph  C 74 

Definition   of 70 

Dividends  in   hands   of,   belonging   to   beneficiary,    subject   additional 

Dividends  on  stock,  not  to  be  included  in  return,  when 72 

tax    only 71 

Duty  of  making  return  cannot  be  delegated  to  another 71 

Executors  and  administrators  to  make  return  in  case  of  death 75 

Exempt  from  having  tax  withheld,  when 70 

Filing  notice  with  other  withholding  agent,  nothing  to  be  withheld 70 

withheld    70 

Having  withheld  and  paid  tax  on  undistributed  annual  net  income  not 

to  again  withhold  when  distribution  made 75 

Income  of  beneficiary   not  distributed   during  the   year;   what  to   be 

shown  in  return;  tax  to  be  withheld  and  paid  when 74 

May  be  appointed  agent  or  attorney  for  the  purpose  of  making  per- 
sonal return  of  income  (Form  1040)  for  beneficiary 72 

Non-resident  alien — guardian  for — may  file  evidence  of  non-liability  to 

make    return 18 

Optional  claim   (Form  1015  or  1019) 70 

Regulations  as  to 70-75 

Return  by  must  be  made  when 71 

Return  by  to  include  only  matter  within  scope  of  authority 72 

Return  of  not  to  include  income  on  which  tax  paid 71 

Return  of — notice  of  failure  to  file  shall  be  served  upon 71 

Return,  when  to  be  made _ 190 

To  make  annual  return  to  collector  of  district  when,  to  show  what 71 

show  what 71 

585 


FIDUCIARY— Continued 

Article 

When  rental  payments  payable  to,  exceed  $3,000 

When   returns   for   individual    are   to   be   made    by    guardian   or   duly- 
authorized   agent IT 

Withholding    requirements    of 70 

Undistributed  income  of  beneficiaries — tax  on  to  be  withheld  by 71  75 

Fire   Insurance    Companies: 

See  "Insurance  Companies". 
First  Bank  or  Collecting  Agent: 

,  See  "Bank  and   Collecting  Agent". 
Firm : 

See  also  "Partnerships." 

Collecting  foreign  items,  license  required p.  11 

Fiscal  Year: 

Corporation — 

Duty  of  collector  upon  receiving  notice  of 107 

How  established,  what  to   be  done 105 

Illustration  of  and  what  to  do 100 

Making  return  on  basis  of  but  not  so  designating,  return  not  e 

cepted  and  must  be  made  for  calendar  year 371 

Notice  of  not  retroactive 109 

Notice  to  collector  not  given  in  prescribed  time,  calendar  year  to 

govern    108 

Not  properly  established,   return   to   he  made  for  what  calendar   year 

and    filed    when 170 

Foreign : 

Corporation — see  also  "Corporation". 
Doing  business  in  United  States- 
Annual  return  made  on  Form  fu.;J,  Revised pp.  312-315 

Deductions  confined  to  expenses  of  business  done  in  United  States  157 

Deductions  of — how  evidenced 158 

Income  from  bonds  and  dividends  of,  subject  to  tax Par.  C,  p.  442 

Net  income  of — how  ascertained 157 

No  specific  exemption  allowed 100 

Provision    for ir>7 

Steamship  companies — deductions  from  gross  income  allowed 110 

Subject  to  1%  tax  on  net  income  from   business   transacted   and 

capital  invested  in  the  United  States 157 

Subject  to  tax  on  what 17 

Substitute  certificate — privilege  of  extended  to  foreign  banks,  bank- 
ers and  collecting  agents 40 

Tax  on  net  income;  net  income  defined;  deductions  to  ascertain 157 

Items — 

License  required  for  collection  of,  when  and  from  whom 54 

Provisions  for  collection  of  tax  on  apply  wherever  said  items  pay- 
able, if  paid  in  United  States 01 

Too  small  for  notation  on,  statement  of  facts  may  be  attached  to 58 

See   "Aliens" — definition   of  non-resident   alien 7 

Income  paid  in  United  States,  provisions  for  collection  of  tax  on 

Organization   doing   business   in   United   States   subject   to   tax   but  ex- 
empt from  withholding  upon  tiling  certificate 46 

Payments  of  dividends,  etc.,  provisions  as  to  collection,  license,  penalty        p.  11 

Steamship  company,  general  expense  of,  how  treated 110 

Foreigner: 

See  "Alien"  Non-Residei  f. 
Foreign   Partnerships : 

Foreign  partnership    see  "Alien" — Non-Resident. 

Fraternal   Beneficiary    Societies,    Orders   or  Associations: 

See  "Exempt  Organizations". 
Fraudulent  Return : 

Additional   tax   Imposed;   time  limit  for  paying  after   notice p.     9 

(;. 

Gains: 

For  taxable  purposes  arising  or  accruing  within  calendar  year,  part  of 

gross   income,    what 4  (d) 

Gas  or  Oil  Territory   Leased  : 

Corporation,  basis  of  deduction  for  depletion  of 144 

Gas  or  Oil   Weill  ami   Mines: 

Operated   on   royalty   basis,  deduction   for   depletion   of   deposits  not 

allowed  operating  corporation 145 

Gift: 

See  also  "Compensation". 

Christinas  gifts  not  incr.me  within   meaning  of  law* 5  N 

Gifts   made  not  deductible   from    individual    gross    Income 0(8) 

Not   deductible   from    gross    income    of   corporations 120 

Of  property,  income  from  pari   of  gross  Income;  value  not  income 4 

To  employees  of  corporation  not  deductible  120 

Value  of  property  acquired  by,  not   taxable 0 

MO 


GIFT — Continued 

Article 

Value  or  amount  of  gift  to  corporation  is  income 107 

Where  salary  of  an  officer  or  employee  is  paid  for  a  limited  period 

after  his"  death  to  his  widow 5  N 

Governmental  Function : 

Income  accruing  to  State  from  exercise  of,  exempt 93 

Government  Officers  and  Employees: 

Income  tax  liability  and  withholding  requirements  in  connection  with 
quarters,  heat,  light,  mileage,  reimbursement  for  expense,  per  diem 

allowances — see  T.  D.  2079 p.  273 

Good  Will: 

Corporation,  depreciation  of,  not  allowable  deduction 136 

Grain : 

Losses   through    dealing  in ; G  (4)  N 

Gratuities : 

To  employees  of  corporation  not  deductible 120 

Gross  Income: 

Corporation — see   also   "Corporation". 

Definition   of 96 

Engaged  in  more  than  one  class  business,  ascertained  in  accord- 
ance with  applicable  definition  each  class *_,  112 

General  definition  of  gross  income . 107 

Manufacturing  company,  definition  of 104 

Mercantile   company,    definition    of 105 

Miscellaneous  corporation,   definition   of '. '. 106 

Deductions  from — 

By  mutual  marine  insurance  companies,  what 99 

To  ascertain  net  income  for  normal  tax,  paragraph  B 6 

Definitions    3,  4 

Individual — see  also  "Individual". 

Commissions  on  renewal  premiums  of  insurance  to  be  included  as  4  N 

Deductions  from  allowed 6 

Dividends — when  to  be  included  as 4  (c)  N 

What   it   includes 4 

Insurance  company — see  also  "Insurance  Company"  and  "Corporation." 

Definition    101 

To  include  applied  surrender  values'  and  consideration  for  supple- 
mentary  contracts   , 102 

Of  non-resident  alien,  what  constitutes 8 

Gross  Value  at  the  Mine: 

Defined     6 

Corporation,  definition 142 

Guardian: 

See  also  "Fiduciary". 

Is   fiduciary,    when 70 

Return  made  by,  when,  regulation ^       17 

II. 

Holiday: 

Due  date  of  return  falling  on,  effect  of 176 

Horticultural  Organizations : 

Exempt    S7 

Hospital : 

Donations  to  by  corporations,  deductible  from  gross  income,  when 121  &  N 

Husband : 

Assumed   to   have   sufficient  knowledge   of  income  of  wife   to   make   re- 
turn  for    10 

Having  net  income  other  than  wife's  income  from  separate  estate  so 
that  aggregate  income  both  more  than  $4,000,  wife  return  attached 
to   husband   or   his   income   included   in   her   return   for   purpose   of 

exemption    , 10 

Should  make  return  of  income  for  self  and  wife . 10 

Husband  and  Wife: 

Both  jointly  and  separately  liable  for  return  and  payment  of  tax 10 

Combined  net  income  of,  exceeds  $4,000,  return  of  must  be  made 10 

Husband  should  make  return  for  both 10 

Either  having  net  income  of  $3,000,  return  required,  and  must  include 

incomes   of   both „ 10 

Not  living  apart,  having  separate  estates,  income  of  both  may  be  made 
on   one   return,    but   return   must    show    income    of   each    separately 

stated  with  name  and  address  of  both 10 

Living  together,  citizen  or  resident  alien,  entitled  to  $4,000  exemption 

from  their  aggregate  net  income '_ 10 

Separated  and  living  permanently  apart,  citizen  or  resident  alien,  each 

entitled  to  $3,000  exemption  from  net  income___ 10 

Single  or  married  status — when  determined h 10 

When  an  American  woman  marries  a  foreigner 10 

When    either    dies    during    year ___. 10 

When  income  of  both  is  in  excess  of  $4000 I 10 

r,s7 


Article 
I. 

Identity : 

Persons  presenting  coupons  or  interest  orders  should  be  required  to 
establish    52 

Illness : 

See  "Sickness'. 
Import  Duties: 

Not  deductible  as  taxes 6  (3)  N 

Not  deductible  as  taxes  paid  during  year 155 

Should  be  included  in  arriving  at  cost  of  "goods" 155 

Income : 

Additional  tax  on,  referred  to  as  additional  tax 2 

Amount  from  which  withholding  to  be  had 32 

Assets,  from  sale  of 108 

Bad  debts  collected,  are 152 

Beneficiary,  of — see  "Beneficiary". 

Compensation  of  officers  and  employees  of  State  or  political  subdivi- 
sion of,  paid  by  United  States,  part  of  gross  income 5 

Corporation,  of — see  "Corporations". 
Definitions- 
Gross  income,  corporation 96-107 

Gross  income,  individual 4 

Net  income,  corporation 113 

Net  income,  individual 3 

Foreign,  paid  in  United  States,  provisions  for  collection  of  tax  on 54-62 

For  taxable  purposes — is  income  for  calendar  year 4 

From  all  sources  part  of  gross  income 4 

From  bonds,  mortgages,  deeds  of  trust,  and  similar  obligations  of  cor- 
porations— see  "Bonds". 
From  public  utility  or  governmental  function  accruing  to  State,  etc., 

exempt   from    tax 93 

From  what,  obligations  not  subject  to  tax  and  certificate  of  ownership 

not  required  37 

Gross — see  "Gross  Income". 
Individual,  of — see   "Individual". 

Items   specified   as 4  N 

Not  fixed  or  certain,  not  to  be  withheld 32  (b) 

Net  income — see  "Net  Income". 

Not  subject  to  withholding  of  normal  tax  at  source 32 

Partnerships,  from 13 

Partnership,  of-^see  "Partnerships". 

Taxable  1-2-3 

Subject  to  additional  or  super-tax 2 

Subject  to  withholding  of  normal  tax  at  source 30 

What  to  be  included  in  computing 5 

Income  Tax: 

Additional  or  super  tax 2 

Basis  upon  which  normal  tax  is  computed 7 

Constitutionality   of— see   T.    D.   1983 p.  2.^7 

Illegal  collection  of p.  237 

Incomes  taxable 1 

Normal    tax 1 

On  corporations 7(5 

Persons  taxable 1 

Refund  of,  obtained  how 33  (c) 

Super  tax 2 

When  to  be  paid 25 

Indemnity  Bond: 

See  "Bond — (Indemnity)". 

Individual : 

Abatement — Claim  for,  of  taxes  erroneously  assumed 33c 

Additional  or  supertax  on 2 

Alien- 
Resident,  subject  to  tax,  on  what 1 

Non-resident. — See  "Alien,"   Non-Resident.__ 

Assessment  of  tax,  when  made 25 

Deductions — 

Allowed  for  purpose  of  computing  taxable  income 6 

Bad  Debts — 

Ascertained  to  be  worthless  and  charged  off 6  (5) 

Default  on  instalment  payments  for  real  estate  deductible  as__    6  (5)  N 
Depreciation — 

Allowance  for  wear  and  tear  of  property,  when 6  (6) 

Of  mines 6  (6) 

In  value  of  stage  costumes 6  (6)  N 

In  value  of  stocks  and  bonds  not  included  as 6  (G)  N 

Expenses — 

Amount  of  necessary,  actually  paid  in  carrying  on  business —         6  (1) 
Alimony  a  personal  expense,  not  deductible 6  (1)  N 


INDIVIDUAL— Continued 

Article 

Business  Expense — 

Commission  paid  real  estate  agent 6  (1)  N 

Commissions  paid  salesmen  as  part  of  expense  of  conduct- 
ing  business   6  (1)  N 

Taxes  paid  by  tenant  to  landlord 6  (1)  N 

Personal,  living  or  family,  not  deductible 6  (1) 

Interest — 

On  personal  indebtedness 6  (2)  N 

Losses — 

Actually  sustained  during  year,  what 6  (4)  N 

From  sale  of  real  estate.— See  T.  D.  1989 p.  240 

Losses  in  trade — definition   of 6  (4)  N 

On  stocks,  grain  and  cotton (5  (4)  N 

Rules  for  determining  amount  deductible  as — See  T.  D.  2005, 
p.  252 ;  and  T.  D.  2130,  p.  568. 
Taxes — 

Assessed  against  local  benefits  not  deductible _ —    6  (3)  N 

Import   duties  not  deductible  as 6  (3)  N 

Local  benefits— definition   of 6  (3)  N 

National,  state,  county,  school,  municipal,  what 6  (3) 

Under  Paragraph  B — 

Claim  for  deduction  and  refund  Form  1008  revised p.  290 

Claim  for  refund,  when  claim  for  deductions  and  exemption 

are  not  filed  in  time 33  (c) 

How  to  obtain  benefits  of  deduction  under 33  (b)  (c) 

Items    deductible    6 

Exemption  Under  Paragraph  C — 

Amount  of  exemption 7  (7)  9,  &  10 

Claim  for  refund,  when  claim  for  exemption  has  not  been  filed  in 
time    33  (c) 

Form  of  certificate  of  ownership  and  claim  for  exemption  bonds, 
etc.,  see  "Bonds,"  General  Index. 

Form  of  claim  for  exemption  on  income  other  than  interest  from 
bonds    (1007   Revised) p.  229 

Not  allowed  except  by  claim  for  refund  unless  claim  for  exemp- 
tion filed 33a 

Of  husband  and  wife 9,  10 

Failure  to  pay  tax — penalty 25 

Income — 

Additional   tax   on 2 

Alien — 

Non-resident — See  "Alien,"  Non- Resident. 

Resident, — income  of  subject  to  tax 1 

Alimony,  income  from  subject  to  tax 4  N 

Bonds — Income  from — See  "Bonds,"  General  Index. 
Commissions — 

And  salary,  see  "Salary  and  Commissions"  below. 

On  renewal  premiums  for  insurance 4  N 

Received  by  salesmen  subject  to  tax 4  N 

Compensation  for  personal  service  on  weekly,  monthly  or  annual 

basis    4  N 

Debts — when  collected  are  income 125 

Dividends — 

Income  from,  see  "Dividends,"  General  Index. 
Exempt  from  Tax — 

Compensation  of  President  of  U.  S.  and  judges  of  Supreme  and 
inferior    courts,    when 5  &  5  (e) 

From  obligations  of  a  State  or  any  political  subdivision 5  (c) 

Proceeds  of  life  insurance  policies,  when 5  (b) 

Salary    of   officer   or   employee   paid   for   limited    period    after 
death  to  widow 5  (e)  N 

Value  of,  but  not  income  from,  property  acquired  by  gift,  etc._         5  (a) 

From,  but  not  value  of  property  acquired  by  gift,  etc 4c 

Government  ofilcers   and  employees 4  N  5  (e) 

Gross  Income — 

What  it  includes 4 

What  is  not  to  be  included  as 5 

Life  insurance — Interest  payments  to  beneficiary   taxable 4  N 

Living  quarters  furnished  as  part  of  compensation 4  N 

Mileage,    income   when 4  N 

Net  income — defined   3 

Normal    tax   on 1 

Partnership — Income  from — See  "Partnership,"  General  Index. 

Pensions  paid  by  U.  S 4  n 

Profits   distributed   to  employees 4  n 

Real  estate — profit  from  sale  of,  how  determined 4  N 

Salaries — 

and  commissions,  taxable  amount,  how  determined 4  N 

Christmas  gifts — see  "Exempt  from  Tax"  above. 

589 


INDIVIDUAL— Continued 

Income  from  to  be  deducted  and  withheld  At  source,  when 

Paid  by  organizations  exempt  from  tax 

Paid  for   two   years   as   a  condition   of  employee   surrendering 

contract  of  employment,  how  treated 

Subject  to  withholding  at  source — see  "Withholding  Agent,"  Gen- 
eral Index. 

Taxable  income  of 

To  be  withheld  at  source 

Is  a  withholding  agent,  when 

Normal  tax  on  net  income  of 

Persons  and  incomes  taxable 

Tax  on  to  be  withheld  at  source,  when 

Tax  payable  when 

Under  Paragraph  C — See  "Exemption  under  Paragraph  C"  above. 
Information : 

From  returns  to  officers  of  State,  when,  what,  how 

Injunction: 

See   T.   D.   1983 

Insane : 

Who  make  claim  for  deductions  for 

Insane  Persons: 

Certificate  to  be  filed  in  behalf  of,  by  whom 

Fiduciary    acting   for 

Returns  of 

Inspection : 

Of  returns,  how 

Insurance: 

Life — see  "Life  Insurance". 
Insurance  Companies: 

"Deductible  net  addition   to   reserve";   definition;   what  basis   of  com 

putatiorr  of ;  what  not  to  be  included  in 

Deduction,   claims  actually   paid   under  policy   contract 

Depreciation    loss    by    shrinkage   in    property    value,    what   and    when 

deductible 

Gross  income,  definition 

Income   to   be  stated   separately 

Life  Insurance  Companies — see  "Life  Insurance"   and   also   "Corpora- 
tion." 
Losses — 

Actually    sustained 

Deduction  for  what 

.Making  false  return,   penalty 

Mutual — Gross  income  of,  how  determined 

Mutual  marine,   deduct   what 

Neglecting  to  make  return,   penalty 

Net  addition  to  reserve 

Notice  of  assessments  to 

Penalty  for  failure  to  pay  tax 

Refusing  to  make  return,  penalty 

Reserve — 

Definition   

Fund,    how    treated 

To  meet  losses,  how  treated 

Returns  of,  when  available 

Salvage,   how  treated   in   return  of 

Supplementary  statement  to  accompany  returns,  what  to  be   included 

Interest : 

Accrued  :md    paid   within   year  deductible  by  corporations 

Commercial  p:iper  payable  to  Individuals    tax  on  to  be  withheld  only 
when    payment   exceeds    (3,000 

Couix)!!  or  registered,  originating  or  payable  in  the   United  Stales,  who 
to    withhold 

from  what  obligation   not   subject  to  tax   and   certificates  of  ownership 

not    required 

How    treated 

Notes  given  for,  tax  on  to  be   withheld 

On   deposits — 

Part  of  gross  income.  

Subject     to     withholding;     must     be    included     in     personal     return 

whether   paid   or  not 

On    obligations   of   State    or    political    subdivision    of,    United    States   or 

possessions,  not  part  of  gross  income 

On    personal    indebtedness    Incurred    in    conduct    of    business    deductible 
from   gross  income _ 

Paid  :is  rental  by  corporation,  how  treated 

Paid    by    bunks   on   deposits   or   moneys   received    for   Investment  not 
deductible  bv   bank 


Article 

63 

63  X 

4  N 


29 

1 
,  30 

29 

1 

1 

,  30 

179 

P- 

237 

33b 

33 

(b) 
71 
17 

178 


147d 

147c 

147b 

97,  101 

p.  is; 

147 

147a 

p.  181 

98 

1  !,d 

p.  181 

147d 

P.  189 

P.  189 

P.  181 

147.1 

p.  is:. 

147c 

p.  189 

147c 

103 

by  I 

Paid  by  bank,  eb 


llowable  deduetioii- 


39 

37 
63 
68 

4 

t»7 

5 

6(21 

lis 

118  <::• 
149 


D90 


INTEREST— Continued 

Article 

Paid  by  corporation — 

At  different  rates,  rule  for  application  of  deduction  of 151 

Deduction   of   what,    when 148 

On  indebtedness  secured  by  collateral   subject  to  sale,   deductible 

when,    why 150 

On  mortgage  on  property  in  which  corporation  has  equity  or  is 

purchasing,  how  treated , 148 

Part  of  gross  income 4 

Payment  of,   to   beneficiaries   by   insurance   companies,    part   of   gross 

income    5 

Railroad  company — operating  leased  line — deductions  permitted 81 

Registered,  certificate  claiming  exemption  to  be  filed  at  least  five  days 

before  due-date  of  interest 44 

Registered,  duty  of  debtor  before  payment  of 41 

Inventors : 

Earnings  of,  indefinite  or  irregular  not  subject  to  withholding 32 

Inventory : 

Corporation,  purpose  and  use  of,  kinds  of 161 

Investment   Certificates : 

Investment  securities  issued  by  corporation  for  a  term  of  years  are 

obligations   similar   to   bonds 37  N 

See  also  "Bonds". 
Irrigation  Districts: 
See  also  "State"'. 

Held   to   be  political   sub-division   of   State   and   income   derived   from 
obligation  of,  not  to  be  included  in  computing  net  income 37 

J. 
Joint  Stock  Companies: 

See  "Corporations". 
Judges: 

United  States  courts,  salaries  exempt,  what 5 

Jurisdiction : 

Of   courts   p.  193 

L. 
Labor    Organizations : 

Exempt    __ 87 

Landlord : 

May  file  with  tenant  claim  for  exemption,  when 63  N 

East  Due  Date: 

Defined 175 

Laws: 

Relating  to  assessment,  remission,  collection,  refunding p.  193 

Lawyers : 

Fees,  indefinite  or  irregular,  not  subject  to  withholding 32  (b) 

Legality  of  Tax: 

See  T.  D.  1983 p.  2:!7 

Of  property  from  two  or  more  individuals 63  N 

Required  to  withhold  tax  on  income : 2'J,  64 

See  also  "Tenant". 
Liability : 

To  tax  of  a  taxable  person  not  to  be  released 27 

License : 

Application  for   55 

Application  for  to  be  certified  to  collector 53 

Bond  may  be  required  on  form  furnished __  56 

Failure  to  obtain,  penalty  for 55 

For  branch,  to  be  made  through  principal  office 57 

Form  of  application  for,  to  be  made  to  collector  of  district_____________  55 

Form  of;  to  be  issued  by  collector,  good  until  revoked 55 

Not  required  for  collection  of  foreign  pensions 55 

Required  for  collection  of  interest  or  other  foreign  items,  when,   by 
whom,  where  obtained Art.  54 

First,  receiving  foreign  item  for  collection  to  withhold  and  be  respon- 
sible for  tax  and  to  note  fact  of  withholding  on  such  item,  effect  of  58 

For  collection  of  foreign  items- 
Disposition  of  certificates  accompanying,  by 61 

To  keep  record  showing  what 62 

To  report  to  collector  (Form  1043),  what,  when 59 

Life  Insurance: 

Annuity  contracts— payments  made  by  insured  on 5 

Endowment— payments  made  by  insured  on 5 

Interest  payments  to  beneficiary  taxable 5  ^ 

591 


LIFE    INSURANCE— Continued 

■ 
Premium  on  policies  taken  out  by  partnerships  on  life  of  individual 

members,  deductible 3  N 

Premiums  on  policies  taken  out  by  corporations  in  favor  of  officers  or 

others,  deductible  from  gross  income 114 

Proceeds  from  in  favor  of  corporations,  when  paid  at  maturity,  to  be 

included  as  income 114, 107 

Proceeds  of  paid  upon  death  of  person  insured 5 

Proceeds  of  policies,  when  to  be  excluded  from  gross  income Art.  5 

Life  Insurance  Companies — See  also  "Corporations." 

Applied   surrender  values   and   consideration   for   supplementary   con- 
tracts both  to  be  added  and  deducted  in  return 102 

Deductions  from  gross  income,  what Art.  100 

Deferred  dividends  of,  deductible  from  gross  income,  when 100 

Gross  income  of,  how  determined 97, 101 

Supplementary  statement  attached  to  return  of,  showing  what 103 

Limitation,  Statute  of: 

For  income  tax  purposes,  three  years 177 

Liquidation — 

Corporations  going  into,  to  make  returns 85 

Living:  Quarters  Furnished  as  Part  of  Compensation — 

See  "Compensation." 
Local  Benefits — 

Definition   of   6  (3)  N 

Taxes  assessed  against  not  deductible 6  (3) 

Lodge  System: 

Corporation   operating  under,   defined 89 

Societies  operating  under  exempt,  when 87 

Losses — 

Individual — 

Actually  sustained  during  year  incurred  in  trade,  deductible 6  (4) 

From  fires,  storms,  shipwreck  not  compensated  for  by  insurance  or 

otherwise    6  (4) 

In   trade— definition   of -6  (4)  N 

Real  estate,  resulting  from  sale  of  (T.  D.  1989) p.  240 

Rules  for  determining  amount  of  deductible  loss  allowable  to  indi- 
viduals and  corporations   (T.  D.  2005,  page  252,  and  T.   D.  2130      p.  56S 

Stocks,   grain,   cotton,   etc 6  (4)  N 

Corporations — 

Amount  of  loss  deductible   (T.  D.  2005,  page  252,  and  T.   D.  2130      p.  56S 

Deductible    by 113  (2) 

Deductible,    defined 124 

From  sale  capital  assets,  how  ascertained 128 

From  sale  securities  below  par,  how  treated 135 

Insurance  company,  deduction  for,  what 147a 

Removal  of  building  not  deductible,  why lL'7 

Reserve  for,   not   deductible 126 

M. 

AT j j lr  pr  * 

Of  "note  given  in  payment  of  interest  held  responsible  for  normal  tax__  6S 

Manufacturers : 

Returns  of,  accessible  how,  penalty,  sec.  31G7 p.  190 

Manufacturing-   Company: 

Gross  income,   definition 104 

Marine  Insurance  Company: 

Deductions   by p.  187 

Materials  and  Supplies  on  Hand: 

Deduction  by  corporation  on  account  of,  what 123 

Mercantile  Corporation : 

Gross  income,   definition 105 

Mine: 

Gross  value  at — 

Corporation,   definition 142 

Defined 0 

Operated    on    royalty    basis,   corporation,    deduction   for    depletion    of 
deposits   not  allowed   operating   corporation 145 

Minor: 

Certificate  to  be  filed  in  behalf  of,  by  whom 33  (10 

Fiduciary  acting  for 71 

Returns  of 17 

Who  make  claim  for  deductions  for 33b 

Miscellaneous  Corporation : 

Gross  income  of,  definition 106 

Monthly   List   Return:  .„,,,, 

Form  of,  what  to  contain,  to  be  filed  in  duplicate 50 

Of  coupon  or  registered  interest  orders  received  with  ownership  cer- 
ficates,  form  of  and  what  to  show 53 

592 


MONTHLY    RETURN    LIST— Continued 

Article 
Of  licensee  for  collection  of  foreign  item,  form  of,  what  to  show,  with 

whom  filed,  when 59 

Summary  of,  when  to  be  filed  and  what  to  show 50 

Totals  only  to  be  carried  into  annual  return 51 

Mortgage's : 

Interest  on,  when  subject  to  withholding 37 

Not  payable  in  United  States,  when  subject  to  withholding 37 

Paid  by  corporation  which  has  equity,  how  treated 148 

Mortgages  or  deeds  of  trust — see  "Bonds." 

Of  corporation,   income  from,   subject  to   withholding,   regardless   of 

amount    37 

On  property  purchased  by  corporation  from  individual  not  subject  to 

withholding  of  interest 37  N 

On  real  or  personal  property — withholding  requirements  on 30 

Mortgagors — 

Kequired  to  withhold  tax  on  income,  when 30 

Municipality — 

Bonds  of  public  utility  acquired  by  municipality  not  an  obligation  of 

municipality    37  N 

Municipality  a  political  sub-division  of  state 37 

Obligations  of  exempt 37 

Mutual  Companies: 

To  make  return  of  income;  definition  of  net  income 80 

Mutual  Fire  Insurance  Company: 
See  also  "Insurance  Company". 

Gross  income  of,  definition 9S 

Premium    deposits    returned,    what p.  18 

Supplementary  statement  attached  to  return  of,  showing  what 103 

Taxable   income,   what 98 

Mutual  Marine  Insurance  Company: 
See  also  "Insurance  Company". 

Deductions,    what Arts.  99,  147d 

Gross    income 99 

Supplementary  statement  attached  to  return  of,  showing  what 103 

Mutual  Savings  Bank — 

Exempt  from  tax,  when 87 

See  also  "Exempt  Organizations." 
Mutual  Telephone  Companies — 

Not  exempt  from  tax 80 

N. 
Names : 

Arrangement  of,  in  list  by  collector 188 

Natural  Deposits: 

Deduction  for  depreciation  of,  basis  and  limit  of 141 

Net  Income: 

Corporation — See  also  "Corporation." 

Engaged  in  more  than  one  class  of  business,  how  ascertained 113 

From  sale  of  capital  assets,  how  determined _ 109 

How    ascertained    113 

Items  deductible  from  gross  in  computing  net  income 113-150 

Should  be  what 158,  183 

Subject  to  tax  on  entire  net  income 76 

Defined 3 

Foreign  corporation,  defined 157 

Mutual  companies,  defined 80 

Individual — See  also  "Individual." 

Deductions  from  gross  in  computing  net  income 6 

Definition  of '  3 

Items  not  taxable  and  not  to  be  included  in 5 

Normal  tax  on 1 

Non-Resident  Alien — 

See  "Alien." 
Normal  Tax — 

Persons  and  incomes  taxable 1 

On   what   computed 3 

On   non-resident   aliens S 

Notes: 

Given  in  payment  of  income;  maker  is  debtor  or  source  and  must  with- 
hold on  entire  amount  of  note  if  in  excess  $3,000,  except  allowance 

exemption  or  deduction  claimed 68 

Given  in  payment  of  interest;  failure  of  purchaser  to  make  allowance 

or  deduction  for  tax,  only  remedy  is  against  vendor,  how 6S 

Investment   securities   issued   by   corporation   for   term    of   years   are 

obligations   similar   to   bonds 37  N 

Promissory  notes  of  corporations — not  obligation  "similar  to  bonds"—         37  N 

Notice: 

Answer  of  guardian,  etc.,  may  show  what 18 

Assessment,  advance  preparation  of,  by  collector 198 


NOTICE— Continued 

Article 
Claiming  deduction  account  partnership  expense,  by  whom  filed,  what 

and    how 47 

Collector  to   give  withholding   agent,   when   tax   withheld   is   adjusted 

in    assessment 33c 

Form   lOlo   filed   by   fiduciary   with    other   withholding   agent,    nothirig 

withheld    70 

Of  assessment;  failure  to  pay  tax;  make  return;  form  of;  time 197 

Of  claim  for  exemption  by  foreign  partnership,  when,  what,  how 48 

Of  failure  fiduciary  to  file  return,  served 71 

Of  failure  to  make  return,  when  to  be  served  on  guardian,  etc 18 

To  delinquent,  failure  to  file  return  in  time 196 

To  taxpayer,  of  amount  for  which  liable  as  on  or  before  June  1 25 

O. 
Oath  or  Affirmation: 

Required  in  verifying  returns 22 

Obligations: 

Interest  on,  of  State  or  political  subdivision;  United  States  or  po- 

sions  not  part  of  gross  income 5 

Obligations  of  Corporations,  Etc. : 

Similiar  to  bonds,  mortgages,  and  deeds  of  trust,  income  from,  subject 

to  withholding,  regardless  of  amount 37 

Obsolescence : 

Of  patents,   deduction  for,   what,  how  determined 138 

Officers : 

Of  State  or  political  subdivision  of,  compensation — 

Of  not  part  of  gross  income 5 

Paid  by  United  States  is  part  of  gross  iucome 5 

Of  the  United  States  making  returns  for  others 9 

Or  employees  of  the  U.  S.  required  to  withhold  tax  when 90 

Regulations  designed  for  enforcing  compliance  with  law p.  366 

See  also  "Enlisted  Men  of  U.  S." 
Oil  or  Gas  Territory  Leased: 

Basis   of   deduction   for   depletion   of 144 

Oil  or  Gas  Wells  and  Mines: 

Operated   on   royalty   basis,    deduction   for   depletion   of   deposits   not 
allowed    operating    corporation 145 

Omitted  Tax: 

May  be  assessed  and  with  penalty,  when 184 

Organizations : 

Civic,    exemptions 87 


Paid-Up   Capital   Stock: 

Definition    of 95 

Paragraph  B: 

For   deduction   under 33  (l>) 

(See  also  letter  to  Collector  dated  .Ian.  16,  1914,  on    Page  odd.) 
Paragraph  C: 

See   "Individual". 
Partnership: 

As  such  not  subject  to  tax  and   not  required   to  make  return  except 

on  request   Commissioner  or   Secretary 12 

Foreign — see  also  "Non-Resident  Alien". 

Composed  of  nonresident  aliens,  resident  aliens,  and  citizens  of 
United  States,  either  or  both,  requisites  of  ownership  certifi- 
cate  for 49 

Owning  bonds,  etc.,  of  corporations,  etc.,  organized  or  doing  busi- 
ness in  the  United  States  not  subject  to  withholding  on  interest 

of,   provided   exemption   claimed    (Form   101(5) _  }s 

Form  of  partnership  return  of  income (Form  1066)  pp.; 

Income  of  not  to  be  withheld  at  source II 

Income  of  other   than   interest    on    bonds — certificate    (Form   10(5:5   Re- 
vised)  to  be   tiled   by 14 

Income  of-    when  accrued __  j  \ 

individual  share  of  profits  of,  to  be  Included  in  personal  return—      _  n 

Limited,  is  corporation  and  subject  t<>  corporation  tax _  86 

Members   Of,    liable    In    individual    capacity    for    tax    on    their   respective 

shares  of  earnings  of,  whether  distributed  or  not 04 

Owning  bonds  and  similar  obligations  must  tile  certificates  of  owner- 
ship (Form  1001  Revised)  evidencing  partnership  ownership 14 

Premium  on  insurance  policies  taken  out  by,  on  lives  <>f  members,  de- 

ductiide    expense    of ,;  X 

Proflts  of—  .•■■.. 

Once  returned  and  tax  paid,  not  again  reported  as  income  _  _  14 

To  be  included  by  individuals  entitled   to,  in  their  personal  return  13 

Profits— undistributed— to  be  included  in  individual  return.      _  13 


594 


PARTNERSHIP— Continued 

Article 

Profits,  undistributed,  when   included   in   return  of  individual,   not   be 

included  in  return  when  distributed 14 

Return  of,  when  to  be  made 12 

Returns  of — what  to  contain a 12 

Returns  of,  when  requested  to  be  made  in  district  where  have  princi- 
pal place  of  business 12 

Shall  forward  correct  statement  of  profits  and  names p.  177 

Share  of  profit  to   partners p.  177 

To  deduct  and  withhold  tax,  when 0-1 

To  file  with  withholding  agent  notice  claiming  deduction  for  expense 

of,  what  and   how •- 47 

To  make  list  or  return,  how  and   when,   section   3173 1  2.'! 

When  required  to  make  return  must  make  complete  and  correct 12 

Patents : 

Deduction  for — 

Depreciation,   what,   and   howT   determined 137 

Obsolescence,    what,    how    determined 138 

Payment : 

To  officer  authorized  to  receive —      p.  179 

Penalty : 
For 

Failure  to  pay  tax 25 

Failure  to   make  return 21  &  26 

False   or   fraudulent   returns 21  &  26 

Information  on  return,  what 181 

Refusal  or  neglect  to  make  return 21 

Absence  in  foreign  countries — penalty  for  failure  to  pay  tax 33  (b)  N 

Unlawfully,  information  on  return,  fine  or  imprisonment,  or  both, 

with  costs 164 

Failure  to  make  return  in  prescribed  time  or  for  false  or  fraudulent, 

fine  or  imprisonment,  or  both 164 

Failure  to  pay  tax,  5  per  cent  to  tax  plus  1  per  cent  per  month 164 

False  claim  or  statement  to  secure  exemption 33a 

False  or  fraudulent  return  with  intent  to  evade  or  defeat  tax,  what 26 

False  or  fraudulent  return,  100  per  cent  to  tax 164 

False  statement  in   regard   to  deduction 33b 

Neglect  or  refusal   to   make   return 164 

Person  or  officer  of  corporation  required  to  make  return,  making  false 

or  fraudulent,   with   intent  to  defeat  or  evade  assessment 164 

Refusal  or  neglect  to  make  return,  liable  person,  corporation,  etc 26 

Refusal  to  make  or  for  false  return,  to  be  assessed  and  collected,  what  21 

Return  made  and  properly  mailed  in  time  but  not  received   in  time, 

none 174 

Pensions — 

License  not  required  for  collection  of  foreign  pensions 55 

Paid  by  U.  S.  subject  to  tax 4  N 

Paid  to  employees  not  deductible  expense 120 

Per  Diem  Allowances — 

Definition  of 4  (N) 

Person : 

Whose  income  is  not  subject  to  withholding  at  source,  make  personal 

return  32 

Persons,  Finns,  Etc.: 

Collecting  foreign  items,   license  required 54 

Whatever  capacity  acting,  withholding  agent,  when,  what 30 

Philippine  Islands: 

Corporations  of,  organized  under  laws  of  U.  S.  subject  to  tax  in  U.  S._  76 

Corporations  of — Principal  place  of  business  of 76 

Exemptions   25.  26 

Obligations  of,  exempt  from  tax A  5(e),  37,  93 

Plant : 

Corporation,  deduction  for  depreciation   (in  addition  to  the  deduction 

for  depletion  of  mine),  what  and  basis  of 143 

Political   Subdivision  of  State: 

Interest  on  obligations  of.  not  part  of  gross  income 5 

Officers  and  employees  of,  compensation  not  part  of  gross  income___  5 

See  also  "State"  and  "Municipality". 
Porto  Rico : 

Corporations  of,  organized  under  laws  of  U.  S.  taxable  in  U.  S 76 

Corporations  of — Principal  place  of  business  of 7G 

Exemptions  and  provisions 25,  26 

Obligations  of,  exempt  from  tax. 37(  93 

Possessions: 

Of  United  States,  interest  on  obligations  of,  not  part  of  gross  income  5 

Premium — 

Insurance  premium — See  "Insurance." 

On  bond  which  employee  is  required  to  furnish  and  pay  premium  de- 
ductible     6  (N) 

On   sale   of  capital   stock .j5 

595 


Article 
President  of  the  United  States: 

Salary  of,  exempt,  what . 5 

Procedure : 

In  case  of  refusal  or  neglect,  liable  individual  to  make  return  or  for 
false  return  made 21  X 

Professional : 

Persons  whose  income  indefinite  or  irregular,  not  subject  to  with- 
holding      32  (b) 

Profits : 

Distributed  to  employees  taxable  and  subject  to  withholding 4  (N) 

For  taxable  purposes  of  those  arising  or  accruing  within  calendar  year  4 

From  any  source  part  of  gross  income 4 

From  sale  of  real  estate — How  determined 4  (X) 

Partnership  once  return  and  tax  paid,  not  reported  as  income 14. 

Partnership,  individual  entitled  to  include  in  his  personal  return 13 

Share  of,  in  partnership  to  be  included  in  return  of  individual 11 

Profit  or  Loss: 

Corporation,  on  sale  of  capital  assets,  how  determined 110 

Promissory  Notes — 

See  Notes.  v 

Property : 

Received  by  gift,  bequest,  devise,  descent,  income  from  but  not  value, 
part  of  gross  income 4  (d)  &  5  (a) 

Public  Records: 

Returns  are,  inspection  of  or  copies,  how 178 

Public-School  Teachers — 

Compensation  of  exempt,  when 0  (e) 

Public  Utility — See  also  "Corporation." 

Bonds  of,  acquired  by  municipality  not  an  obligation  of  municipality—         .".7  X 

Deductible  Business,  expense  of 113  N 

Income  from  accruing  to  State,  etc.,  exempt  from  tax 93 

When  income  from  is  not  taxable 93 

Purchaser : 

Of  note  given  in  payment  of  interest,  failure  to  make  allowance  or 
deduction  of  tax  in  purchase  or  discount  only  remedy  is  against 
vendor    68 

B. 

Bate: 

Deduction  for  depletion  of  mines,  etc.,  regulation  and  limit  of 142 

Beal  Estate  (See  also  "Rents") — 

Real  estate  agents  not  withholding  agents 63  N 

Real  estate  agent  does  not  act  as  agent  of  "debtor" 63  X 

Lessee  of,  from  two  or  more  individuals 0:>  X 

Lessees  to  withhold  and  pay  tax  when 04 

Losses  resulting  from  sale  of (T.  D.  1989)       p.  240 

Profit  from  sale  of — how  determined 4  N 

Beal  Estate  Trusts — 

Subject  to  tax  on  corporations 79 

Beceipts : 

Separate  to  be  issued,  when 25 

Beceivers — 

Required  to  withhold  tax  on  income,  when 30 

Beceivers'  Certificates — 

See  "Bonds." 
Beclamation  Districts — 

See  "State."      „ 
Becord : 

To  be  kept  by — 

Collecting    agent,    what 40 

Licensee  for  collection  of  foreign  items,  what  to  show 62 

Kef  und : 

Failure  to  make  claim  for  exemption  or  deductions  with  withholding 

agent  in  time ;  only  remedy  is  by  application  for 1  33c 

Registered  Interest: 

Certificate  claiming  exemption  from  tax  on,  to  be  filed  at  least  five 

days  before  due  date  of  interest 44 

Religious   Organizations — 

Exempt  from  tax,  when M 

Bemoval  of  Buildings: 

Not  deductible  loss,  corporation,  why 127 

Rent: 

Corporation,  cost  of  buildings  on  leased   ground   deductible,  when 115 

How    treated 63 

Interest  paid  by  corporation  as,  how  treated 14S 

Part  of  gross  income 4 

Notes  given  in  payment  of 68 

Real  estate  agents  not  withholding  agents 63  X 


BENT— Continued 

Article 
Rental — Railroad  or  other  corporation  leasing  its  property  for  equiva- 
lent of  80 

Rental  paid  by  lessee  direct  to  stock  and  bond  holders  in  shape  of  divi- 
dends and  interest 80 

Tax  on  income  derived  from  to  be  withheld,  when 63,  64 

Where  a  tenant  rents  two  pieces  of  property 63  N 

Where  a  Board  of  Education  rents  property 63  N 

When  payments  to  a  fiduciary  exceed  $3,000 63  N 

Representative — 

Of  non-resident  aliens — See  ''Agent." 

Repairs : 

Deduction,   when 131 

Reserve : 

Assessment  insurance  company,   definition 147d 

For  depreciation — 

Diversion    of,   correction 133 

Use  of,  disposition  of  excess  of 132 

For  insurance  of  corporate  property  not  deductible 122 

For  losses  not  deductible 126 

For  taxes  of  corporation  not  deductible 156 

Insurance  company,  deductible  net  addition  to,  definition ;  what  basis 

computation;  what  not  to  be  included  in 147d 

To  meet  loss,  insurance  company,  how  treated 147c 

Retainers — 

Of  professional  persons 32  (b) 

Resident  Alien: 

Certificates  of  ownership  of  bonds,  wrhen  and  how  to  be  used  and  to 

specify   what 42 

Income  of,  from  coupon  or  registered  interest,  subject  to  withholding 

except  to  extent  exemption  claimed 44 

Returns : 

Administrators  to  make  for  heirs,  when 9 

Affidavit — Before  whom  to  be  made 22 

Agents  to  make  for  others 9 

Annual  individual  and  monthly  list  to  be  forwarded  to  Commissioner, 

how   24 

Annual  list  (Form  1013),  to  show  what,  and  to  be  filed  on  or  before 

March  1 50 

Annual,  of  coupon  or  registered  interest  orders  not  accompanied  by 
certificates  of  ownership ;  form  of,  and  what  to  show ;   to  be  filed 

when ;    to   show   totals   only   on    monthly    return 53 

Annual,    of   debtors   or   withholding   agents    to    show    totals   only    on 

monthly  list 51 

Annual,  fiduciary  to  collector  of  district  when;  show  what 71 

Annual  Returns  of: 

Corporations    (other  than  insurance  companies)    (Form   1031,   Re- 
vised)     pp.  312-15 

Fiduciary    (Form  1041,   Revised) pp.  318-24 

First  Bank  or  Collecting  Agency  of  tax  withheld  from  payments 

of  interest  on  bonds,  etc.  (Form  1044A) p.  329 

Individual — fac-simile    return    with    explanation    (Form    1040,    Re- 
vised)     pp.  335-345 

Insurance  Company  (Form  1030,  Revised) pp.  308-11 

Licensed  Bank  or  Collecting  Agencies  of  tax  withheld  on  foreign 

items    (Form   1043A) p.  327 

Partnerships    (Form    1065) pp.  331-2 

Withholding  Agents : 

Of  tax  withheld  on  salaries,  wages,  rents,  etc.,  exceeding  $3,000 

for  the  year   (Form  1042) pp.  331-2 

Of  tax  withheld  from  interest  on  bonds,  etc.  (Form  1013) p.  303 

Annual,  of  withholding  agent,  form  for,  to  be  accompanied  by  what, 

when  to  be  filed 35 

Annual,  of  withholding  agent  (Form  1042),  what  to  show  and  when 

to  l>e  filed 69 

Approval  of  Secretary 7 

Assessment  of  tax — when  made 25  N 

Blanks  for,  furnished  corporations  by  collector 163 

By  persons  of  lawful  age 7 

Certified  copies  of,  when,  why,  delivered  to  whom 180 

Conservators  to  make  for  others 9 

Corporation — see  "Corporations". 

Copy  of,  unlawful  to  exhibit,  section  3167 • p.  190 

Divulging — 

Death,  in  case  of,  by  whom 17 

Information  from,  penalty 181 

Unlawfully,  information  on,  penalty 164 

Due  date  on  Sunday  or  legal  holiday,  effect  of 176 

Duplicate,  when,  of  whom  required,  disposition  of 193 

597 


RETURNS— Continued 

Article 

Duty  of  collector— 

On  failure  to  find  person  :it  I  •  Ion  "17m p.  191 

In  forwarding  and  investigation   of 192 

Employees  to  matte  for  others p.  179 

Evidence  by  which  to  verify,  what 183 

Executors  to  make  for  others p.  IT'J 

Extension  of  time — 

For  filing,  when,  what,  how 23 

To  make,  not  to  exceed  what,  how,  to  whom  made 173 

Failure  of  corporation  to  receive  blank  for,  not  excused  from   making 

return  or  penalties  for  failure 163 

Failure — 

By  person  liable  to  pay  an  income  ta  for  himself  or  others 20 

Of  fiduciary  to  file,  notice  of,  served 71 

To  make  by  guardian,  agent,  or  other  person  acting  in  trust  ca- 
pacity, notice  to,  served  on 18 

To  make  in  prescribed  time,  of  a  false  or  fraudulent,   penalty 164 

To  make — 

Notice  of,  form  and  time  to  serve 107 

Legal  provisions  as  to pp.  192-3 

False  or  fraudulent — 

Duty  of  collector  in  matter  of 102 

Penalty    164 

With  intent  to  defeat  or  evade  tax,  penalty — ., — 26 

States  to  designate  principal  office  and  person  to  make  return 83 

Fiduciary — see  "Fiduciary". 

Foreign   corporation    having   more   than    one   branch    office   in    United 

Foreign  country — By  an  individual  residing  in lfl 

Form  of  individual  return pp.  335-345 

Forms  of — see  "Annual   Returns"   above  and    "Monthly   List    Returns" 
below,  and  also  pages  287  and  288. 

•For  persons  Incapacitated,  by  whom  made 17 

For   persons  absent  from  United   States,   by   whom   made 17 

Fraudulent — 

Duty    of   collector p.  192 

Extra  tax  because  of p.  9 

Time  limitation  for  naying  after  notice p.  9 

Of  husband   and    wife 9&10 

Individual — see   "Individual". 

Information  or  copies  from,  to  officers  of  State,  when,  what,  how;  orig- 
inal   not   removed   except 179 

Inspection    of— by    whom (T.  D.  2016)       p.  258 

Inspection  of,  may  be  made  by  whom 28  N 

Last  due  date  defined 175 

Leased  corporations  make  their  own 82 

Legality  of,  made  by  collector  or  deputy,  sec.  3176 p.  192 

Lessee  corporation  assuming  debts  of  lessor  to  include  in  lessee  return 

all  receipts  of  lessor—.. 81 

Lessee    corporation   not   to   include    in    its    own    statement   of   capital 
stock,  that  of  lessor;  nor  in  its  own  statement  of  indebtedness,  that 

of  lessor  except  when  said  indebtedness  is  assumed  by  lessee 82 

Life  insurance  company — 

Applied    surrender    values    and    consideration  'for    supplementary 

contracts  both  added  and   deducted 102 

Supplementary   statement   attached   to   return   of,   showing   what 103 

Made  and   properly   mailed   in   time,  no   penalty  if  not  received  in   time  174 

Made  by  guardian  or  authorized  agent,  when 17 

Made  on  basis  of  fiscal  year  but  not  so  designated,  not  accepted,  and 

must  be  made  for  calendar  year 171 

Made  to  collector p.  179 

Monthly,  by  withholding  agent,  when   to  be  tiled:  with  whom,  what  to 

accompany   35 

Monthly  list  and   annual,   by   licensee   for   collection   of  foreign    items. 

What;  to  whom,  when 59 

Monthly  list,  form  of,  what  to  contain,  to  be  filed  in  duplicate 50 

Monthly  list  of  coupon  or  interest  orders  not  accompanied  by  certifi- 
cates of  ownership,  form  of,  and  what  to  show 1 53 

Monthly  List  Returns  of: 

First  Bank  or  Collecting  Agency  of  tax  withheld  from  payments 

of  interest  on  bonds,  etc.  (Form  1044) .. p 

Licensed  Bank  or  Collecting  Agencies  of  tax  withheld  on  foreign 
Items  (Form  1043) p.  320 

Withholding  Agents: 

Of  tax   withheld  from   payments  of  Interest    on   bonds,  mort- 
gage, etc.    (Forms   1012,    1012A,    B   and   C) pp.  299-300 

Monthly    summary    (Form     1012D) p.  310 

Must  be  made,  when,   section  3173 p.  191 

Mutual    companies    to    make;    definition    n.  1     income 80 

006 


RETURNS— Continued 

Article 
Mutual    fire   insurance   companies,    supplementary    statement   attached 

to,   showing  what - 103 

Mutual  marine  insurance  companies,  supplementary  statement  attached 

to,  showing  what 103 

Neglect  or  refusal  of  liable  person,  corporation,  etc.,  to  make,  penalty  26 

Neglect  or  refusal  to  make,  50  per  cent  additional  tax 164 

Neglect  to  make,  penalty -1 

Non-Resident  Alien — see  "Alien". 

Nonresident  alien,  agent  or  representative  to  make  for,  when,  what  to 

be  included  in 8 

Not  required,  income  not  exceeding  $3,000 4  (c) 

Not  required  of  persons  for  whom  full  return  is  by  another 19 

Not  required  for  persons  for  whom  full  returns  have  been   made   by 

another    19 

Not  filed  in  time,  notice  sent  to  delinquent 196 

Oath  to  be  made  under 22 

Officers  and  employees  of  the  United   States,  having  control  salaries, 

rents,  etc.,  to  make  when p.  179 

Of  income— 

When  required,  where  filed 15 

Persons  deceased  within  taxable  year,  made  by  executor  or  admin- 
istrator      17 

On  basis  of  calendar  year  or  fiscal  year,  time  of  assessment  and  pay- 
ment of  tax 177 

Open  to  inspection,  when — see  T.  D.  201(1 p.  259 

Partnership   profits   included   by   individual   and    tax   paid,   not   again 

reported  as  income 14 

Partnership,    requisite    of 12 

Phi  a  lly — 

Against  corporation  for  failure  to  make 163 

For  failure  to  make  at  time  specified p.  190 

For  refusal  to  make 21 

In  connection  with  returns 16  (4)  N 

Of  insane  persons — to  be  made  by  whom 17 

Of  persons  unable  to  make  by  reason  of  sickness 17 

Period  covered  by  (Jan.  1  to  Dec.  31) 15 

Personal.  Form  1040;  fiduciary  may  be  appointed  agent  or  attorney  to 

make  for  beneficiary 72 

Personal  not  required,  when 8 

Personal — see  "'Individual". 

Person   or  officer   of  corporation   required    to   make,   making  false   or 

fraudulent  with  intent  to  defeat  or  evade;  penalty 164 

Person  residing  in  foreign  country,  provision  for 7 

Public  records,  inspection  or  copies,  how Art.  178 

Public    resords,    when (T.  D.  2016)  p.  259 

Receivers  to  make  for  others 9 

Refusal  or  neglect  of  liable  individual,  duty  of  collector Art.  21 

Refusal  to  make,  extra  tax p.  190 

Requisite  of  bookkeeping  for  verifying 182 

State  officer  may  have  access  to— T.  D.  2016 p.  259 

To   be   filed,    when 15 

To  be  prepared  by  collector  in  certain  cases 20 

To  include — 

Personal  income  not  subject  to  withholding 32 

Share  of  profits  in  partnership  whether  divided  or  not 11 

To  be  verified,  how,  before  whom pp.  7,  22 

Trustees  to  make  for  others p.  179 

Understatement  of  income,  cause  to  be  shown  why  amount  not  in- 
creased   ,. p.  178 

Undervaluation  or  understatement p.  192 

Unlawful  to  exhibit  or  divulge  information  from,  section  3167 — T.  D. 

2010   p.  259 

Wife  having  income  of  $3,000  from  separate  estate  managed  by  herself 

may  make  her  own 10 

What  must  be  shown  on 16 

When  to  be  made  by  guardian  or  duly  authorized  agent 17 

When  to  be  made;  where  filed,  section  3173 p.  191 

Where  to  he  filed 15 

Withholding  agent,  what  disposition  of;  should  not  be  filed  until 
expiration  of  time  allowed  for  filing  claims  for  exemption  or  de- 
ductions    33c 

Revised   Statutes: 

Amended    sections   of,    providing   duties    and    penalties,    sections   3167, 

3172,    3173    pp.  190-192 

Royalties : 

How    treated 63 

Royalty  Rasis: 

Mines,  oil  or  gas  wells,  operated  on,  deduction  for  depletion  of  deposits 

not  allowed  operating  corporation 145 

599 


s. 

Article 

Salaries : 

See  also  "Compensation". 

How    treated 4,  63 

Sale  of  Capital  Assets: 

Corporation — see  also  "Corporation". 

Income  from,   how   determined 108,  109 

Loss  from,  how  ascertained 128 

Profit  or  loss  on 110 

Salesmen: 

Commission  to,  paid  in  stock,  deductible  expense  when 11* 

Salvage:  • 

How  treated  in  return  of  insurance  company 14 ic 

School  Teachers — 

See  "Public  School  Teachers." 
Scientific  Association: 

Exemptions   87 

Securities: 

Income  from;  sale  of,  below  par;  loss , 4,  13o 

Shrinkage: 

In  book  value  capital  assets,  how  treated 134 

In  property  value  insurance  company,  depreciation  loss  by,  what  and 
when    deductible 14Tb 

Extension  of  time  to  file  return  may  be  granted  in  case  of 

When  individual  is  unable  to  make  leturn  by  reason  of IT 

Size: 

Foreign  items  too  small  for  notation  on,  statement  may  be  attached  to  58 

Society : 

Operating  under  the  "lodge  system,"  defined;  exemptions 89 

Soldiers — 

See  "Enlisted  Men  of  U.  S." 

Source: 

Defined 31 

Example  of  where  and  where  not  withholding  at 32 

Fiduciary   is,   when 70 

Note  given  in  payment  of  income,  maker  of  note  is 68 

Persons,  firms,  etc.,  acting  as,  designated  "debtors"  or  "withholding 

agents"    31 

Tax  withheld  at,  to  be  paid  to  collector 34 

Withholding  at,  applies  only  to  normal  tax  imposed  on  individuals —  29 

Who  required  to  act  as ;  liable  for  tax  withheld 30 

Special  Tax: 

See  sections  31T3,  3176 pp.  191-192 

State : 

Compensation  of  officers  and  employees  of,  or  any  political  sub-divi- 
sion of,  exempt,  when 5 

Income  derived  from  obligations  of  State  or  any  political  sub-division 

exempt    5  (e)  &  37 

Information  from  return,  when,  how 179 

Officers  and  employees,  paid  by  United  States;  compensation  part  of 

gross  income 5 

Political   subdivision  of,  compensation  of  officers  and  employees  not 

{>art  of  gross  income;  interest  on  obligations  of,  not  part  of  gross 
ncome   5 

Political  sub-divisions  of  include  what 37 

Taxes  assessed  by  deductible  from  gross  income 6  (3) 

Status: 

For  claiming  exemption  by  individuals 10 

Statute  of  Limitation : 

For  income-tax  purposes,  three  years 177 

Steamship  Company 

Foreign — Deductible  expense  from  gross  income  of 110 

Stock : 

Assessments  on  not  deductible 6  (7) 

Depreciation  in  value  of  not  deductible,  when 

Losses  by  through  dealings  iu 6  (-n  X 

See  also  T.  D.  2006.  page  252,  and  T.  D.  2130 

Paid-up    capital,    definition 95 

Subsidiary  Company — 

Interest  and  dividends  paid  by,  not  deductible  by  parent  corporation—  107 

Super  Tax — 

Amount  of  

Non-resident   aliens  subject    to S 

l'ctsoins   subject  to   must   include  corporation   dividends   in   return   of 
income   4  (c) 

Supreme  Court  of  V.  S. 

income  of  Judges  of  exempt 5  (d) 

Salary  of  judges  appointed  subsequent  to  Oct.  3,  1913,  subject  to  tax—  6  N 

600 


Article 

Substitute  certificates 40 

Summary  of  monthly  list  return 50 

Summons,  section  3173 !>■  192 

Sunday  or  legal  holiday 1<6 

Supplementary  statement  attached  to  return 103 

Supplies   on  hand 123 

T. 

Additional,  on  individuals  only,  rates  and  classes 2 

Amounts  added  as  penalty,  section  3170 p.  102 

Assessment  and   collection 25 

Assessment — 

Against    income    withheld    at    source 38 

Of,  against  withholding  agent  deferred 189 

Claim  for  abatement  of 33c 

Cooperative  dairies  exempt 92 

Corporations — See  also  "Corporation." 

Exempt    : 87 

On  entire  net  income 185 

Organized  in  United  States,  all  (with  certain  exceptions)  subject  to  76 

Delinquent  if  not  paid  by  June  30 25 

Deputy  collectors,  duties,  section  3172 p.  190 

Domestic  building  and  loan  association,  what  necessary  to  exempt —  87 

"Duties"  are  not  but  item  of  cost 155 

Evidence  of  non-liability,  received  by  withholding  agent,  disposition  of  p.  355 

Evidence  of  payment  of,  by  corporation  for  deduction  purposes 158 

Excise  on  corporation Arts.  160,  191 

Extra    P-  178 

Failure  to  pay 164,  177,  197 

Fixed  determinable  annual  income,  subject  to  withholding 65,  66 

Fraternal   societies,  exempt 87 

From  withholding  agent ^        36 

Import  duties  not  deductible  as 6  (3)  N 

Individual — See  "Individual." 

Income  of  corporations  organized  elsewhere  than  in  the  United  States, 

liability   79 

Local  benefits,  assessed  against,  not  deductible  from  gross  income 6  (3  N, 

National,   State,   county,   school  and   municipal  taxes   deductible  from 

gross   income    J J 6  (3) 

Normal — 

Computation   of   Art.  1,  7 

Deductions  in   connection   with Art.  44 

Agricultural,  horticultural,  and  labor  organizations,  certain  mutual 

savings    banks,    exempt 87 

Not  to  be  withheld  against  partnership  profits 47 

Not  to  be  withheld  on  bank  deposits 67 

Omitted,  procedure  upon  discovery  of 184 

On  excess  of  income  over  exemption 10 

On  income — 

From  bonds,  etc.,  corporations,  etc 37 

Paid   by    note : 68 

On  interest  on  bonds  owned  by  corporations  organized  in  United  States  45 

On  net  income  of  foreign  corporation  ;  definition  ;  deduction 157 

On  net  income  of  corporation — 

Computation  of 159 

Distributable   to   owners 79 

Paid  by  citizens  or  resident  aliens  of  U.  S.  to  a  foreign  country  not 

allowable  deductions 6  (3)  N 

Paid  by  corporations 113  (4) 

Paid  by  corporation  constitute  deduction 152 

Paid  by  corporation,  when  not  deductible 153 

Paid   pursuant  assessment  levied   by   special  assessment  districts   not 

deductible    37 

Paid  by  tenant  to  landlord  deductible  expense  of  doing  business 6  N 

Penalty  on  delinquent 25 

Receipts  to  be  given  by  collector p.  193 

Reserve  for,  by  corporation  not  deductible 156 

Special    excise    p.  194 

Taxable  person  not  to  be  relieved  from  liability 27 

To  be  paid 177 

To   be  withheld 44,  64 

Withheld— 

At  source,  to  be  paid  to 30 

By  first  licensee,  fact  of  withholding  noted 58 

Collector  to  adjust  in  assessment  against  withholding  agent 33c 

From  what 64,  75 

To  be  paid  to  collector .^  33c,  34 

601  J' 


Article 
Taxable  Income: 

Definition;  liability   3.  7 

Tax  Due  187 

Taxes : 

See  "Tax". 
Tax  Statements   199 

Teacher : 

Public  school  5 

Telephone  Company — 

Mutual  Telephone  companies  not  exempt  from  tax 80 

Tenant- 
Board  of  Education  a  tenant,  when 63  N 

Renting  two  pieces  of  property  from  same  owner 63  N 

Timberland: 

Deduction  for  depreciation — 

Acount  removal  of  timber 139 

Limit  of,  excess  of,  is  income 140 

Time: 

Extension  of,  for  making  and  filing  return 23,  173 

Trust — 

Agreement    70 

Net  income  of,   taxable 70 

Real  estate,  subject   to  tax 71) 

Trustee: 

As   fiduciary    70 

Duties   of   p.  170 

U. 

Unearned  Increment: 

Not  value  for  depredation  purposes 140 

United  States — 

Compensation — Of  President  of  exempt,  for  what  period 5 

Compensation  of  supreme  and  interior  courts  of,  exempt,  which 5 

Unlisted  Men — See  '"Enlisted  Men." 

Income  from  obligations  of,  exempt  from  tax 5  (e)  &  37 

Officers  and  Employees  of -required  to  withhold  tax  on  income,  when.  30 

"United  Slates"  or  "State": 

Construction    p.  190 

V. 

Yraltie: 

Hook,  capital  assets,  shrinkage  in 134 

Gross  at  the  mine,  definition <i.  142 

Of  property,  acquired  by  gift,  etc 4.  6 

Shrinkage  In  property,  deductible 147b 

Unearned  increment,  not  as  basis  of  deduction  for  depreciation 146 

Voluntary  Offerings — 
See  also  "Gifts." 

Christmas  gifts  not  subject  to  tax l  N 

Easter  offerings,   fees   received   for  funerals,                  marriages,   bap- 
tisms, subject   to  tax      4N 

W. 
Wages 

See  "Compensation." 

Wife: 

Having  income  of  $3,000  from  separate  estate  managed  by  herself  may 

make  return  of  her  own  Income    .. 10 

Wife  and  Husband: 

Combined  net  income  of  exceeds  $4,000,   return   required,  both   Jointly 

and  separately  liable  for   return   and    tax '. 10 

Wife  or  Husband: 

Either  having  income  $3,000  or  over,  return  required  and  must  include 

incomes   of   both 10 

Withholding : 

At  source   30 

Example  of  where  and  where  not 32 

On  and  after  November  L,  L918 29 

By  tirst  liscensee;  notation  by;   responsibility  of 58 

From    tvhat   64 

Withholding  Agent. 

"Agent"  as  used   in  Art  :^o  docs  no1   apply  to  agents  not  acting  in 

fiduciary  capacity 30  N 

Alimony — Tax  on  to  be  withheld  by  payer,  when 30  N 

602 


WITHHOLDING    AGENT— Continued 

Article 
Bonds,  Mortgages,  Deeds  of  Trust  and  Similar  Obligations — 
Certificates  of  Ownership — 

How  used 42 

May  be  signed  by  duly  authorized  agents 43 

Coupons — 

Certificates  of  ownership  must  accompany,  when  presented 

for  collection 39 

Exchanged  for  funding  purposes  construed  as  income  and 

subject  to  withholding 4  N 

Numbers  of  bonds  not  required 40  N 

Substitute  certificates  of  ownership,  when  permitted 40 

Substitute    certificates — Privilege    of    extended    to    foreign 

Containing  tax  free-covenant  clause 37  N 

Corporations,  firms,  etc. — Interest  on  bonds  owned  by  not  to  be 

deducted,  when 45 

Debtor  corporation  to  deduct  and  withhold  tax  on 39 

countries 40 

Equipment  trust  notes  and  temporary  receipts  for — Subject  to 

withholding   37  N 

Equipment  trust  notes — Interest  on  subject  to  withholding....  37  N 

Exempt  from  tax 37 

Mortgage — Property    purchased    subject    to — Example    of   with- 
holding requirements 37  N 

Non-resident  alien — Not   taxed   on  interest   from  bonds   of  do- 
mestic corporations 46,  46  N 

Notes,   promissary,   of  corporations,   interest  on  to  be  withheld 

only  when  in  excess  of  $3,000 37  N 

Obligations  similar  to  bonds,  etc. — Definition 37 

Of  Exempt  Corporations — 

Interest  on  not  to  be  withheld 46 

Not  subject  to  withholding  but  owner  must  file  certificates 

of    ownership 37 

Registered  bonds  of — Must  be  endorsed,  how 37 

Of  foreign  corporations  to  be  treated  as  domestic  bonds,  when.  .  39  N 

Retired  within  interest  period 39 

Scrip  issued  in  lieu  of  dividends,  not  corporate  obligations,  when  37  N 

Tax  on  income  from  to  be  withheld  although  such  income  does 

not  amount  to  $3,000 37 

Registered  Bonds — 

Certificates  of  ownership  not  required  to  accompany  interest 

orders,  checks,  etc 42 

Certificate  of  ownership  on  registered  bonds 44 

Normal  tax  to  be  deducted  before  payment  of  interest 4.1 

Who  may  file  certificates  claiming  exemption 41 

Foreign  Bonds — 

Provision  for  collection  of  interest  on 61 

Foreign  Items — 

Annual  and  monthly  list  returns  of  licensee 59 

License  required  for  collection  of 57 

Licensee  to  keep  records 62 

Licensee  to  forward  certificates  of  exemption,  when 61 

Licensee  to  furnish  statement  of  taxes  deducted 59 

Tax  on  to  be  withheld,  by  whom 58 

Exemption  certificate  of  firms  and  organizations  exempt  from 

having  tax  withheld ,60 

Certificates  of  Exemption — 

Firms   and   organizations — May   file   to   prevent  withholding   of 

income   at   source p.  33 1 

To  be  filed  with  withholding  agent,  when 33  a 

Under  paragraph  C,  cannot  be  filed  by  non-resident  aliens 33  (a)  N 

Claim  for  Deductions'- — 

Made  to  collector,  withholding  agent  to  be  furnished  statement 

of    reductions    claimed 33  c 

To  be  filed  with  withholding  agent  or  collector 33  B,  66 

Debtors  and  withholding  agents  who 31 

Debtor — To  whom  term  applies '  '  3$ 

Dividend — 

On  capital  stock,  etc.,  not  to  be  withheld 32(a) 

On  stock  of  domestic  corporations  owned  by  non-resident  aliens 

not  subject  to  tax 32  fa)  N 

Exempt  organizations — Not  subject  to  law  as  withholding  agents.'.'.'  64 

Fees — Tax  on  not  to  be  withheld,  when " 32  h 

Firms  and  organizations — Income  of  not  subject  to  withholding  at 

source   29  N 

Government    officers    and    employees — Withholding '  requirements '  in 
connection  with  income  of.  . 

Bee   T.    D.    2079 .  ...    .  p  273 

Income  exempt  from  taxation,  not  to  be  withheld ...........      32  (c) 


WITHHOLDING    AGENT— Continued 

Article 

Income  from  which  tax  is  not  to  be  withheld 32  a,  b,  c 

Income  from  which  tax  is  to  be  withheld 32  (a; 

Income  not  fixed  or  certain — Not  to  be  withheld 32  b 

Interest — 

On  notes  given  for  interest  or  for  rent  to  be  deducted 

Paid  on  deposits,  not  to  be  withheld 

Tax  on  to  be  withheld,  when 

Tax  on  to  be  withheld  in  periodical  payments 

Living  quarters — Furnished  as  part  of  compensation 

Non-resident  aliens,  witholding  agents  for. 

See  "Non-resident  aliens,"  General  Index. 

Notes  given  for  interest  or  rent — Tax  on  to  be  withheld,  when 

Payment  of  Taxes  Withheld — 

To  be  made  when 

To  whom    

Commissions  and  salary,  tax  on  to  be  withheld,  when 

Profits  distributed   by   corporation   to   employees,    tax  on   to   be  de- 
ducted, when   

Persons,  firms,  corporations,  etc.,  required  to  withhold  tax  at  source, 

when    

Retainers — Tax  on  net  to  be  withheld,  when 

Rent — 

Of  property  by  Board  of  Education,  where  rental  exceeds  $3,000 

Landlord  may  file  claim  for  exemption,  when 

Real  estate  agent  not  a  withholding  agent 

Tax  on  to  be  withheld  on  periodical  payments,  how 

Where  tenant  rents  two  pieces  of  property  from  same  landlord 
Returns  of — 
Annual — 

To  be  filed,   when 

To  be  made  by  whom 

Monthly — 

Form  of  and  when  to  be  made 

To  be  part  of  annual  return 

Salaries — 

Paid  to  salesmen  when  indefinite  as  to  amount,  not  subject  to 

deduction    . . 

Salaries,  Wages,  Rent,  Interest — Tax  on  to  be  deducted,  how,  when. 

And  commissions,  tax  on  to  be  deducted,  when 

Paid    foreign    employees    of   domestic    corporation    for    services 

rendered  in  a  foreign  land  not  subject  to  deduction 63  N 

Paid  by  organizations  exempt  from  tax 63  N 

Tax  on  to  be  withheld  on  periodical  payments,  how 65 

Where  employee  is  paid   two  years'   on  condition  that  he   sur- 
render control  of  employment 65  N 

Withholding  and  Paying  Agent: 

Of  debtor  in  United  States,  charged  with  duty  of  withholding,  when—  39 

Witnesses: 

Jurisdiction  for  compelling  attendance p.  25 

Worthless  Debts — 
Sec  "Bad  Debts." 

Y. 

Year: 

For  taxable  purposes  for  individual,  is  calendar  year 4 

(See  fiscal  year  for  corporation.) 


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